Miami’s luxury condo market concluded 2025 on a mixed note, with both quarterly and annual sales posting declines but, yes, again record prices. These Miami real estate market trends were largely expected, as buyers were responding to positive tailwinds, such as lower mortgage rates, double-digit declines in insurance premiums, and stabilizing HOA costs.

Despite below-average sales activity, prices remained resilient in the $1-million-and-up segment. The price per square foot posted year-over-year gains in both our Q4 and full-year analyses, confirming that the $1,000/sq. ft. threshold is now a baseline for Miami’s maturing luxury condo market.

Meanwhile, the $2-million-and-up segment recorded a comparatively modest year-over-year slowdown in terms of sales volumes. Price per square foot in this category remained mostly flat, even as the median sale price rose 11% year-over-year in Q4 2025. This suggests buyers prioritized larger residences, driving up overall sales prices despite stable per-square-foot trends.

In our Q4 2025 neighborhood analysis, beachside markets continued to outperform the urban core. Mid-North Beach emerged as the strongest-performing area, delivering the highest percentage sales growth and price gains, while Fisher Island maintained its position as Miami’s most expensive zip code.

Read on to learn all about 2025 Miami luxury condo prices, quarterly sales volumes, days on market trends, and months of inventory stats in our exclusive, full-length Q4 2025 Miami Luxury Condo Market Report.

This luxury condo market report only includes data for properties priced $1 million and above, and covers the neighborhoods of Greater Downtown Miami (including Edgewater, Brickell, and Downtown), Miami Beach (including South Beach, Mid-North Beach, Surfside, Bal Harbour, Sunny Isles Beach, and Fisher Island), and Coral Gables and Coconut Grove (combined).

2025 Annual Highlights - Overall Luxury Miami Condo Market Stats

• 2025 Miami Luxury Condo Market Annual sales down 2.5% compared to 2024.

• South Beach led annual growth trends, posting a 19% increase in sales, the highest increase in our 2025-over-2024 analysis.

• Overall Price/sq. ft. reached a new all-time, record high of $1,030/sq. ft., marking a 4.5% increase compared to 2024.

• Fisher Island led the market in both pricing and growth in 2025, with a median price of $2,523/sq. ft. and the highest year-over-year increase in price per square foot at +14%.

• Days on Market increased 12.8% in our 2025-over-2024 review, as luxury condos took 88 days on average to sell.

• Downtown Miami emerged as the fastest-selling market of 2025, with luxury condos taking only 71 days to sell.

• Coconut Grove and Coral Gables (combined) recorded the lowest year-end inventory among all Miami neighborhoods at 11 months, reinforcing its position as the most dynamic submarket in our analysis.

• Downtown Miami reported the highest year-end inventory across all Miami neighborhoods in our review, with 62 months of supply.

• In 2025, like 2024, Miami was a buyer’s market.

Q4 2025 — Overall Miami Luxury Condo Market Highlights

• Sales fell 7.8% year-over-year in the fourth quarter, as seasonal slowdown and buyer hesitation weighed on activity.

• Mid-North Beach emerged as the strongest market in Miami, leading Q4 2025 sales growth with a 50% year-over-year increase.

• Overall Miami luxury condo prices (median) rose year-over-year in Q4 2025: price per square foot increased by 2% to $1,011/sq. ft., while sales price increased by 3.9% to $1.78M.

• Luxury condos in Mid-North Beach offered the best value to sellers, recording the highest year-over-year price per square foot gains of 27%.

• Fisher Island maintained its standing as the most expensive market for luxury condos in Miami, commanding the highest median price of $2,810/sq. ft. and sale price of $5.4 million.

• Luxury condos built in 2000-2014 continued enjoying the strongest demand, reporting the highest sales activity of all three segments under our review. Meanwhile, Miami's new construction segment, built 2015-2025, continued offering sellers the highest year-over-year return on investment (ROI).

• Days on Market increased 28% year-over-year in the fourth quarter, with condos selling in 91 days on average.

• Edgewater emerged as Miami's fastest-selling market in Q4 2025, with luxury condos selling in 65 days, on average.

• Months of Inventory closed at 23 months, up 4.5% year-over-year.

Table of Contents

1. Overall Miami Luxury Condo Sales 

2. Miami Neighborhood Trends: Number of Sales

3. Overall Miami Luxury Condo Price Trends

4. Miami Neighborhood Trends: Price (Price/sq. ft. & Median Price)

5. Overall Miami Sales and Price Trends by Building Year (Q4 2025)

6. Overall Miami Luxury Condo Days on Market

7. Miami Neighborhood Trends: Days on Market

8. Overall Miami Luxury Condo Inventory

9. Overall Miami Luxury Condo Trends: $2M+ Market

10. Conclusion

11. What Are the Miami Real Estate Predictions for 2026?

— Annual & Q4 2025 Overall Miami Luxury Condo Sales

Q4 2025 Sales down 7.8% year-over-year

Amid an expected year-end, seasonal slowdown and broader buyer hesitation observed throughout 2025, Q4 closed on a softer note:

Key Sales Statistics for Q4 2025:

• Q4 2025 vs Q4 2024: Sales dipped 7.8%, down from 358 in Q4 2024 to 330 sales in Q4 2025. (Fig. 1.1)

• Q4 2025 vs Q3 2025: Sales declined 2.7%, down from 339 in Q3 2025 to 330 this fourth quarter. (Fig. 1)

As Miami’s leading condo experts, we foresee a rebound in buyer activity as early as Q1 2026, driven by improving fundamentals, including lower mortgage rates, easing insurance premiums, more stable HOA costs following months of increases, and continued momentum in Miami’s growth.

Annual Sales flat versus 2024; Negative trendline

Overall, Miami’s luxury condo market saw a temporary softening in 2025 relative to previous years, largely due to a below-average high season as buyers adopted a more cautious stance in response to the headwinds detailed in our Q2 2025 luxury condo market summary report.

• 2025 vs 2024. Sales declined 2.5%, down from 1,502 total sales in 2024 to 1,464 in 2025. (Fig. 1.1.1)

• Despite a weaker-than-usual high season, the luxury condo market recorded only a 2.5% decline in annual sales, indicating a measured cooling rather than an outright crash.

Overall Miami Quarterly Luxury Condo Sales 2015 - 2025 - Fig. 1.2

The Monthly Sales chart of Fig. 1.3 shows how activity gradually declined compared to 2024:

• October 2025 closed with 107 sales, matching October 2024’s pace.

• November closed with 95 sales, lower than the previous year’s 99 sales in the comparable month.

• December closed with 128 sales, again lower than last year’s 152 sales for the same time period.

Overall Miami Monthly Luxury Condo Sales Jan. 2016 to Dec. 2025 - Fig. 1.3

The 12-month Sales Trendline in Fig. 1.4 shifted from flat in Q3 2025 to a negative in this fourth quarter, reflecting a typical seasonal slowdown amplified by buyer hesitation. However, as positive headlines around reduced mortgage rates and stabilizing HOA fees gain traction, we anticipate an inflection point in the first half of 2026.

Overall Miami 12-Month Luxury Condo Sales with Trendline - Fig. 1.4

— Annual & Q4 2025 Miami Neighborhood Trends: Number of Sales

Annual Neighborhood Sales Trends 2025-over-2024 (Fig. 1.5)

• Winner: South Beach emerged as Miami’s top-performing neighborhood in 2025, recording the highest year-over-year sales growth at 19%.

• Up: Other neighborhoods reporting an increase in year-over-year sales:

• Mid/North Beach (6%)

• Surfside and Bal Harbour (6%)

• Flat: Edgewater (0%) and the Coconut Grove & Coral Gables pairing (1%) reported a negligible change in sales activity compared to 2024.

• Down: These Miami neighborhoods reported a decrease in annual sales:

• Sunny Isles Beach (-7%)

• Fisher Island (-18%)

• Brickell (-20%)

• Downtown Miami (-26%)

Annual Miami Neighborhood Luxury Condo Sales Comparison 2025-over-2024 - Fig. 1.5

Q4 2025 Year-over-Year Neighborhood Sales Trends (Fig. 1.5.1)

• Winner: Mid-North Beach reported the highest percentage growth in year-over-year volumes, up 50%.

• Up: Other neighborhoods reporting an increase in year-over-year sales:

• South Beach (8%)

• Sunny Isles Beach (11%)

• Down: These Miami neighborhoods reported a decline in year-over-year sales:

• Coconut Grove & Coral Gables (-17%)

• Downtown Miami (-17%)

• Edgewater (-21%)

• Surfside and Bal Harbour (-25%)

• Brickell (-31%)

• Fisher Island (-50%)

Miami Neighborhood Luxury Condo Sales Comparison 4Q25-over-4Q24 - Fig. 1.5.1

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— Overall Miami Luxury Condo Price Trends: Annual & Q4 2025

Annual Price/sq. ft. up to a record-high of $1,030; Median Price up versus 2024

Miami’s luxury condo market entered a new pricing tier in 2025, with values moving above $1,000 per square foot and holding firm through year-end. Driven mostly by the influx of newly constructed properties, the annual median closed at a record price of $1,030 per square foot, reflecting a shift toward higher-value product and a mature luxury landscape.

Annual Median Price Trends – Overall Miami Luxury Condo Market (Fig. 1.1.1)

• 2025 vs 2024. Price per Square Foot increased 4.5%, up from $986 in 2024 to $1,030 in 2025.

• Median Sales Price increased 2.1%, up from $1,763,750 in 2024 to $1,800,000 in 2025.

Overall Miami Luxury Condo Quarterly Price per sq. ft. 2017-2025 - Fig. 2.1

Q4 2025 Price per Square Foot up 2% to $1,011; Median Price also up year-over-year

After logging an all-time high of $1,078 per square foot in Q1 2025, Miami’s luxury condo market entered a phase of normalization, with prices easing as sellers adapted to the more competitive dynamics of a buyer’s market. The year-over-year gains noted in Q4 (below) were largely buoyed by new development deliveries, while pricing across much of the resale market actually showed signs of softening.

Key Price Statistics for Q4 2025:

• Q4 2025 vs Q4 2024. Price per square foot increased 2%, up from $990 in Q4 last year to $1,011 in the same quarter this year. (Fig. 1.1)

• Q4 2025 vs Q3 2025. Price per square foot remained stable, adjusting only by 0.7% quarter-over-quarter, marginally up from $1,003 in the previous quarter to $1,011 in Q4 2025. (Fig. 1)

• Q4 2025 vs Q4 2024. Median sales price also increased 3.9% year-over-year, up from $1,710,000 in Q4 of the previous year to $1,777,500 for the same quarter of 2025. (Fig. 1.1)

An analysis of the 9-year snapshot of quarterly luxury condo prices above (Fig. 2.1) shows that price per square foot continued closing in its highest ranges. Although new construction played a key role in supporting pricing, certain segments experienced notable appreciation. For a broader context, the median price per square foot has increased by approximately 35% over the past five years, a significant uptick from $749 in Q4 2020.

Drawing on our real-time market observations and analysis as luxury housing experts, we expect pricing pressure to persist for investor-oriented and Airbnb-friendly properties into early 2027, particularly in neighborhoods such as Downtown Miami. That said, we also anticipate the true luxury segment to see continued value growth, even if gains remain modest.

Considering the $1 million benchmark no longer defines true luxury in Miami’s mature condo market, we’ve included a section dedicated to condos priced $2 million and higher towards the end of this report to capture and quantify this shift.

— Annual & Q4 2025 Miami Neighborhood Trends: Price

Annual Neighborhood Price Trends 2025-over-2024 

Median Price per Square Foot (Fig. 2.2)

• Winner: Fisher Island retained its position as Miami’s most expensive neighborhood, with a median price of $2,523 per square foot, while also recording the strongest year-over-year gain in price per square foot at 14%.

• Up: Other neighborhoods reporting an increase in annual price per square foot:

• South Beach – $1,496/sq. ft. (9%)

• Surfside and Bal Harbour – $1,276/sq. ft. (7%)

• Mid/North Beach – $1,240/sq. ft. (5%)

• Flat: The following neighborhoods reported minimal variation in 2025-over-2024 price per square foot:

• Sunny Isles Beach – $993/sq. ft. (+1%)

• Coconut Grove & Coral Gables – $856/sq. ft. (0%) 

• Edgewater Miami – $954/sq. ft. (0%)

• Brickell – $891/sq. ft. (-1%)

• Down: Downtown Miami is the only Miami neighborhood in our analysis to report a decline (-5%) in annual price per square foot, down to $726 in 2025.

Miami Neighborhood 2025-over-2024 Median Price per sq. ft. Comparison - Fig. 2.2

Median Sales Price (Fig. 2.3)

• Winner: Fisher Island kept its position at the top end of the market, reporting the highest median sales price in Miami at $7.8 million. The neighborhood also delivered the highest percentage appreciation, with annual sales price up 28% year-over-year.

• Up: Other neighborhoods reporting an increase in annual median sales price:

• Edgewater – $1.7 million (22%)

• Sunny Isles Beach – $2.1 million (5%)

• Flat: The following neighborhoods reported a negligible change in 2025-over-2024 median sales price:

• Brickell – $1.5 million (1%)

• Coconut Grove & Coral Gables – $1.8 million (0%)

• South Beach – $2.2 million (-1%)

• Down: Neighborhoods reporting a decline in annual median sales price:

• Mid/North Beach – $1.8 million (-2%)

• Surfside and Bal Harbour – $2.9 million (-4%)

• Downtown Miami – $1.3 million (-7%)
  
  

Miami Neighborhood 2025-over-2024 Median Sales Price Comparison - Fig. 2.3

Q4 2025 Year-over-Year Neighborhood Price Trends

Neighborhood Median Price/sq. ft. Stats (Fig. 2.2.1):

• Winner: Mid-North Beach reported the highest percentage gain in year-over-year price per square foot this fourth quarter, increasing 27% to $1,165/sq. ft.

• Fisher Island continued leading as the most expensive zip code for luxury condos, with the highest median price of $2,810/sq. ft.

• Up: Other neighborhoods reporting an increase in year-over-year price per square foot include:

• Sunny Isles Beach – $1,056/sq. ft. (12%)

• Fisher Island – $2,810/sq. ft. (10%)

• Coconut Grove & Coral Gables – $923/sq. ft. (10%)

• South Beach – $1,496/sq. ft. (7%)

• Flat: Surfside and Bal Harbour (combined) reported a negligible year-over-year change of -1% in Price/sq. ft. ($1,179).

• Down: Neighborhoods reporting a decline in year-over-year price per square foot:

• Edgewater – $954/sq. ft. (-2%)

• Downtown Miami – $722/sq. ft. (-3%)

• Brickell – $814/sq. ft. (-7%)

Miami Neighborhood 4Q25-over-4Q24 Median Price/sq. ft. Comparison - Fig. 2.2.1

Neighborhood Median Sales Price Stats (Fig. 2.3.1):

• Winner: South Beach reported the highest percentage increase in Q4 year-over-year median sales price, at 31%, closing the quarter at $2.5 million.

• Fisher Island held onto its distinction of being the most expensive neighborhood in Miami, recording a median price of $5.4 million.

• Up: Other neighborhoods reporting an increase in year-over-year median sales price:

• Surfside and Bal Harbour – $3.1 million (23%)

• Sunny Isles Beach – $2.3 million (22%)

• Downtown Miami – $1.3 million (2%)

• Edgewater – $1.8 million (25%)

• Flat: Mid-North Beach reported an essentially flat median sales price at $1.6 million, reporting a marginal -1% change.

• Down: Neighborhoods reporting a decline in year-over-year median sales price:

• Coconut Grove & Coral Gables – $1.7 million (-9%)

• Brickell – $1.3 million (-15%)

• Fisher Island – $5.4 million (-24%)

Miami Neighborhood 4Q25-over-4Q24 Median Sales Price Comparison - Fig. 2.3.1

— Q4 2025 Overall Miami Sales and Price Trends by Building Year

Below is a detailed analysis of how Miami luxury condo buildings performed in Q4 2025 on the basis of their age of construction, categorized as new construction condo buildings (2015-2025), buildings built from 2000-2014, and pre-2000 buildings.

• New Construction Buildings recorded a year-over-year decline in sales activity but continued leading all segments in terms of year-over-year price growth, increasing 13.2% to $1,184/sq. ft. in Q4 2025.

• Buildings Dated 2000-2014 maintained their lead in terms of sales activity, recording the highest volume (126) among all segments, while prices increased 12.5% year-over-year to a record-high of $1,055/sq. ft. in Q4 2025.

• Condos built before 2000 reported relatively stable sales activity year-over-year (-1.1%), while closing Q4 2025 at a mostly flat median price of $845/sq. ft.

Miami New Construction Condos Built 2015-2025

Logging 88 sales in Q4 2025, Miami’s newly-built condo segment reported an 11% decrease from 99 sales in the previous quarter and a 23% decline compared to 114 sales recorded in Q4 2024.

Note: Anecdotally, we continue to see exceptionally high demand for pre-construction luxury condos in Miami. Most projects are selling out before shovels hit the ground. Many of these pre-construction sales are not recorded in centralized databases and, thus, are not included in our quarterly sales data and reports. 

Quarterly Overall Miami Luxury Condo Sales (Buildings Dated 2015-2025) - Fig. 3.1

Miami’s freshly built condo segment closed the quarter with a median price of $1,184/sq. ft. A look at fig. 3.2 reveals that this segment continued offering sellers the best value by clocking in the highest year-over-year price gains of all three segments under our review.

Price/sq. ft. increased 2.4% quarter-over-quarter (from $1,156) and rose 13.2% year-over-year (from $1,046). This price growth is driven by product quality rather than volume, as newer luxury inventory continues to push values higher despite a decline in year-over-year sales activity.

Miami New Construction Luxury Condo Price/sq. ft. (Buildings Built 2015-2025) - Fig. 3.2

Miami Luxury Condos Built 2000-2014

With 126 sales in Q4 2025, this segment reported a 10.5% increase against 114 sales in the previous quarter and stable volumes compared to 125 sales in Q4 2024. (Fig. 3.3)

The segment continued to lead all three categories in terms of quarterly sales volume, maintaining its position as the most favored among buyers.

Quarterly Overall Miami Luxury Condo Sales (Buildings Dated 2000-2014) - Fig. 3.3

Fig. 3.4 shows this segment (built 2000-2014) closed the quarter at an all-time high of $1,055/sq. ft. The Price/sq. ft. increased 7.9% quarter-over-quarter (from $978) and 12.5% year-over-year (from $938), reflecting strong value for sellers. This gain is likely driven by buyer preference for lower entry prices relative to new construction and the certainty of established buildings with known costs.

Overall Miami Luxury Condo Price/sq. ft. (Buildings Dated 2000-2014) - Fig. 3.4

Miami Luxury Condos Built Before 2000

Reporting 88 sales, this classic segment of luxury condos recorded a 20.5% quarter-over-quarter increase from 73 sales in Q3 2025 and remained broadly stable year-over-year compared to 89 sales in Q4 2024. (Fig. 3.5)

Quarterly Overall Miami Luxury Condo Sales (Buildings Dated 1921-1999) - Fig. 3.5

Closing the quarter at a median of $845/sq. ft., prices in this segment stayed relatively flat both quarter-over-quarter (up from $840) and year-over-year (up from $838).

Overall Miami Luxury Condos Price/sq. ft.  (Buildings Dated 1921-1999) - Fig. 3.6

— Overall Miami Luxury Condo Days on Market: Annual & Q4 2025

Days on Market up 12.8% on an annual basis and 28% in 4Q25-over-4Q24

Reflecting the slower market pace, both annual and fourth-quarter days on market (DOM) increased:

Annual Days on Market Analysis – Overall Miami Luxury Condo Market

• 2025 vs 2024. Luxury condos spent 10 more days on the market compared to 2024, posting a 12.8% increase in year-over-year DOM. (Fig. 1.1.1)

Q4 2025 Days on Market Analysis – Overall Miami Luxury Condo Market

• Q4 2025 vs Q4 2024: Luxury condos spent 20 extra days on the market compared to Q4 2024, reporting a 28% increase in year-over-year stats. (Fig. 1.1)

• Q4 2025 vs Q3 2025: Luxury condos spent 10 more days on the market compared to the previous quarter, posting a 12.35% uptick in quarter-over-quarter DOM. (Fig. 1)

Logging 91 days on market in Q4 2025, the statistic reflects a measured transaction pace as buyers remained more selective throughout the year. Looking ahead, as market experts, we expect a stabilization by mid-2026, as renewed buyer interest converges with the historically stronger spring cycle.

Meanwhile, in Q1 2026, days on market are expected to remain elevated as more sellers list in anticipation of high season.

Overall Miami Luxury Condo Quarterly Days on Market 2018 - 2025 - Fig. 4.1

— Annual & Q4 2025 Miami Neighborhood Trends: Days on Market

Annual Neighborhood Days on Market Trends 2025-over-2024 (Fig. 4.2)

• Winner: Downtown Miami emerged as the fastest-selling market in Miami in 2025, with luxury condos taking only 71 days to sell (on median). The urban core neighborhood reported almost the same number of days on market (70) as in 2024.

• Down: Other neighborhoods reporting a decline in annual days on market include:

• Mid-North Beach – 80 days (-20%)

• Fisher Island – 109 days (-19%)

• Flat: Edgewater reported almost the same days on market as last year, reporting 88 days in 2025 versus 87 days in 2024.

• Up: Miami neighborhoods reporting an increase in year-over-year Days on Market:

• South Beach – 84 days (4%)

• Brickell – 80 days (11%)

• Surfside & Bal Harbour – 92 days (14%)

• Coconut Grove & Coral Gables – 74 days (28%)

• Sunny Isles Beach – 112 days (37%)

Miami Neighborhood 2025-over-2024 Days on Market Comparison - Fig. 4.2

Q4 2025 – Neighborhood Days on Market Trends (Fig. 4.2.1)

• Winner: Edgewater emerged as Miami’s fastest-selling area this fourth quarter, with luxury condos averaging 65 days on market, as year-over-year stats decreased by 23%.

• Down: Other neighborhoods reporting a decline in year-over-year days on market include:

• Fisher Island – 118 days (-34%)

• Surfside and Bal Harbour – 95 days (-34%)

• Up: Neighborhoods reporting an increase in year-over-year days on market include:

• Brickell – 87 days (44%)

• Sunny Isles Beach – 91 days (44%)

• South Beach – 89 days (48%)

• Coconut Grove & Coral Gables – 111 days (50%)

• Downtown Miami – 111 days (74%)

• Mid-North Beach – 147 days (175%)

Miami Neighborhood 4Q25-Over-4Q24 Days on Market Comparison - Fig. 4.2.1

— Overall Miami Luxury Condo Inventory

Q4 2025 closed with 23 Months of Inventory: Buyer’s Market Holds 

As anticipated in our comprehensive Q3 2025 luxury condo market report, inventory expanded by year-end:

• On a quarter-over-quarter basis, inventory was up from 19 months in September 2025 to 23 months in December 2025, reporting a 21% uptick.

• On a year-over-year basis, inventory was up from 22 months in December 2024 to 23 months this year, recording a 4.5% increase compared to a year ago. (Fig. 5.1)

With 23 months of inventory, levels remained well above the 9-12 month balanced range, keeping Miami’s luxury condo segment firmly buyer-friendly. However, toward year-end, early signs of recalibration began emerging across select buildings and submarkets, particularly among well-maintained, high-quality residences.

Reading into this emerging trend, we expect the top-tier segments to stabilize first in 2026, with the second-quarter high season likely to wipe out a significant portion of surplus inventory and guide the overall market toward a more balanced footing.

For now, the market strongly favors buyers and investors. Expanded choices across the luxury segment provide access to a wider range of premium condos, along with increased negotiating leverage. Contact us to explore high-value opportunities in your preferred building or Miami neighborhood.

On the other hand, sellers should focus on strategic pricing and high-quality marketing to remain more competitive. Well-positioned, lifestyle-driven properties have continued to attract favorable offers even amid a broader softening.

For a complimentary home evaluation, more pro tips, and assistance in selling your Miami condo faster in this buyer’s market, reach out directly.

Overall Miami Months of Luxury Condo Inventory from Mar. 2019 to Dec. 2025 - Fig. 5.1

A balanced market has approximately 9-12 months of inventory. The months of inventory are calculated as the number of active listings plus the number of pending listings divided by the average number of deals in the last 6 months.

— Annual & Q4 2025 Overall Miami Luxury Condo Trends: $2M+ Market

Q4 2025 Sales down 2%, Price/sq. ft. flat at $1,446, Days on Market down 11.4% to 93 days

Key Q4 2025 Statistics for the $2 million-and-up luxury condo market (Fig. 6.2):

• With 146 closed sales, Miami’s top-end condo market reported a marginal year-over-year slowing in Q4 2025. This year-end softness aligns with trends noted in the $1M+ segment, indicating that buyer caution also affected the true luxury tier, though to a lesser degree.

• Price per square foot closed flat year-over-year, marginally decreasing from $1,449 in Q4 2024 to $1,446/sq. ft. in Q4 2025. The Median Sale Price, however, rose 11.1% to $3,500,000 in the fourth quarter, showing the inherent strength of this premium segment.

• Luxury condos spent an average of 93 days on market, decreasing 11.4% from 105 days in Q4 2024, but still trending 3 more days than in Q3 2025. This contrasts with trends observed in the $1 million-and-up segment, highlighting the sustained appeal of Miami’s top-tier luxury properties.

Our annual review of the $2 million-plus condo segment highlights a resilient market at the top end. While pricing trends echoed the broader $1M+ category, reinforcing continued value for sellers, full-year sales activity outperformed 2024 levels despite a modest Q4 dip, pointing to stronger demand for ultra-luxury residences. Notably, the increase in days on market was also marginal compared to the $1M+ tier, suggesting closer alignment between buyer and seller expectations.

Together, these trends indicate that demand at the upper end remains selective but decisive. This confirms our view, as market experts, that high-quality, well-positioned properties will continue to outperform as Miami’s luxury condo market evolves and matures over the upcoming quarters.

— Overall Miami Luxury Condo Market: Annual & Q4 2025 Conclusion

Prices Hold Above $1,000/sq. ft. Despite Seasonal Slowdown and Buyer’s Market

Miami’s luxury condo market experienced a 7.8% year-over-year drop in Q4 2025 sales, with the annual 2025 sales down 2.5% versus 2024. This was essentially anticipated, given the seasonally slower fourth quarter and dampened buyer sentiment throughout the year, which also led to a below-average peak season in Q2.

However, prices remained a key highlight this year. Price per square foot breached the $1,000 mark in Q1 and remained above it through Q4, even as certain segments responded to the pressure of a buyer’s market. In Q4 2025, the overall price per square foot closed at $1,011 with a 2% year-over-year increase. On an annual basis, prices climbed to a record $1,030 per square foot, representing a 4.5% gain over 2024.

Reflecting the overall slowdown in 2025, the 12-month sales trendline turned negative across all submarkets under review, except Edgewater.

Mid/North Beach stood out as the top-performing submarket in Q4 2025, posting the highest year-over-year increase in sales (50%) as well as the strongest growth in price per square foot (+27%) among all neighborhoods under review.

In this closing quarter, Fisher Island retained its title as the priciest zip code in Miami with a median sales price of $2,810/sq. ft., while Downtown Miami continued offering the most affordable entry point for luxury living with a median price of $722/sq. ft.

Days on market increased to an average of 91 days in Q4 2025, aligning with our predictions. Looking ahead, as luxury market specialists, we expect this to decline in 2026 as sellers recalibrate prices and buyer demand strengthens.

Edgewater emerged as the fastest-selling submarket in Q4 2025, outpacing Coconut Grove and Coral Gables (combined), which had been in the lead for the past two years.

With 23 months of inventory, which exceeds the 9-12-month ideal of a balanced market, Miami’s luxury condo segment remained in a buyer’s market at year-end 2025. This surplus gives buyers and investors the edge in negotiations, as more options fall within their price range.

— Miami’s Luxury Condo Market Predictions 2026: Where Does the Market Go From Here?

As an award-winning boutique brokerage in Miami, backed by a team of luxury real estate professionals with more than 20 years of experience, we expect the following factors to drive a stronger market in 2026:

• Tailwinds Driving Buyer Confidence: Mortgage rates declined from around 7% in early 2025 to 6.18% by year-end, supporting a rebound in buyer confidence. At the same time, easing insurance premiums, legislative reforms relaxing reserve and fee requirements, and the completion of structural integrity reserve studies across many buildings have helped stabilize HOA costs, creating a more predictable ownership environment and strengthening buyer sentiment.

• FIFA 2026 and Enhanced Global Exposure: As the FIFA World Cup approaches, Miami is expected to see a surge in short-term rental demand, with record pricing and occupancy across the luxury segment. Major global events have historically boosted not only short-term rental performance but also long-term property exposure, as visitors from across the globe experience the city firsthand. While a direct spike in sales is unlikely, we expect this added visibility and influx of visitors to support above-average market activity through the summer months.

• Miami’s Evolving Demographics: The continued relocation of high-profile founders and companies, such as Mark Zuckerberg, Peter Thiel, and Palantir, underscores a more intense inflow of capital and influence into the region. This evolving buyer base is not only changing the resident mix in South Florida, but it is also expected to strengthen demand at the upper end of the luxury condo market, supporting long-term pricing and positioning Miami as a premier destination for global wealth.

• Increasing Domestic and International Buyer Interest: Having surpassed New York in 2025 as the major U.S. city with the most $1M-plus homes, Miami continues to assert its dominance among high-value markets. Domestic demand remains strong and is broadening geographically, with increased interest from the West Coast alongside traditional Northeast inflows. Additionally, a weaker U.S. dollar is expected to support a rebound in international demand, particularly from Latin America, due to enhanced purchasing power.

• Branded Luxury Segment Continues to Expand: Miami ranks second only to Dubai in the global pipeline of branded residences, according to Savills’ 2025/2026 report. We expect this segment to expand further in 2026, with more offerings emerging in the sub-$5 million range as developers adapt to the current buyer’s market.

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