Miami-Dade County has experienced a notable decline in condominium market values in 2025, with condo prices posting their second-largest year-over-year drop on record at 2.2% in May. This downturn is attributed to an 80% increase in condo sellers compared to buyers, rising homeowners association (HOA) fees, insurance costs, special assessments, and financing challenges. Inventory levels have reached a decade high, suggesting that further price declines may continue. Data from the Property Appraiser's Office indicates that condo market values have fallen across all 34 cities and towns in Miami-Dade. The city of Miami itself saw a reversal in property value gains earlier in the year, with similar trends observed in surrounding areas such as West Miami.