In September 2026, the median price of condominiums in Broward County experienced a significant decline of 14.55% compared to the same month in the previous year, dropping from $275,000 to $235,000, as detailed in the latest report from MIAMI REALTORS + RWorld released on Friday.
This drop positions Broward as one of the most favorable condo markets for buyers in South Florida, with available inventory amounting to 10.2 months of supply. This figure far exceeds the six-month threshold that designates a buyer's market, granting buyers more bargaining power.
Single-Family Homes Paint a Different Picture
In stark contrast, single-family homes in the same region saw a 2.39% year-over-year increase, reaching a median price of $641,500. These properties have only 4.2 months of inventory, keeping them firmly in a seller's market.
Overall Sales Decline
Overall sales in Broward also faced a downturn, with 1,825 transactions closed in September, marking a 9.7% decrease from the 2,021 transactions in September 2025. Specifically, condo sales dropped from 865 to 824 units, while single-family home sales declined by 7.1%, from 1,048 to 974.
Factors Behind the Market Shift
The report cites several contributing factors to this decline in activity: 30-year mortgage rates surged to 7.46% by mid-October, about 0.6 percentage points higher than at the start of September. Additionally, the state of emergency declared due to Hurricane Isaias on October 6—despite South Florida not being directly affected—caused uncertainty, delaying loan approvals and closures.
Broward's Strategic Location
"Broward enjoys a prime spot right in the heart of the dynamic real estate market of South Florida's five counties," said Sophia Allen, President of MIAMI REALTORS + RWorld BROWARD-MIAMI. "You can live in Broward and work in Miami, or vice versa. This flexibility, along with a wide variety of housing options, makes Broward an excellent place to settle."
The Influence of HOA Fees and Assessments
The decline in condo prices is influenced by structural factors beyond current events. Homeowners Association (HOA) fees in Broward range from $350 to over $1,200 monthly. Additionally, many buildings have imposed special assessments to comply with mandatory structural inspections required by the law passed after the Champlain Towers South collapse in Surfside in 2021, which resulted in 98 fatalities. These assessments can range from $5,000 to $200,000 per unit, depending on the building's condition.
Financing Challenges
Financing has also become more challenging. Since August 3, 2026, Fannie Mae and Freddie Mac removed the streamlined review for most condos, now requiring a full review that examines budgets, reserves, insurance, and structural documentation. Moreover, only 21 of the 2,397 condo buildings in Miami-Dade, Broward, and Palm Beach have approval for loans from the Federal Housing Administration (FHA), representing a mere 0.9% of the total.
A More Affordable Alternative for Cuban Residents
For many Cubans residing in Hialeah or northern Miami-Dade seeking more affordable housing, cities in Broward such as Pembroke Pines, Miramar, and Hollywood provide a viable alternative. A condo priced at the current median of $235,000 in Broward requires a significantly lower initial outlay compared to Miami-Dade, where median condo prices remain high at $417,090.
However, the purchase price is only a portion of the real cost. Before signing, it's crucial to review the association's financial health, reserve studies, pending structural inspections, and whether the building meets Fannie Mae and Freddie Mac's requirements for conventional financing. HOA fees and potential special assessments can significantly alter the economic equation of a purchase that may initially appear advantageous.
It's also important for newly arrived Cuban buyers to note that Florida's SB 264 law (2023) restricts property acquisition by individuals domiciled in Cuba who are not U.S. citizens or permanent residents.
Despite the recent decline, condo prices in Broward have appreciated by 217% since 2010, when the median was $74,000, reflecting a long-term upward trend that persists even during market corrections.
Understanding the Broward Condo Market
What caused the decline in condo prices in Broward?
The decline in condo prices in Broward is attributed to a combination of factors including a significant increase in inventory, higher mortgage rates, and structural factors like high HOA fees and special assessments.
Why is Broward considered a buyer's market?
Broward is considered a buyer's market because the available inventory amounts to 10.2 months of supply, which is well above the six-month threshold that defines a buyer's market.
How do special assessments affect condo buyers?
Special assessments can significantly increase the cost of owning a condo, as they are often imposed to cover expenses like structural inspections and repairs. These can range from $5,000 to $200,000 per unit, depending on the building's needs.