M
iami-Dade's residential real estate market is poised for growth in 2025 as inventory levels increase and prices stabilize. According to Berkshire Hathaway President Ron Shuffield, the market has seen a sharp rise in available homes, with single-family homes up 26% from December 2023 and condominium units increasing by 48%.

    This surge in inventory is expected to keep prices in check, benefiting buyers who now have more selection to choose from. A balanced market requires six to nine months of supply, and while Miami's current supply is still below this threshold, it's a significant improvement from the one to three months seen during the pandemic.

    As a result, home price growth has slowed but not stopped entirely. Shuffield notes that prices have plateaued at a higher level than pre-pandemic levels, with single-family homes remaining strong and condominium units experiencing a slight decline in median price.

    The increased supply is evident in the numbers: 5,041 single-family homes were on the market at year's end, while condominium units reached 10,425 available units. However, sales have decreased over the last quarter, partly due to changing rules and regulations regarding condominium associations.

    Shuffield attributes this decline to financial decisions rather than a mass exodus from condo living. He advises potential buyers to stay in the game, citing the long-term appreciation of single-family home values in Miami-Dade County over the past decade. With eight months of supply available for single-family homes and 18 months for condominiums, Shuffield believes the market is approaching equilibrium, offering opportunities for those looking to buy or invest.