Greater Downtown Miami Luxury Condo Market Statistics Q3 2024

With high season behind us, Miami's seasonal luxury condo market experienced an expected cooling with a fundamental shift towards a buyer's market this third quarter. Despite this seasonal slowdown, we observed only a slight correction in sales figures. More importantly, the price per square foot peaked to a new all-time high, indicating good market health despite this shift, which aligns with the broader trends observed in our overall Miami analysis.

In Q3 2024, Brickell emerged as the strongest market of the quarter in Greater Downtown, reporting a 7% increase in year-over-year sales. The financial district also reported the lowest levels of inventory in Greater Downtown and the second-lowest in Miami overall at 14 months. Interestingly, Downtown Miami emerged as the fastest-selling neighborhood, with properties taking only 70 days to sell on average. This under-construction neighborhood also offered maximum value to sellers in Miami with the highest percentage gains (20%) in year-over-year price per square foot.

Read below for our exclusive and in-depth analysis of how Greater Downtown, Edgewater, Brickell, and Downtown Miami responded to the slower-paced third quarter, along with a detailed comparison to the overall Miami luxury condo market trends in terms of sales, prices, days on market, and inventory in Q3 2024.

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2024 YoY (Number of Sales)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2024 YoY (Median Sales Price)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2024 YoY (Median SP/SqFt)

Quick summary of Q3 2024 for the Greater Downtown Miami area includes:

• Brickell had the highest sales volume (72 sales) 
• Brickell also reported the highest percentage YoY sales growth (7%)
• Downtown Miami posted the highest median sales price ($1.7 million)
• Edgewater reported the highest price per square foot ($951)

For this report, we've only included areas with zipcodes 33129, 33130, 33131, 33132, 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 $1 million and above, and generally does not include pre-construction condo sales.

Q3 2024 - Greater Downtown Miami Area Luxury Condo Market Highlights

• Sales down 9.8% year-over-year amidst seasonal slowdown.
• 12-month Sales Trendline retained a positive curve from Q2 2024 to Q3 2024.
• Price per Square Foot up 9.8% year-over-year to record-high of $944.
• Median Sales Price up 14.8% year-over-year to $1.55M.
• Days on Market up year-over-year to 97 days.
• Inventory up to 17 months.
• Greater Downtown Miami transitioned from a soft buyer's market to solid buyer's market, like the overall Miami market.

Q3 2024 - Greater Downtown Sub-Neighborhood Highlights

• Winner: Brickell emerged as the strongest market in Greater Downtown Miami, leading year-over-year sales growth with a 7% increase.
• 12-Month Sales Trendline positive across the board, except in Downtown Miami.
• Winner: Luxury condos in Downtown Miami offered maximum value to sellers in Greater Downtown and overall Miami, with the highest percentage gain (20%) in year-over-year Price per Square Foot.
• Winner: Edgewater continued as the most expensive neighborhood in Greater Downtown with a Price of $951/Square Foot.
• Winner: Downtown Miami reported the highest Median Sales Price in Greater Downtown at $1.7 million.
• Winner: Downtown Miami emerged as the fastest-selling market of Greater Downtown, with luxury condos taking only 70 days to sell.
• Brickell continued reporting the lowest levels of inventory in the Greater Downtown area and the second-lowest in all of Miami at 14 months.

Table of Contents

1. Greater Downtown Miami Luxury Condo Sales Trends
2. Greater Downtown Miami Luxury Condo Price Trends
3. Greater Downtown Miami Luxury Condo Days on Market Trends
4. Greater Downtown Miami Luxury Condo Inventory Trends
5. Edgewater Neighborhood Trends - Overall Sales
6. Edgewater Neighborhood Trends - Sales Price, Price/Square Foot
7. Edgewater Neighborhood Trends - Days on Market
8. Edgewater Neighborhood Trends - Inventory
9. Brickell Neighborhood Trends - Overall Sales
10. Brickell Neighborhood Trends - Sales Price, Price/Square Foot
11. Brickell Neighborhood Trends - Days on Market
12. Brickell Neighborhood Trends - Inventory
13. Downtown Neighborhood Trends - Overall Sales
14. Downtown Neighborhood Trends - Sales Price, Price/Square Foot
15. Downtown Neighborhood Trends - Days on Market
16. Downtown Neighborhood Trends - Inventory
17. Conclusion 
    
    

— Q3 2024 - Greater Downtown Miami Luxury Condo Market Trends: Sales Down YoY

Sales down 9.8% year-over-year — 12-month sales trendline positive

Aligning with the overall Miami market trend of lower quarter-over-quarter and year-over-year sales activity, Greater Downtown reported the following numbers as the luxury condo market took its seasonal pause.

Below are the Key Q3 2024 Sales Statistics for Greater Downtown Miami:

• Q3 2024 vs Q3 2023. Sales decreased 9.8%, down from 123 in Q3 of the previous year to 111 sales in the same quarter this year. (Fig.1.1)
• Q3 2024 vs Q2 2024. Sales dipped 20.1% quarter-over-quarter, down from 139 in the previous quarter to 111 in Q3 2024. (Fig. 1)
• Brickell maintained its position as the top volume contributor, reporting 72 sales in Q3 2024. The business district also emerged as the highest percentage contributor (7% year-over-year) to sales recorded in the Greater Downtown area this third quarter.

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

• July 2024 closed with 42 sales, marginally up from 41 sales in the same month a year ago.
• August closed with 41 luxury condo sales, lower than the 47 sales noted in the comparable month of 2023.
• September closed with 28 sales, again lower than the 35 sales noted for the same period in 2023.

With sales still adhering to their newfound parameters in Miami's post-pandemic real estate market, the 12-month Sales Trendline of Fig. 2.3 kept its positive curve between Q2 2024 and Q3 2024 in spite of a dip in activity. Pairing this analysis with our day-to-day observations, as luxury condo market veterans, we anticipate that Greater Downtown's luxury condo market will close the year on a steady note, even as we enter the typically slower fourth quarter (a seasonal trend derived from historical data analysis).

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

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

— Q3 2024 - Greater Downtown Miami Luxury Condo Price per Square Foot Up to All-time High

Q3 2024 Price per Square Foot peaks to record-high of $944 — Median Price also up year-over-year

Echoing and exceeding the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, Miami's urban core grouping reported the following positive Price Stats in Q3 2024:

• Q3 2024 vs Q3 2023. Price per Square Foot increased 9.8%, up from $860 in Q3 last year to its highest recorded value at $944 in the comparable quarter of 2024. (Fig. 1.1)
• Q3 2024 vs Q2 2024. Price per Square Foot increased 5.8% quarter-over-quarter as well, up from $893 in the previous quarter to $944 in Q3 2024. (Fig. 1)
• A closer look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 3) shows that the Price per Square Foot in Greater Downtown Miami peaked to its highest-ever value this third quarter after recording a steady increase over the past four years. Further, in our vast experience as a boutique brokerage serving the Greater Downtown Miami area, we anticipate prices to offer moderate gains moving forward, with no signs of a major correction.
• Q3 2024 vs Q3 2023. Median Sales Price increased 14.8%, up from $1,350,000 in Q3 of the previous year to $1,550,000 for the comparable quarter in 2024. (Fig. 1.1)

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

— Q3 2024 - Greater Downtown Miami Days on Market Up QoQ & YoY

Days on Market up 36.6% year-over-year. In contrast to the overall Miami market trend of a decline in quarter-over-quarter values and flat year-over-year numbers, Greater Downtown Miami reported the following Days on Market (DOM) statistics:

• Q3 2024 vs Q3 2023. Luxury condos spent 26 more days on the market compared to the same time period a year ago, reporting a 36.6% increase in year-over-year stats. (Fig. 1.1)
• Q3 2024 vs Q2 2024. Luxury condos spent 27 extra days on the market compared to Q2 2024, posting a 38.6% uptick in quarter-over-quarter DOM. (Fig. 1)
• At 97 days, the statistic indicates a potential gap in buyer-seller expectations as sales took longer to close (on a median basis).

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

— Q3 2024 - Greater Downtown Miami Luxury Condo Inventory Stats Up YoY

Q3 2024 closed with 17 months of inventory. Partly deviating from the overall Miami market trend of an increase in quarter-over-quarter and year-over-year inventory, luxury condos in Greater Downtown Miami reported the following stats for Q3 2024:

• On a quarter-over-quarter basis, inventory decreased from 18 months in June 2024 to 17 months in September 2024 – recording a 5.9% decline. (Fig. 5)
• On a year-over-year basis, inventory was up from 15 months in September 2023 to 17 months in September this year – reporting a 13.3% increase.

As predicted in our previous report, with inventory consistently closing higher than its ideal 9-12-month range for the past few quarters, Greater Downtown Miami transitioned into a buyer's market. Much like the overall Miami market, buyers can expect more options to fall within their price range in this urban core, while sellers would need to keep pricing flexible to optimize returns.

As market veterans, we further anticipate inventory to nudge higher as we enter the slowest (fourth) quarter of the year, keeping the market buyer-friendly through to the end of 2024.

Want to live closer to work in Brickell or the Bay in Miami's Edgewater neighborhood? Click to use our customizable search tool and browse luxury condos for sale in the Greater Downtown Miami area.

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Sep. 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 6 months.

Greater Downtown Miami Neighborhoods: Edgewater Market Trends (33132 and 33137)

— Q3 2024 - Edgewater Luxury Condo Sales Down YoY

Sales down 6.9% year-over-year — 12-month sales trendline positive

Following the overall Miami market trend of a decline in quarter-over-quarter and year-over-year sales activity, Edgewater reported the following stats this third quarter:

• Q3 2024 vs Q3 2023. Sales decreased 6.9% year-over-year, down from 29 in Q3 2023 to 27 sales in the same quarter this year. (Fig. 6.1)
• Q3 2024 vs Q2 2024. Sales dipped 28.9% quarter-over-quarter, down from 38 in the previous quarter to 27 sales in Q3 2024. (Fig. 6)

The 12-month Sales Trendline of Fig. 7.2 maintained its positive trajectory from Q2 2024 to Q3 2024 – indicating market stability even amidst a seasonal slowdown.

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

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

— Q3 2024 - Edgewater Price per Square Foot Trends Flat: Still Most Expensive in Greater Downtown

Q3 2024 Price per Square Foot flat at $951 — Median Price up year-over-year

Partly in line with the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Edgewater reported the following Price Stats in Q3 2024:

• Q3 2024 vs Q3 2023. Price per Square Foot stayed flat, adjusting only by +2.4%, marginally up from $929 in Q3 last year to $951 for the same quarter of 2024. (Fig. 6.1)
• Q3 2024 vs Q2 2024. Price per Square Foot was also flat, adjusting by +0.8%, negligibly up from $944 in the previous quarter to $951 in Q3 2024. (Fig. 6)
• A closer look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 8) shows that the Price per Square Foot remained in the higher ranges during Q3 2024 – indicating that sellers continued receiving excellent returns on their luxury condo investments in this premium bayfront neighborhood.
• Closing the third quarter with a Price per Square Foot of $951, Edgewater held onto its position as the most expensive neighborhood in the Greater Downtown area.
• Q3 2024 vs Q3 2023. Median Sales Price increased 2.7%, up from $1,460,000 in Q3 last year to $1,500,000 for the comparable quarter this year. (Fig. 6.1)

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

— Q3 2024 - Edgewater Days on Market Down QoQ & YoY

Days on Market down 16% year-over-year. Partially aligned with the overall Miami market trend of a decline in quarter-over-quarter values and flat year-over-year numbers, Edgewater reported the following Days on Market (DOM) statistics:

• Q3 2024 vs Q3 2023. Luxury condos spent 17 fewer days on the market compared to Q3 of the previous year, recording a 16% decrease in year-over-year stats. (Fig. 9)
• Q3 2024 vs Q2 2024. Luxury condos spent 14 fewer days on the market than in Q2 2024, reporting a 14% decline in quarter-over-quarter DOM.
• At 87 days, the statistic indicates that luxury condos sold at a swifter pace in this bayfront neighborhood as buyers and sellers reached a consensus sooner.

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

— Q3 2024 - Edgewater Inventory Down YoY

Q3 2024 closed with 15 months of inventory. In contrast to the overall Miami market trend of an increase in quarter-over-quarter and year-over-year inventory, luxury condos in Miami's Edgewater neighborhood reported the following stats for Q3 2024:

• On a quarter-over-quarter basis, inventory was down from 17 months in June to 15 months in September this year – reporting a noteworthy 11.8% decrease. (Fig. 10)
• On a year-over-year basis, inventory decreased from 18 months in September 2023 to 15 months in the same month this year – reporting a remarkable 16.6% decline.
• At 15 months, inventory exceeded the 9-12-month range of a balanced market, providing more choices within your desired price range and negotiation power to buyers in this favorable market.

As a top seller's brokerage and agent in Edgewater, we can provide a free evaluation of your luxury condo and position it to attract the best offers. You can 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 Sep. 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 6 months.

— Greater Downtown Miami Neighborhoods: Brickell Market Trends (33129, 33130 and 33131)

— Q3 2024 - Brickell Luxury Condo Sales Up YoY: Strongest Market in Greater Downtown

Sales up 7.5% year-over-year — 12-month sales trendline positive

Deviating from the overall Miami market trend of lower quarter-over-quarter and year-over-year sales activity, Brickell reported the following positive key sales statistics:

• Q3 2024 vs Q3 2023. Sales increased 7.5% in this financial district compared to a year ago, up from 67 in Q3 2023 to 72 sales in Q3 this year. (Fig. 11.1)
• What's worth noting is that Brickell has consistently been the leading contributor to overall sales volume in the Greater Downtown area since 2021. This trend underscores the increasing popularity and sustained demand for luxury housing in Miami's business district.
• Also, Brickell reported the highest percentage increase in year-over-year sales to lead growth trends in the Greater Downtown market.
• Additionally, Brickell was the only neighborhood in Greater Downtown this third quarter to experience positive sales growth. The financial hub was also one of only two Miami neighborhoods to record an increase in year-over-year sales in our overall quarterly analysis – the other being Coral Gables & Coconut Grove.
• Q3 2024 vs Q2 2024. Sales decreased 15.3%, down from 85 in the previous quarter to 72 sales in Q3 2024. (Fig. 11)

Owing to sustained sales momentum, the 12-month Sales Trendline of Fig. 12.2 kept its positive curve from Q2 2024 to Q3 2024.

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

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

— Q3 2024 - Brickell Price per Square Foot Up YoY to Highest-ever

Q3 2024 Price per Square Foot up 8.2% to record-setting high at $947 — Median Price up year-over-year

Aligned with and outperforming the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Brickell reported the following positive Price Stats in Q3 2024:

• Q3 2024 vs Q3 2023. Price per Square Foot increased 8.2%, up from $876 in Q3 of the previous year to $947 for the comparable quarter in 2024. (Fig. 11.1)
• Q3 2024 vs Q2 2024. Price per Square Foot too increased 5.9%, up from $894 in the previous quarter to $947 in Q3 2024. (Fig. 11)
• Price per Square Foot recorded a new all-time high of $947/square foot (Fig. 13), indicating that most deals in this financial district closed with gains and sellers enjoyed significant returns on their luxury condo investments.
• Q3 2024 vs Q3 2023. Median Sales Price also increased 14.4%, up from $1,350,000 in the third quarter last year to $1,545,000 in Q3 this year. (Fig. 11)

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

— Q3 2024 - Brickell Days on Market Up QoQ & YoY

Days on Market up 59% year-over-year. In contrast to the overall Miami market trend of a decline in quarter-over-quarter values and flat year-over-year numbers, Brickell reported the following Days on Market (DOM) statistics:

• Q3 2024 vs Q3 2023. Luxury condos spent 37 more days on the market compared to Q3 last year, reporting a 59% increase in year-over-year stats. (Fig. 14)
• Q3 2024 vs Q2 2024. Luxury condos spent 49 more days on the market than in Q2 2024, reporting a 96% uptick in quarter-over-quarter DOM.
• Closing the quarter at 100 days, luxury properties sold at a slower pace in this "Manhattan of the South," indicating that buyers and sellers took longer to come to an agreement.

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

— Q3 2024 – Brickell Inventory Up YoY: Remains Lowest in Greater Downtown

Q3 2024 closed with 14 months of inventory. Partly deviating from the overall Miami market trend of an increase in quarter-over-quarter and year-over-year inventory, luxury condos in Brickell reported the following stats for Q3 2024:

• On a quarter-over-quarter basis, inventory was down from 16 months in June 2024 to 14 months in September this year – reporting a 12.5% decline. (Fig. 15)
• On a year-over-year basis, inventory was up from 13 months in September 2023 to 14 months for the comparable month this year – posting an 8% uptick.
• At 14 months, inventory closed above the 9-12-month range of a balanced market, demonstrating a shift into a buyer's market.
• Further, this dynamic financial district continued reporting the lowest levels of inventory in Greater Downtown and the second-lowest levels in all of Miami in our fourth quarter review.

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Sep. 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 6 months.

— Greater Downtown Miami Neighborhoods: Downtown Miami Market Trends (33128, 33132 and 33136)

— Q3 2024 - Downtown Miami Sales Down YoY

Sales down 55.6% year-over-year — 12-month sales trendline negative

Echoing the overall Miami market trend of lower quarter-over-quarter and year-over-year sales activity this third quarter, Downtown Miami reported the following key sales statistics:

• Q3 2024 vs Q3 2023. Sales dipped 55.6% year-over-year, down from 27 in Q3 of the previous year to 12 sales for the comparable quarter this year. (Fig. 15.1)
• Q3 2024 vs Q2 2024. Sales declined 25% quarter-over-quarter, down from 16 in the previous quarter to 12 sales in Q3 2024. (Fig. 15)

The 12-month Sales Trendline of Fig. 16.2 kept its negative trajectory from Q4 2023 through to Q3 2024, indicating that momentum in the upcoming quarter will likely be slower than usual.

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 16.1

Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2

— Q3 2024 - Downtown Miami Price per Square Foot Up YoY: Leads Price Gains in Overall Miami

Q3 2024 Price per Square Foot up 19.9% to $862 — Median Price also up year-over-year

Following the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, Downtown Miami reported the following Price Stats in Q3 2024:

• Q3 2024 vs Q3 2023. Price per Square Foot increased 19.9%, up from $719 in Q3 2023 to $862 for the same quarter this year. (Fig. 15.1)
• Q3 2024 vs Q2 2024. Price per Square Foot increased 20.2%, up from $717 in the previous quarter to $862 in Q3 2024. (Fig. 15)
• Downtown Miami emerged as the most lucrative sub-market this third quarter, providing the highest percentage gains (20%) in year-over-year Price per Square Foot out of all the Miami neighborhoods under review in our quarterly analysis.
• A closer look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 17), shows that prices in Downtown closed in the higher ranges – giving sellers top value for their luxury properties in this urban core.
• Closing the quarter at a price of $862/square foot, Downtown Miami continued to provide buyers with the most affordable entry point into Miami's luxury condo market.
• Q3 2024 vs Q3 2023. Median Sales Price increased 44.1%, up from $1,200,000 in Q3 of the previous year to $1,729,500 for the same quarter this year. (Fig. 15.1)

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 17

— Q3 2024 - Downtown Miami Days on Market Down QoQ, Up YoY: Fastest-selling in Greater Downtown

Days on Market up 10% year-over-year. Almost in line with the overall Miami market trend of a decline in quarter-over-quarter values and flat year-over-year numbers, Downtown Miami reported the following Days on Market (DOM) statistics:

• Q3 2024 vs Q3 2023. Luxury condos spent 7 extra days on the market compared to a year ago, reporting a 10% uptick in year-over-year stats. (Fig. 18)
• Q3 2024 vs Q2 2024. Luxury condos spent 33 fewer days on the market than in Q2 2024, recording a 32% decrease in quarter-over-quarter DOM.
• With luxury condos taking only 70 days to be sold, Downtown Miami emerged as the fastest-selling market in Greater Downtown this third quarter, indicating aligned buyer-seller expectations.

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2024 - Fig. 18

— Q3 2024 - Downtown Miami Inventory Up YoY to Highest in Miami Overall, Again

Q3 2024 closed with 34 months of inventory. Following the overall Miami market trend of an increase in quarter-over-quarter and year-over-year inventory, luxury condos in Downtown Miami reported the following stats for Q3 2024:

• On a quarter-over-quarter basis, inventory increased from 25 months in June to 34 months in September this year – reporting a 36% uptick. (Fig. 19)
• On a year-over-year basis, inventory increased from 15 months in September 2023 to 34 months in the comparable month this year – reporting a 126% jump.
• At 34 months, Downtown continued reporting the highest inventory levels of all the Miami neighborhoods in our quarterly review. Also, as the statistic exceeded the 9-12-month benchmark of an ideal scenario, this surplus revealed the onset of a strong buyer's market in this urban core neighborhood.

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2024 - Fig. 19

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 6 months.

— Q3 2024 Greater Downtown Miami Market Conclusion

Sales in Greater Downtown Miami reported a decline in Q3 2024, reflecting the overall market sentiment. This was quite expected, as historical data suggests that the third and fourth quarters are typically the slowest periods of the year for Miami's cyclical housing market. 

Clocking in with a notable performance in Q3 2024, Brickell stood out as the most popular neighborhood by reporting an increase in year-over-year sales, while all other Greater Downtown and Miami Beach neighborhoods reported a decline.

The 12-month Sales Trendline for Greater Downtown Miami and its sub-markets remained positive across the board – with Downtown Miami as the only exception.

In our price watch for Q3 2024, Greater Downtown Miami set a brand-new record, with its Price per Square Foot touching $944. This shows that sellers have continuously received top value for their luxury condo properties in Miami's urban core. 

A closer look reveals that luxury condos in Downtown Miami afforded sellers the highest percentage gains in terms of year-over-year price per square foot. Edgewater maintained its status as the most expensive neighborhood in Greater Downtown, closing the quarter with the highest price per square foot at $951.

Luxury condos in Downtown Miami sold at an average pace of 70 days, making it the fastest-selling market of Q3 2024. On the other hand, Brickell continued to report the lowest levels of inventory (14 months) in this quarterly analysis – keeping it Greater Downtown's most dynamic market.

With inventory up across the board and above the 9-12-month range of an ideal market, this urban core transitioned into a buyer's market. This means buyers now hold the advantage of having more choices and commanding more power at the negotiation table. However, as experienced professionals in Miami's luxury condo market, we would like to highlight that it is still possible for sellers to turn a profit in this competitive market. Call, text, or email us for an expert valuation of your Miami property and to further the discussion.

Headed into the final (and slower) quarter of the year, as luxury real estate experts, we expect the following factors to influence the market in Miami:

• We expect Miami to stay in the international spotlight, attracting home buyers and investors worldwide, as publications such as the Knight Frank report pitch us alongside Dubai as a global leader in the super prime home sales market.
• We expect to remain a top choice for individuals worth $100M+ with our unbeatable package of stunning beaches, active lifestyle, diverse culture, and pocket-friendly tax policies.
• We expect our latest crop of Airbnb-ready condo product to attract those seeking a stunning vacation home that doubles as a lucrative secondary income generator.
• As our economy continues to grow owing to the "Citadel effect," where the company's relocation to Miami kicked off our business boom in 2020, we expect steady demand from wealthy buyers and their top talent.
• We further believe that the stabilization of mortgage rates and increasing public awareness of the recent changes made in condo association fees as well as special assessments laws will encourage more buyers to enter the market by the first quarter of 2025.
  
  

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