Miami consolidates its real estate strength. The real estate industry shows solid and sustained fundamentals, driven by the high proportion of cash buyers, limited inventory, ongoing migration to South Florida, and the steady interest of international investors, industry sources told Funds Society.
The city continues to strengthen its position as one of the most resilient and attractive real estate markets in the United States. The recent victory of Zohran Mamdani, elected as the new mayor of New York, would reinforce this role for Miami, which could receive new capital from high-net-worth individuals living in NYC who may opt for Miami’s more predictable fiscal and regulatory environment.
According to the latest available data, as of September 2025 from MIAMI REALTORS, 43% of transactions in Miami are conducted in cash — the highest proportion in the country — significantly reducing exposure to debt and reinforcing stability in the face of potential economic adjustments.
Total inventory in Miami-Dade (18,057) is 16.6% lower than the pre-pandemic inventory of September 2019 (21,624). This imbalance between supply and demand continues to push prices upward: over the past 13 years, single-family home prices have recorded only one monthly decline.
Meanwhile, Miami–Fort Lauderdale–West Palm Beach ranked third in the U.S. for growth in qualified jobs, according to Lightcast’s 2025 talent-attraction scorecard, fueling migration to South Florida. Added to this is the demographic impact of retiring baby boomers who are choosing the region as their destination.
Bubble or healthy expansion?
Although a recent UBS report placed Miami at the top of the global ranking for real estate bubble risk, the experts consulted argued that the price-to-income indicator does not reflect the reality of a market with a strong presence of international buyers and residents whose income originates in other states or countries.
Ana Bozovic, founder of Analytics Miami and member of the Miami Association of Realtors, noted that bubbles are fueled by debt, not by cash.
More than 70% of apartment sales above one million dollars this year were cash transactions, which has produced exceptionally high capital levels. Distressed sales account for barely 1% of the total. September 2025 was the best month of the year in year-over-year terms for Miami’s real estate market: total sales rose 5%; in the premium segment, transactions of properties valued at over one million dollars increased 20%, and total sales volume rose 11%.
Bozovic explained that UBS’s ratios do not fully reflect Miami’s unique profile: in reality, the city ranks last in price-to-income ratio and second in price-to-rent ratio among the cities included in the Swiss bank’s report.
“Is it really a bubble? I don’t think so,” J.C. de Ona, Regional President for Southeast Florida at Centennial Bank, told Funds Society. “I believe Miami has matured enormously and, looking ahead, it will continue on that path. It has always been very attractive for Latin America, and the luxury market will remain where it is. I also think that if interest rates fall, homebuilders will see an increase in their sales,” he added.
Alfredo Pujol, team leader at Compass Real Estate and a professional with 18 years of experience in Miami’s real estate industry, pointed out that residential market prices increased 110% from September 2015 to September of this year, and that “demand keeps growing, especially from Latin American investors, who represent 49% of the market.”
Pujol also noted that “the city has become a financial and tech hub, attracting businesses and jobs. Despite the demand, a potential 5–10% correction is expected; these are not bubble levels. Miami remains attractive to investors due to its business-friendly environment and investment opportunities.”
The expert emphasized that in Miami “all business is moving here; all the big companies are relocating their employees to Florida. Miami is no longer just a vacation destination.”
A recent report from JP Morgan Private Bank titled “Shortage in Supply: Understanding the Housing Market” estimates that the accumulated housing shortage in the U.S. is roughly 2.8 million units and that it could take nearly 10 years to reduce it.
The study concludes that as long as this shortage persists, prices will remain elevated, even if demand moderates. For investors, the rental segment (housing for lease) appears as an attractive opportunity in the face of a challenging purchase environment.
