Over the past few years, the South Florida real estate market has experienced one of the most dramatic supply swings in recent memory. From severely tight market conditions in early 2022 to a flood of listings by early 2025, the pendulum has swung decisively—in favor of buyers. But with supply beginning to drop since April 2025, some are wondering: are we hurtling back toward a sellers’ market?
The Surge: From 2022 to Early 2025
Back in February 2022—when mortgage rates were ultra-low and demand was red hot—South Florida real estate inventory sat at rock-bottom levels. According to data for the tri-county region (Miami-Dade, Broward, Palm Beach), inventory at the end of May 2025 remains well below pre-pandemic levels but is nonetheless healthy by past standards—hovering around 6 months’ supply. That represents a massive increase from 2022, when, for example, Miami-Dade had just 2,370 active listings, compared to 5,530 by May 2025—an increase of 133%.
Across the board in Florida, the recovery was even more pronounced. Inventory as of early 2025 sits 375% higher than its February 2022 low, and is about 17% above 2017 levels. Homes were staying on the market far longer—days on market soared from around 24 days in 2022 to about 75 days early 2025, while months of supply jumped from 1.6 to 7.9.
This shift marked the beginning of a very different phase for South Florida real estate—one where buyers, for the first time in years, had the upper hand.
Market Reset: A Buyer’s Market Takes Hold
By early 2025, the South Florida real estate landscape had softened significantly. Active listings surged, median prices began to cool, and homes took longer to sell. In April 2025, Florida Realtors reported inventory rising statewide, with single-family homes at about 5.6 months’ supply and condo/townhouses at 10.3 months’ supply.
Specifically in South Florida, Miami-Dade saw staggering listing increases: a 43.3% year-over-year jump in April alone. Meanwhile, new contracts plummeted—signed contracts for single-family homes in Miami-Dade dropped 42.4%, while new listings surged by over 38%. Across Florida, overall supply outpaced buyer demand, and the South Florida real estate market found itself firmly in buyer-friendly territory.
This was the textbook definition of a buyer’s market: more homes than buyers, more negotiating power for purchasers, and price reductions becoming commonplace.
You can see what I wrote on August 6th and why the buyer’s market remains… for now.
Turning Point? Supply Falls Since April 2025
Fast-forward a few months: signs suggest housing supply is beginning to ease. While much of Florida still leans buyer-friendly, South Florida real estate inventory has started to decline from its April peak. This change may be driven by fewer new listings, stronger sales activity, or a combination of both.
Here’s a look at falling supply in Delray Beach over the last year:
In some sub-markets, inventory has even dipped toward seller-leaning territory. This doesn’t mean we’re back to the frenzy of 2021–2022, but it does raise eyebrows among analysts and agents watching the South Florida real estate market closely.
So, Back to a Sellers’ Market?
Not quite… yet.
Although supply has softened since April, it’s still elevated compared to the ultra-lean levels of 2022. Six months of supply is more balanced than seller-dominated. While early signs point to a possible South Florida real estate re-balancing, most neighborhoods remain favorable to buyers.
It’s also telling that Miami home prices continue to fall—down 3.8% year-over-year by August 2025 in Miami, and nearly 6% in Tampa. Additionally, sellers in Miami are increasingly choosing to delist their homes instead of slashing prices, signaling hesitation rather than seller dominance.
Bottom Line
- 2022 to early 2025: Inventory soared, days on market stretched, and the South Florida real estate market clearly shifted toward buyers.
- April 2025: Supply peaked, contracts slumped—buyers had maximum leverage.
- Since April: Inventory is easing but not collapsing. We’re closer to balance, but not yet in full sellers’ territory.
At this stage, it’s more accurate to say the South Florida real estate market is regaining equilibrium, rather than swinging back to the sellers’ market of a few years ago. Smart buyers still have opportunities, but watching supply trends over the next several months will be key to predicting the next big turn.
*** South Florida Real Estate Inventory is ABOVE 2019***
Last week’s supply was 60,227
Today’s supply is 59,020
*** Supply is Down 1207 units last week ***
