Against seasonal expectations and market headwinds, Greater Downtown Miami delivered a standout performance in Q4 2024. Greater Downtown's luxury condo market grew, even as the overall market was expected to slow down after peak season and during winter (typically a quieter time for Miami real estate). In Q4 2024, this urban grouping emerged as a top-selling market, exceeding market expectations and outpacing Miami's traditionally popular beachside neighborhoods.

A closer look into Q4 2024 reveals buyer enthusiasm spiked as sales were just behind the record-high performance of Q4 2021, reporting the second-best fourth-quarter sale activity in our decade-long review of luxury condo data. 

Edgewater, Miami emerged as the strongest market of Q4 2024 in Greater Downtown and Miami overall, reporting the highest growth percentage in year-over-year sales. Edgewater also continued its winning streak as the most expensive market for luxury condos in the Greater Downtown area, with a median price of $971 per square foot.

Further, Downtown Miami continued offering the most affordable entry point into Miami's luxury condo market for the third consecutive year with a price of $744 per square foot. Downtown Miami also retained its status as the fastest-moving neighborhood for the second consecutive quarter in Q4 2024, with luxury condos taking an average of 2 months (64 days) to sell.

Below, you'll find our exclusive, in-depth analysis of luxury condo performance in Greater Downtown, Edgewater, Brickell, and Downtown Miami for both Q4 2024 and the entire year. This report includes a comprehensive breakdown of 2024 trends, as well as quarterly stats, focusing on sales, prices, days on the market, and inventory data.

Quick summary of Q4 2024 for the Greater Downtown Miami:

• Most sales volume: Brickell (68 sales)
• Greatest sales growth YoY: Edgewater (70%)
• Highest media sales price: Edgewater ($1.4 million)
• Highest price per square foot: Edgewater ($971)

This report only includes areas with zip codes 33129, 33130, 33131, 33132, and 33137 – Brickell Hammock, Brickell, Brickell Key, Downtown Miami, Arts & Entertainment District, Edgewater, Wynwood, Midtown, and the Design District. This luxury condo market report only features properties priced at $1 million and above and generally does not include pre-construction condo sales.

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q4 2024 YoY (Number of Sales)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q4 2024 YoY (Median Sales Price)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q4 2024 YoY (Median SP/SqFt)

2024-over-2023 Greater Downtown Miami + Neighborhoods Luxury Condo Market Highlights

• Annual Sales are up 3.6%
• Winner: Edgewater topped popularity among buyers, leading sales growth in Greater Downtown with an 18% increase.
• 2024 Price per Square Foot up to an all-time high of $902.
• Winner: Brickell led price growth in Greater Downtown with the highest percentage gains in Price per Square Foot (4.8%), providing the best value to sellers in 2024.
• Winner: Edgewater maintained its status as the most expensive neighborhood of 2024 in Greater Downtown, with a median price of $951/sq. Ft.
• Annual Days on Market is up 12%
• Winner: Downtown Miami emerged as the fastest-moving market of 2024 in Greater Downtown, with condos taking 70 days to sell.
• 2024 closed as a buyer's market in Greater Downtown.

Q4 2024 - Greater Downtown Miami Luxury Condo Market Highlights

• Sales are up 33.3% year-over-year, posting the second-best fourth quarter to date.
• The 12-month sales trendline maintains a positive curve from Q2 2024 to Q4 2024.
• Price per Square Foot is up 4.2% year-over-year to $910.
• Median Sales Price is up 7.1% year-over-year to $1.38M.
• Days on Market is down 4% year-over-year.
• Inventory is up to 22 months.

Q4 2024 - Greater Downtown Miami Sub-neighborhood Highlights

• Winner: Edgewater led sales growth in Greater Downtown and overall Miami, with the highest percentage increase in year-over-year volume (70%).
• The 12-month sales trendline is positive across the board, except in Downtown Miami.
• Winner: Luxury condos in Brickell offered the best value to sellers in the Greater Downtown area with positive gains (1%) in year-over-year Price per Square Foot.
• Winner: Edgewater remained the most expensive neighborhood of Greater Downtown, priced at $971/Sq. Ft.
• Winner: Edgewater also recorded the highest Median Sales Price in Greater Downtown at $1.4 million.
• Winner: Brickell emerged as the fastest-selling market in Greater Downtown, with condos taking 64 days to sell.
• Edgewater reported the lowest levels of inventory (19 months) in Greater Downtown.
• Downtown Miami reported the highest year-end inventory (42 months) out of all Miami neighborhoods.

Table of Contents

1. Greater Downtown Miami 
1. Luxury Condo Sales Trends
2. Luxury Condo Price Trends
3. Luxury Condo Days on Market Trends
4. Luxury Condo Inventory Trends
2. Edgewater 
1. Overall Sales Trends
2. Sales Price, Price/Square Foot Trends
3. Days on Market Trends
4. Inventory Trends
3. Brickell
1. Overall Sales Trends
2. Sales Price, Price/Square Foot Trends
3. Days on Market Trends
4. Inventory Trends
4. Downtown Miami
1. Overall Sales Trends
2. Sales Price, Price/Square Foot Trends
3. Days on Market Trends
4. Inventory Trends
5. Conclusion
    

1. Greater Downtown Miami

1.1. Greater Downtown Miami Luxury Condo Market Sales Trends

Q4 2024 exceeded expectations for Greater Downtown's luxury condo market, recording the second-highest fourth-quarter sales ever – an impressive feat considering winter is typically a slow season for Miami luxury condos. This success confirms a shift toward year-round demand and aligns with the overall upward sales trend in the overall Miami market in Q4 2024.

Below are the Key Q4 2024 Sales Statistics for Greater Downtown Miami:

• Q4 2024 vs Q4 2023. Sales increased 33.3% year-over-year, from 84 in Q4 a year ago to 112 for the same quarter in 2024. (Fig. 1.1)
• Q4 2024 vs Q3 2024. Sales declined 4.3% quarter-over-quarter, down from 117 in the previous quarter to 112 sales in Q4 2024. (Fig. 1)
• Worth noting: The market concluded the year on a strong note, reporting the second-strongest fourth quarter on record, only behind the record-setting high of Q4 2021. This confirms the overall strength and appeal of the luxury housing market in Greater Downtown and confirms the market's new benchmarks. (Fig. 2.1)
• Brickell remained the leading contributor to sales volume in the Greater Downtown area, recording a total of 51 sales in Q4.
• Edgewater contributed the most to sales growth in Q4 2024 (a 70% increase from last year).

Looking into the Monthly Sales trends of Fig. 2.2 for Greater Downtown Miami:

• October 2024 closed with 39 sales, an increase from 29 sales in October 2023.
• November 2024 closed with 30 sales, matching the momentum from the same month a year ago.
• December 2024 closed with 43 sales, again higher than the previous year's 25 sales.

Annual Sales up 3.6% – Positive Trendline

Echoing the positive sales trend noted in the overall Miami market, Greater Downtown Miami reported the following key annual sales statistics for 2024:

• 2024 vs 2023. Sales improved 3.6%, up from 446 total sales in 2023 to 462 in 2024 – closing the year on a high note. (Fig. 1a) 

The 12-month Sales Trendline of Fig. 2.3 kept its positive curve for a third consecutive quarter (Q2 2024 to Q4 2024), given that the luxury housing market picked up pace in a traditionally slower quarter. This, combined with our daily observations as luxury market specialists in the Greater Downtown area, leads us to expect a strong opening for Q1 2025.

Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 2.1

Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Dec 2024 - Fig. 2.2

Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

1.2. Greater Downtown Miami Luxury Condo Price Trends

Annual Price/Sq. Ft. up to an all-time high of $902 – Median Price Flat

Partly consistent with the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Greater Downtown Miami reported the following positive Annual Price Stats in 2024 (Fig. 1.a):

• 2024 vs 2023. Price per Square Foot increased 3.3% year-over-year, up from $873 in 2023 to $902 in 2024.
• Median Sales Price stayed flat, adjusting by 0.9%, marginally up from $1,387,500 in 2023 to $1,400,000 in 2024.
• With annual prices reaching an all-time high of $902/Sq. Ft. in 2024, it is evident that sellers in Miami's urban core consistently received top dollar for their luxury condo investments.

Q4 2024 Price per Sq. Ft. up 4.2% to $910 – Median Price also up year-over-year

Positively deviating from the overall Miami market trend of higher year-over-year price per square foot and flat Median Price, this mainland grouping reported the following Key Price Stats for Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot increased 4.2%, up from $874 in Q4 of the previous year to $910 for the comparable quarter of 2024. (Fig. 1.1)
• Q4 2024 vs Q3 2024. Price per Square Foot decreased 3.2%, down from $941 in the previous quarter to $910 in Q4. (Fig. 1)
• Q4 2024 vs Q4 2023. Median Sales Price increased 7.1%, up from $1,290,000 in Q4 last year to $1,381,417 for the comparable quarter of 2024. (Fig. 1.1)
• A look at the 8-year snapshot of quarterly luxury condo prices below (Fig. 3) shows that the Price per Square Foot in Greater Downtown Miami continued closing in its highest ranges in Q4 2024 – confirming consistent gains and value for sellers in this urban core. 
• Further, as a boutique brokerage specializing in the Greater Downtown Miami area, we expect prices to offer single-digit gains or experience a slight correction in 2025. However, we do not foresee any signs of a major price crash.

Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 3

1.3. Greater Downtown Miami Days on Market Trends

Days on Market up 12% on an annual basis, down 4% 4Q24-over-4Q23

Partly consistent with the overall Miami trend of an increase in 2024-over-2023 days as well as year-over-year numbers in Q4 2024, Greater Downtown Miami reported the following Days on Market statistics:

• 2024 vs 2023. Luxury condos spent eight more days on the market compared to 2023, reporting a 12% increase in year-over-year DOM. (Fig. 1a)
• Q4 2024 vs Q4 2023. Luxury condos spent three fewer days on the market compared to Q4 2023, reporting a 4% decrease in year-over-year stats. (Fig. 1.1)
• Q4 2024 vs Q3 2024. Luxury condos spent 31 fewer days on the market compared to Q3 2024, recording a 31% decline in quarter-over-quarter DOM. (Fig. 1)
• Worth noting: Luxury condos took about 2.5 months to sell (68 days in Q4 2024 and 77 days on average in 2024), indicating that buyer-seller communication was positive and properties continued selling at a healthy pace in the Greater Downtown area.

Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2024 – Fig. 4

1.4. Greater Downtown Miami Luxury Condo Inventory

Q4 2024 closed with 22 months of Inventory - Buyer's Market

Reflecting the overall Miami trend of an increase in year-over-year as well as quarter-over-quarter inventory, luxury condos in Greater Downtown Miami reported the following statistics:

• On a quarter-over-quarter basis, inventory increased from 17 months in September 2024 to 22 months in December 2024, posting a 29.4% increase. (Fig. 5)
• On a year-over-year basis, inventory was up from 19 months in December 2023 to 22 months by year-end, reporting a 15.8% increase.

With 22 months of inventory, levels closed above the 9-12-month range of a balanced market – indicating a shift into a buyer's market. As luxury real estate experts, we expect this market to remain buyer-friendly throughout 2025, even as Spring (traditionally a high season) helps remove some surplus. This means buyers will hold the advantage in terms of choices and negotiation power, while sellers will need to adjust pricing to match the market mood.

If you're looking to live close to the bay in Edgewater or Brickell, use our exclusive search engine to find the best condos for sale in the Greater Downtown Miami area.

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Dec 2024 - Fig. 5

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

2. Edgewater Neighborhood Market Trends (33132 and 33137)

2.1. Edgewater Luxury Condo Market Sales Trends

Q4 2024 Sales up 70% year-over-year — Second-best fourth quarter to date

Echoing and surpassing the overall Miami market trend of higher year-over-year sales, Edgewater reported the following Key Sales Statistics for Q4 2024:

• Q4 2024 vs Q4 2023. Sales jumped 70% year-over-year, from 20 in Q4 last year to 34 for the same quarter in 2024. (Fig. 6.1)
• Q4 2024 vs Q3 2024. Sales improved 25.9% quarter-over-quarter, up from 27 in the previous quarter to 34 in Q4 2024. (Fig. 6)
• Edgewater emerged as one of Miami's most dynamic neighborhoods in Q4 2024, with an impressive 70% growth in sales compared to the previous year. It also reported its second-highest volume in a fourth quarter, only surpassed by record levels in Q4 2021.

Annual Sales are up 18.4% – Positive trendline

Exceeding the positive sales trend noted in the overall Miami market, Edgewater reported the following annual sales statistics for 2024:

• 2024 vs 2023. Sales increased 18.4%, up from 103 total sales in 2023 to 122 in 2024. (Fig. 6a)
• This bayfront neighborhood also led growth trends on an annual basis, recording the second-highest increase in 2024-over-2023 sales in all of Miami, just behind the combined neighborhood of Coconut Grove & Coral Gables (20% increase).

With sales maintaining an accelerated pace, the 12-month Sales Trendline of Fig. 7.2 kept its positive trajectory from Q2 2024 to Q4 2024, indicating a market poised for growth.

Edgewater Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 7.1

Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2

2.2. Edgewater Luxury Condo Market Price Trends

Annual Price/Sq. Ft. flat at $951 – Median Price down

Moving against the overall Miami trend of a higher year-over-year price per square foot and Median Price, luxury condos in Edgewater reported the following Annual Price Stats in 2024 (Fig. 6a):

• 2024 vs 2023. Price per Square Foot stayed flat, adjusting by -0.4 %, slightly down from $955 in 2023 to $951 in 2024.
• Median Sales Price declined 12.5%, from $1,600,000 in 2023 to $1,400,000 in 2024.
• Edgewater closed 2024 as the most expensive neighborhood in Greater Downtown Miami, just as it did in 2022 and 2023. 

Q4 2024 Price per Sq. Ft. Flat at $971 – Median Price down year-over-year

In contrast to the overall Miami market trend of higher year-over-year price per square foot and flat Median Price, luxury condos in Edgewater reported the following Key Price Stats for Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot stayed flat, adjusting by 0.2%, marginally up from $969 in Q4 last year to $971 for the comparable quarter of 2024. (Fig. 6.1)
• Q4 2024 vs Q3 2024. Price per Square Foot increased 2.1%, up from $951 in the previous quarter to $971 in Q4. (Fig. 6)
• A look at the 8-year snapshot of quarterly luxury condo prices below (Fig. 8) reveals that the Price per Square Foot closed in one of its highest ranges in Q4 2024, confirming that sellers are still receiving incredible value for their luxury condos in Edgewater.
• Q4 2024 vs Q4 2023. Median Sales Price decreased 24.2%, down from $1,847,500 in Q4 a year ago to $1,500,000 in the comparable quarter of 2024. (Fig. 6.1)
• Edgewater held onto its title of the most expensive neighborhood in Greater Downtown, with its Price per Square Foot at $971 and Median Sales Price at $1,400,000.

Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 8

2.3. Edgewater Luxury Condo Market Days on Market Trends

Days on Market are up 9% on an annual basis and flat 4Q24-over-4Q23

Partly reflecting the overall Miami trend of an increase in 2024-over-2023 days as well as year-over-year numbers in Q4 2024, Edgewater reported the following Days on Market statistics:

• 2024 vs 2023. Luxury condos spent seven more days on the market compared to 2023, recording a 9% increase in year-over-year DOM. (Fig. 6a)
• Q4 2024 vs Q4 2023. Luxury condos spent only one less day on the market compared to Q4 2023, reporting flat year-over-year stats. (Fig. 9)
• Both these stats show that luxury condos sold at a similar pace compared to a year ago in this bayfront neighborhood.

Edgewater Luxury Condo Quarterly Days on Market 2018-2024 – Fig. 9

2.4. Edgewater Luxury Condo Market Inventory

Q4 2024 closed with 19 months of Inventory - The lowest in Greater Downtown

Partly consistent with the overall Miami market trend of an increase in year-over-year as well as quarter-over-quarter inventory, luxury condos in Edgewater reported the following statistics:

• On a quarter-over-quarter basis, inventory increased from 15 months in September 2024 to 19 months in December 2024, reporting a 26.7% uptick. (Fig. 10)
• On a year-over-year basis, inventory was down from 22 months in December last year to 19 months in December 2024, reporting a 13.6% decrease.
• At 19 months, even though inventory ranged above the 9–12-month benchmark of an ideal market – creating a buyer's market – Edgewater reported the lowest levels of inventory in Greater Downtown Miami.
  
  

As a top Edgewater brokerage, we can provide an exact valuation of your luxury condo and help you attract competitive offers in this buyer's market. Call, chat, or e-mail us, and an expert local real estate agent will help you.

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Dec 2024 - Fig. 10

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

3. Brickell Neighborhood Market Trends (33129, 33130, and 33131)

3.1. Brickell Luxury Condo Market Sales Trends

Q4 2024 Sales up 33.3% year-over-year — Second-highest fourth quarter on record

Reflecting and contributing to the overall Miami market trend of higher year-over-year sales, Brickell reported the following Key Sales Statistics for Q4 2024:

• Q4 2024 vs Q4 2023. Sales increased 33.3% year-over-year, up from 51 in Q4 last year to 68 for the comparable quarter of 2024. (Fig. 11.1)
• Q4 2024 vs Q3 2024. Sales declined 10.5% quarter-over-quarter, down from 76 in the previous quarter to 68 sales in Q4 2024. (Fig. 11)
• Q4 2024 sales were higher compared to any other fourth quarter on record, except for in the booming year of 2021 – a nod to robust market health and progress in this financial district. (Fig. 12.1)
• Worth noting: Brickell has been the top contributor to sales volume in the Greater Downtown area since 2021, consistently. This highlights the growing popularity and ongoing demand for luxury housing in Miami's business district.

Annual Sales up 6.8% – Positive Trendline

Echoing the positive sales trend noted in the overall Miami market, Brickell reported the following annual sales statistics for 2024:

• 2024 vs 2023. Sales increased 6.8%, up from 263 annual sales in 2023 to 281 in 2024. (Fig. 6a)

The 12-month Sales Trendline (Fig. 12.2) continued its positive trajectory from Q2 to Q4 2024, despite Q4 being typically slower for Miami's luxury condo market.

Brickell Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 12.1

Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2

3.2. Brickell Luxury Condo Market Price Trends

Annual Price/Sq. Ft. up 4.8% to $895 – Median Price also up

Echoing and contributing to the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Brickell reported the following Annual Price Stats in 2024 (Fig. 11a):

• 2024 vs 2023. Price per Square Foot increased 4.8%, from $854 in 2023 to $895 in 2024.
• Median Sales Price also increased 7.5%, from $1,325,000 in 2023 to $1,425,000 in 2024.
• Brickell recorded the highest percentage gains in Greater Downtown on an annual basis, indicating that sellers received the best price appreciation for their luxury condos in this business district.

Q4 2024 Price per Sq. Ft. flat at $857 – Median Price up year-over-year

Positively deviating from the overall Miami market trend of higher year-over-year price per square foot and flat Median Price, luxury condos in Brickell reported the following Key Price Stats for Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot stayed flat, adjusting by 1.3%, marginally up from $846 in Q4 of the previous year to $857 for the same quarter of 2024. (Fig. 11.1)
• Q4 2024 vs Q3 2024. Price per Square Foot decreased -8%, down from $931 in the previous quarter to $857 in Q4. (Fig. 11)
• A look at the 8-year snapshot of quarterly luxury condo prices below (Fig. 13) shows that the Price per Square Foot once again closed in the upper ranges in Q4 2024, indicating that sellers consistently received great value for their luxury condo investments in Brickell.
• Q4 2024 vs Q4 2023. Median Sales Price increased 10.9%, up from $1,240,000 in Q4 a year ago to $1,375,000 in the comparable quarter of 2024. (Fig. 11.1)
• Brickell also reported the best price appreciation for sellers in the Greater Downtown area in Q4 2024 by recording a marginal increase in year-over-year prices compared to all other neighborhoods in this quarterly report.

Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 13

3.3 Brickell Luxury Condo Market Days on Market Trends

Days on Market up 5% on an annual basis, down 7% 4Q24-over-4Q23

Consistent only in part with the overall Miami trend of an increase in 2024-over-2023 days as well as year-over-year numbers in Q4 2024, Brickell reported the following Days on Market statistics:

• 2024 vs 2023. Luxury condos spent three more days on the market compared to 2023, posting a 5% increase in year-over-year DOM. (Fig. 11a)
• Q4 2024 vs Q4 2023. Luxury condos spent four fewer days on the market compared to Q4 2023, reporting a 7% decrease in year-over-year stats. (Fig. 11.1)
• These stats indicate that buyers and sellers were mostly on the same page in terms of expectations and closed deals fairly quickly in Miami's financial hub compared to a year ago.
• In Q4 2024, Brickell stepped into the spotlight as the fastest-moving market in Greater Downtown, with condos taking only 64 days to sell.

Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2024 - Fig. 14

3.4. Brickell Luxury Condo Market Inventory

Q4 2024 closed with 20 months of Inventory

Following the overall Miami market trend of an increase in year-over-year as well as quarter-over-quarter inventory, luxury condos in Brickell reported the following statistics:

• On a quarter-over-quarter basis, inventory increased from 14 months in September 2024 to 20 months in December 2024, reporting a 42.9% increase. (Fig. 15)
• On a year-over-year basis, inventory went up from 17 months in December last year to 20 months in December 2024, reporting a 17.6% uptick.
• At 20 months, inventory closed above its ideal range of 9–12 months, evidencing a transition into a buyer's market, like the overall Miami market.

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Dec 2024 - Fig. 15

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

4. Downtown Miami Neighborhood Market Trends (33128, 33132, and 33136)

4.1. Downtown Miami Luxury Condo Market Sales Trends

Q4 2024 Sales down 23.1% year-over-year

In contrast to the overall Miami market trend of higher year-over-year sales, Downtown Miami reported the following Key Sales Statistics for Q4 2024:

• Q4 2024 vs Q4 2023. Sales declined 23.1% year-over-year, down from 13 in Q4 last year to 10 for the same quarter in 2024. (Fig. 16.1)
• Q4 2024 vs Q3 2024. Sales dipped 28.6% quarter-over-quarter, down from 14 in the previous quarter to 10 sales in Q4 2024. (Fig. 16)

Annual Sales down 26.3% – Negative trendline

Moving against the positive sales trend noted in the overall Miami market, Downtown Miami reported the following annual sales statistics for 2024:

• 2024 vs 2023. Sales decreased 26.3%, down from 80 annual sales in 2023 to 59 in 2024. (Fig. 16a)

Downtown Miami sales fell in Q4 2024, as we predicted in our Q3 report for Greater Downtown Miami. As a result, the 12-month Sales Trendline (Fig. 17.2) continued its negative trend from Q4 2023 through Q4 2024. As luxury condo market veterans, we expect a slow start in Q1 for this district.

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 17.1

Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 17.2

4.2. Downtown Miami Luxury Condo Market Price Trends

Annual Price/Sq. Ft. up 3.5% to $763 – Median Price flat

Partly consistent with the overall Miami market trend of a higher year-over-year price per square foot and Median Price, luxury condos in Downtown Miami reported the following Annual Price Stats in 2024 (Fig. 16a):

• 2024 vs 2023. Price per Square Foot increased 3.5%, up from $737 in 2023 to $763 in 2024.
• Median Sales Price stayed mostly flat, adjusting by -0.9 %, marginally down from $1,412,500 in 2023 to $1,400,000 in 2024.
• Downtown Miami continued to be the most affordable entry point into Miami's luxury condo market for buyers in 2024 (on a price per square foot basis), as it has been since 2022.

Q4 2024 Price per Sq. Ft. flat at $744 – Median Price also down year-over-year

In contrast to the overall Miami market trend of higher year-over-year price per square foot and flat Median Price, luxury condos in Downtown Miami reported the following Key Price Stats for Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot stayed flat, adjusting by -2.3 %, marginally down from $762 in Q4 last year to $744 for the same quarter of 2024. (Fig. 16.1)
• Q4 2024 vs Q3 2024. Price per Square Foot declined 19.5%, down from $925 in the previous quarter to $744 in Q4. (Fig. 16)
• A look at the 8-year snapshot of quarterly luxury condo prices below (Fig. 18) demonstrates that the Price per Square Foot continued to trend in the upper ranges in Q4 2024, providing sellers good value for their luxury condos in this core district.
• Q4 2024 vs Q4 2023. Median Sales Price decreased 17.5%, down from $1,575,000 in Q4 a year ago to $1,300,000 in the same quarter of 2024. (Fig. 16.1)

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 18

4.3. Downtown Miami Luxury Condo Market Days on Market Trends 

Days on Market up 13% on an annual basis and 21% 4Q24-over-4Q23

Echoing the overall Miami trend of an increase in 2024-over-2023 days as well as year-over-year numbers in Q4 2024, Downtown Miami reported the following Days on Market statistics:

• 2024 vs 2023. Luxury condos spent eight more days on the market compared to 2023, posting a 13% increase in year-over-year DOM. (Fig. 16a)
• Luxury condos in Downtown Miami took 70 days to sell in 2024, placing this district as the fastest-moving market of Greater Downtown Miami for the year.
• Q4 2024 vs Q4 2023. Luxury condos spent 12 more days on the market compared to Q4 2023, reporting a 21% increase in year-over-year stats. (Fig. 19)

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2024 - Fig. 19

4.4. Downtown Miami Luxury Condo Market Inventory

Q4 2024 closed with 42 months of Inventory

Following the overall Miami market trend of an increase in year-over-year as well as quarter-over-quarter inventory, luxury condos in Downtown Miami reported the following statistics:

• On a quarter-over-quarter basis, inventory increased from 32 months in September 2024 to 42 months in December 2024, reporting a 31.3% increase. (Fig. 20)
• On a year-over-year basis, inventory went up from 20 months in December last year to 42 months in December 2024, reporting a 110% uptick.
• At 42 months, inventory far exceeds the 9-12 month ideal market level. With Downtown having Miami's highest months of inventory, buyers have a unique advantage to negotiate from a position of strength and choose from many options in their price range.

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Dec 2024 - Fig. 20

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

5. Annual & Q4 2024 Greater Downtown Miami Market Conclusion

Greater Downtown Miami's luxury condo market closed 2024 strong, confirming its increasing popularity among luxury buyers, recording its second-best fourth quarter in terms of sales, and outpacing Miami's beachside neighborhoods for Q4 2024.

Also, following the overall Miami market's upward trend, Greater Downtown Miami recorded higher sales in 2024 compared to 2023, as well as higher numbers in the Q4 year-over-year. Only Downtown Miami bucked this trend, as the single neighborhood in our study where sales declined year-over-year.

On a deeper analysis, Edgewater emerged as the most popular neighborhood in Greater Downtown, leading sales growth in both our annual (2024-over-2023) and Q4 YoY review.

Moving against the overall market trend, the 12-month sales trendline was positive across the board, except for Downtown Miami.

In our annual and quarterly price watch, all Greater Downtown Miami under review reported flat or positive price gains, revealing that most sellers received good value for their luxury properties – much like the overall Miami market.

In Q4 2024, luxury condos in Brickell offered the best value to sellers out of all three sub-markets under review – posting positive gains in year-over-year Price per Square Foot. On the other hand, Edgewater remained the most expensive of all three sub-markets, logging an average price of $971/Sq. Ft.

Moving against the overall Miami market trend of an increase, Days on Market were mostly flat or lower year-over-year across the board in Q4 2024, with Downtown Miami as the only exception. Luxury condos took about 2 months (64 days) to sell in Brickell, making it the fastest-selling market of the fourth quarter.

Even with the market keeping a great pace during a traditionally slower quarter (winter months are generally slower for Miami's real estate market), inventory was higher across the board, except for Edgewater.

Big Influencers in 2025

As luxury housing specialists in the Greater Downtown area, we keep an eye on emerging trends and expect the following to make an impact:

• Miami's magnetic appeal continues drawing affluent newcomers (averaging $175,600 income) and businesses seeking tax benefits, fueling strong demand for luxury residences in 2025.
• The city's rising global profile – enhanced by Mar-a-Lago's political significance, the excitement of the upcoming FIFA 2026 World Cup, and our flourishing economy – will continue attracting discerning high-net-worth buyers from across the globe.
• Our booming pre-construction market will attract international buyers with its compelling blend of eco-friendly design, wellness-focused amenities, and prestigious branded residences.
• Exciting new short-term-rental-ready developments – including Viceroy Brickell, ORA by Casa Tua, 600 Miami Worldcenter, West Eleventh Residences, and Domus Brickell Park – will capture the attention of international investors seeking premium rental opportunities. Read our blog on Miami Condos that Allow Airbnb for the full and up-to-date list.
• Despite challenges from higher mortgage rates (6.8%) and increasing condo fees and insurance costs, we anticipate that Miami's cash-dominant market will shine brighter than most luxury markets nationwide.
• We further anticipate inventory levels to stay above their ideal levels throughout 2025, keeping the market buyer-friendly.

Greater Downtown Miami Luxury Condo Market Summary

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Do you have any questions or comments about the stats? Interested in browsing the market? Contact Sep at sep (at) blackbookproperties.com or call 305-725-0566.