Miami's luxury condo market started 2025 on a strong note, with steady sales and record-high prices suggesting a balanced outlook. However, higher inventory levels and our expert  experience with our clients reveal that the market remains weighted towards buyers, where excess supply has been giving buyers the leading edge.

In Q1 2025, the standout trend for Miami's $1 million-and-up market was the average price per square foot surpassing $1,000—a key milestone that shows sellers continued to receive good value, even within a buyer's market. However, signs of price saturation are beginning to emerge, especially in the investor-focused segment, indicating an impending correction within the parameters of Miami's new normal landscape.

The $2 million-and-up market saw little pricing pressure, as is expected of luxury product. Price per Square Foot increased 8.5% to $1,562 from $1,440 in Q1 last year, while Days on Market only marginally increased. 

In our neighborhood-wise analysis for Q1 2025, South Beach emerged as a buyer-favorite, closing with the highest year-over-year increase (35%) in sales. Fisher Island maintained its position as the most expensive zip code in Miami (and South Florida), with a price of $2,004/Sq. Ft. Downtown Miami continued offering the most affordable entry point into Miami's luxury condo market, with the lowest price per square foot ($710).

As Miami's leading condo experts, we are closely tracking the market as it heads into the historically stronger second quarter, particularly in light of the latest administrative policies, elevated mortgage rates, and rising HOA plus insurance costs. With true luxury in Miami now beginning at around $2.5 million, this report includes a focused analysis of the $2 million-and-up segment, offering a clearer picture of where the higher-end market is headed.

Read on to learn how the market performed ahead of peak season and amid shifting administrative policies, with detailed insights into quarterly sales, prices, days on market, and months of inventory in this exclusive, full-length Q1 2025 Miami Luxury Condo Market Report.

This luxury condo market report focuses exclusively on data for properties priced $1 million and above, and covers the neighborhoods of Greater Downtown Miami (including Edgewater, Brickell, and Downtown), Miami Beach (inclusive of South Beach, Surfside, Bal Harbour, Sunny Isles Beach, and Fisher Island), as well as Coral Gables and Coconut Grove.

Q1 2025 — Overall Miami Luxury Condo Market Highlights

• Flat year-over-year sales indicate market stability.
• South Beach emerged as Miami's most popular neighborhood in Q1 2025, leading sales growth with a remarkable 35% year-over-year increase.
• Overall Prices reported mixed trends: price per square foot increased by 9.2%, while median sales price declined 4.7%.
• Price per square foot closed at an all-time high of $1,080.
• Fisher Island retained its title as Miami's premier and most expensive market for luxury condos, commanding a median price of $2,004/square foot.
• Luxury condos in Sunny Isles Beach offered maximum value to sellers in Q1 2025, logging the highest percentage gains (35%) in year-over-year price per square foot.
• Luxury condos built in 2000-2014 continued leading with the highest sales volumes of all three segments.
• Sellers received maximum year-over-year return on investment (ROI) for classic condos built before 2000.
• Days on Market went up 3.8% year-over-year.
• Mid-North Beach (combined) emerged as Miami's fastest-selling market, with luxury condos taking only an average of 48 days to sell.
• Inventory went up 15.8% year-over-year, to 22 months.
• Coconut Grove and Coral Gables (collectively) continued to report the lowest months of inventory, at 12 months, among all the Miami neighborhoods in our review.
• Q1 2025 remained a buyer's market.

Table of Contents

1. Overall Miami Luxury Condo Sales Trends
2. Miami Neighborhood Trends: Number of Sales
3. Overall Miami Luxury Condo Price Trends: Sales Price, Price/Square Foot
4. Miami Neighborhood Trends: Sales Price, Price/Square Foot
5. Overall Miami Luxury Condo Sales: Price Trends by Building Year
6. Overall Miami Luxury Condo Days on Market Trends
7. Miami Neighborhood Trends: Days on Market
8. Overall Miami Luxury Condo Inventory Trends
9. Overall Miami Luxury Condo Trends: $2M+ Market
10. Conclusion
11. Where does the Miami Luxury Condo Market go from here?

— Overall Miami Luxury Condo Sales: Flat Year-over-Year

Sales flat-positive year-over-year; 12-month sales trendline negative

As anticipated, Miami's luxury condo market opened the year strong, carried by a consistent demand for larger residences, preferably in coastal neighborhoods, featuring next-generation amenities. As a result, sales have remained steady, reporting a flat-positive trend both year-over-year and quarter-over-quarter.

Below are the Key Luxury Condo Sales Statistics for Q1 2025 (Fig. 1.2):

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

• Q1 2025 vs Q1 2024: Sales volume remained about  the same as a year ago, recording a marginal 2% increase, slightly up from 357 in the previous year to 364 in the first quarter of 2025.
• Q1 2025 vs Q4 2024: Again, sales activity remained on par with the previous quarter, recording a 2.5% increase, slightly up from 355 in Q4 2024 to 364 this first quarter. (Fig. 1 above)
• What's worth mentioning: While Q1 data reflects steady growth, we are closely monitoring the market as we head into high season (Q2) to gauge the full impact of the recent administrative policies, elevated mortgage rates, and increased HOA, as well as insurance costs on buyer sentiment.

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

The Monthly Sales chart of Fig. 1.3 shows volumes closed slightly higher than in 2024:

• January 2025 closed with 90 luxury condo sales, the same as a year ago.
• February closed with 121 sales, higher than the previous year's 116 sales for the same month.
• March closed with 153 sales, a slight elevation compared to the previous year's 151 sales in the comparable month.

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

Even as the market kept pace with stable sales, the 12-month Sales Trendline of Fig. 1.4 maintained its negative curve from Q4 2024 to Q1 2025.

As luxury real estate experts, we recommend interpreting this negative trendline as an early indicator of a softer second quarter compared to recent years, particularly when combined with our daily observations of current market behavior. While Q2 has historically marked Miami's peak season, we expect below-average momentum compared to previous (post-pandemic) cycles, as the market continues to respond to broader economic headwinds.

— Q1 2025 Miami Neighborhood Trends: Sales Year-over-Year

Miami Neighborhood Luxury Condo Sales Comparison Q1 2025 over Q1 2024 - Fig. 1.5

• Winner: South Beach reported the highest percentage (35%) growth in year-over-year sales stats.

• Up: Other areas reporting an increase in year-over-year sales:
• Brickell (10%)
• Coconut Grove & Coral Gables (8%)
• Mid-North Beach (5%)
• Down: Miami neighborhoods reporting a decline in year-over-year sales:
• Sunny Isles Beach (-10%)
• Surfside and Bal Harbour (-11%)
• Edgewater (-13%)
• Downtown Miami (-21%)
• Fisher Island (-57%)
  
  

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— Overall Miami Luxury Condo Price Trends

Q1 2025 Price per Square Foot up 9.2% to record-high $1,080; Median Price down year-over-year

For the first time ever, average luxury condo prices in Miami crossed $1,000 per square foot, logging a key pricing milestone even amid a buyer's market. Both quarter-over-quarter and year-over-year figures reported an uptick, indicating value retention and moderate gains for sellers.

The Key Price Statistics for Q1 2025 are:

• Q1 2025 vs Q1 2024: Price per Square Foot increased 9.2%, up from $989 in Q1 last year to $1,080 for the comparable quarter of 2025. (Fig. 1.1 above)
• Q1 2025 vs Q4 2024: Price per Square Foot increased similarly quarter-over-quarter, up 9.1% from $989 in Q4 2024 to $1,080 in Q1 2025. (Fig. 1 above)
• Q1 2025 vs Q1 2024: Median Sales Price decreased 4.7% year-over-year, down from $1,888,000 in Q1 of the previous year to $1,800,000 for the same quarter of 2025. (Fig. 1.1 above)
• This deviation between the Price per Square Foot and Median Sales Price likely reflects a higher volume of amenity-rich, smaller-sized condo sales dominating the quarter.
• An analysis of the 9-year snapshot of quarterly luxury condo prices below (Fig. 2.1 below) reveals that the Price per Square Foot closed at $1,080/square foot—the highest ever recorded in Miami's history. This indicates that most transactions resulted in gains and reflects the presence of brand-new condo inventory, which typically commands top-tier pricing.
• It's important to note that in today's market, a $1 million price point is no longer a marker of true luxury in Miami. To showcase this shift, we've included a dedicated section towards the end of this report, which focuses on data and trends for condos priced over $2 million.

Overall Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2025 - Fig. 2.1

Use our exclusive search tool to browse luxury condos for sale in Miami.

— Q1 2025 Miami Neighborhood Trends: Sales Prices

Miami Neighborhood 1Q25-over-1Q24 Median Price per Square Foot Comparison - Fig. 2.2

Neighborhood Median Price per Square Foot (Fig. 2.2) Summary Stats:

• Winner: Sunny Isles Beach reported the highest percentage gains in year-over-year Price per Square Foot, increasing 35% to $1,279. This surge highlights the strong value sellers received for their condos in Miami's emerging corridor for oceanfront luxury living.
• Winner: Fisher Island reaffirmed its status as a premier enclave and the most expensive neighborhood for luxury condos in Miami, with a median price of $2,004/Sq. Ft.
• Up: Other neighborhoods reporting an increase in year-over-year Price per Square Foot include:
• Mid-North Beach: $1,405/Sq. Ft. (30%)
• Surfside and Bal Harbour: $1,357/Sq. Ft. (12%)
• Fisher Island: $2,004/Sq. Ft. (9%)
• Brickell: $937/Sq. Ft. (7%)
• Edgewater: $961/Sq. Ft. (3%)
• Flat: Coconut Grove & Coral Gables (combined) closed at $859/Sq. Ft., reporting a negligible change (-1%) in its year-over-year Price per Square Foot.
• Down: Neighborhoods reporting a decline in year-over-year Price per Square Foot:
• South Beach: $1,325/Sq. Ft. (-5%)
• Downtown Miami: $710/Sq. Ft. (-13%)

Miami Neighborhood 1Q25-over-1Q24 Median Sales Price Comparison - Fig. 2.3

Neighborhood Median Sales Price (Fig. 2.3) Summary Stats:

• Winner: Sunny Isles Beach reported the highest percentage increase (28%) in year-over-year Median Sales Price.
• Winner: Fisher Island continued to command the highest luxury condo prices in Miami and South Florida, retaining its title as the region's most expensive zip code with a Median Sales Price of $5.5 million.
• Up: Edgewater was the only other neighborhood to record a year-over-year increase in Median Sales Price, rising 11% to $1.5 million.
• Flat: Brickell reported the same Median Sales Price as Q1 2024 ($1.5 million), posting a slight change of +1%.
• Down: Neighborhoods reporting a decline in year-over-year Median Sales Price:
• Mid-North Beach: $1.8 million (-4%)
• Surfside and Bal Harbour: $2.9 million (-7%)
• Coconut Grove & Coral Gables: $1.8 million (-7%)
• Fisher Island: $5.5 million (-10%)
• South Beach: $2.0 million (-15%)
• Downtown Miami: $1.2 million (-16%)

— Q1 2025 Overall Miami Trends: Sales Price by Building Year

Below is a detailed analysis of how Miami luxury condo buildings performed in Q1 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 condo buildings.

• New construction buildings recorded an increase in year-over-year sales activity and a near-peak price of $1,311/Sq. Ft.
• Buildings dated 2000-2014 again posted the highest sales volume (148) of all three segments, while closing Q1 2025 at a median price of $995/Sq. Ft.
• Condos built before 2000 reported a decline in year-over-year sales. However, the segment also reported maximum year-over-year price gains (14%) among all segments, closing Q1 2025 at a record-high of $975/Sq. Ft.

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

Miami Luxury New Construction Condos Built 2015-2025

Leading the market, Miami's freshly-built luxury condo segment's sales stayed flat quarter-over-quarter and increased year-over-year. With 112 sales, the segment reported a negligible decline of -1.75% in quarter-over-quarter volumes and an 11.6% increase in year-over-year stats.

Note: Locally, we continue seeing exceptionally high demand for pre-construction luxury condos. 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.

Check out all of Miami's pre-construction projects in development and explore the latest pre-construction condo listings

Miami New Construction Luxury Condo Price per Square Foot (Buildings Built 2015-2025) - Fig. 3.2

Fig. 3.2 shows that the newly built segment closed the quarter at a near-peak price of $1,311/Square Foot, giving sellers top value for their luxury condo investments.

The Price per Square Foot jumped 25.3% quarter-over-quarter (up from $1,046/Sq. Ft.), while year-over-year values reported a flat trend (hovering at $1,313/Sq. Ft.). With newly delivered high-end condo inventory like Five Park, Aston Martin Residences, and Mr. C Residences entering the market, it is evident how the Price per Square Foot in this segment came close to matching its all-time high from a year ago.

Miami Luxury Condos Built 2000-2014

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

Sales trends in this segment reported higher quarter-over-quarter volumes but flat year-over-year numbers. Closing Q1 2025 with 148 sales, the segment reported a 19.4% uptick in quarter-over-quarter numbers, but a marginal (2%) decline in year-over-year volumes. (Fig. 3.3)

Buildings built 2000-2014 remained the most popular choice among buyers, posting the highest sales volume out of all three segments in our quarterly analysis.

Overall Miami Luxury Condo Price per Sq. Ft. (Buildings Dated 2000-2014) - Fig. 3.4

Fig. 3.4 shows this segment (built 2000-2014) closed the quarter at $995/Sq. Ft. with mixed trends. The Price per Square Foot in this segment increased 5.6% quarter-over-quarter (up from $940/sq. ft.), but declined 3% year-over-year (down from $1,026/Sq. Ft.).

Miami Luxury Condos Built Before 2000

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

Recording 86 sales, this classic segment of luxury condos closed the first quarter of 2025 with a 3.4% decline in quarter-over-quarter volumes and a 15.7% decrease in year-over-year stats (Fig. 3.5). This is the only category to report negative sales trends out of the three segments under review.

Interestingly, this classic segment closed the quarter at an all-time high of $975/Square Foot. The Price per Square Foot in this segment increased 16.4% quarter-over-quarter (up from $838/Sq. Ft.) and 14% year-over-year (up from $855/Sq. Ft.). This could partly be due to bullish developers actively closing bulk deals in older buildings nearing their 40-year recertification, as developable land becomes increasingly scarce in Miami and existing owners seek relief from rising compliance costs.

Overall Miami Luxury Condos Price per Sq. Ft.  (Buildings Dated 1921-1999) - Fig. 3.6

— Overall Miami Luxury Condos Days on Market: Up Quarter-over-Quarter & Year-over-Year

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

Days on Market up 3.8% year-over-year: Following historical patterns, Days on Market (DOM) increased during the first quarter of 2025 as more listings entered the market (new plus paused and reactivated) in anticipation of the upcoming high season.

• Q1 2025 vs Q1 2024: Luxury condos spent 3 extra days on the market compared to Q1 last year, reporting a 3.8% increase in year-over-year stats. (Fig. 1.1)
• Q1 2025 vs Q4 2024: Luxury condos spent 11 more days on the market than the previous quarter, reporting a 15.5% uptick in quarter-over-quarter DOM. (Fig. 1)
• Taking 82 days on average, luxury condos took longer to sell in Q1 2025, indicating slightly longer decision-making timelines as buyer's market conditions set in, along with typical first-quarter trends. (Fig. 4.1)
  
  

— Q1 2025 Miami Neighborhood Trends: Days on Market

Miami Neighborhood 1Q25-Over-1Q24 Days on Market Comparison - Fig. 4.2

• Winner: Mid-North Beach emerged as Miami's fastest-selling neighborhood, with luxury condos averaging just 48 days on the market and posting a 50% drop in year-over-year stats.
• Down: Other neighborhoods reporting a decline in year-over-year Days on Market include:
• Brickell: 67 days (-16%)
• Fisher Island: 90 days (-15%)
• South Beach: 75 days (-10%)
• Up: Neighborhoods reporting an increase in year-over-year Days on Market include:
• Downtown Miami: 71 days (9%)
• Edgewater: 103 days (19%)
• Surfside and Bal Harbour: 90 days (35%)
• Coconut Grove & Coral Gables: 87 days (36%)
• Sunny Isles Beach: 117 days (63%)

— Q1 2025 Luxury Condo Inventory: Up — Buyer's Market Holds

Overall Miami Months of Luxury Condo Inventory from Mar. 2019 to Mar. 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.

Q1 2025 closed with 22 months of inventory. Demonstrating an expected expansion ahead of high season as more sellers entered the market, Miami's luxury condo segment reported the following Key Months of Inventory Stats for Q1 2025:

• On a quarter-over-quarter basis, months of inventory stayed flat at 22 months between December 2024 to March 2025, rising to 24 months in January and gradually declining as momentum picked up.
• On a year-over-year basis, inventory was up from 19 months in March 2024 to 22 months this year, reporting a 15.8% increase from a year ago. (Fig. 5.1)
• Recording 22 months of inventory, levels ranged above the 9-12-month benchmark of a balanced market, confirming that Miami's luxury condo segment remained a buyer's market.

Looking ahead, as luxury condo market experts, we forecast that inventory will continue to trend above the 9-12-month range typical of a balanced market throughout 2025, keeping the market favorable for buyers. This means that buyers and investors will have a broader selection of high-end properties with the added advantage of stronger leverage in negotiations.

On the other hand, we advise sellers to stay flexible and price competitively in alignment with the current market mood. For a complimentary home evaluation, more pro tips, and assistance in selling your Miami condo faster, contact us via phone, chat, or email now.

— Overall Miami Luxury Condo Trends: $2M+ Market

YoY Sales flat, Price/Sq. Ft. up 8.5% to $1,562, Days on Market up 19.5% to 3.3 months

Key Q1 2025 Statistics for the $2 million-and-up luxury condo market (Fig. 6.2):

• Momentum remained stable, logging only a marginal decline of 1.8% from 165 sales in Q1 of the previous year to 162 in Q1 2025, indicating continued buyer interest for Miami's true luxury product, consistent with the trends observed in the $1 million-and-up segment detailed above.
• Price per Square Foot increased 8.5%, up from $1,440 in Q1 last year to $1,562 in the same quarter this year, aligning with the broader trends noted in the $1 million-and-up market.
• Luxury condos spent 16 more days on the market than in Q1 2024, reporting an expected 19.5% increase in year-over-year stats.
  
  

— Overall Miami Luxury Condo Market: Q1 2025 Conclusion

Prices hit key milestone, but buyer's market persists with surplus inventory

As predicted in our Q4 2024 market report, 2025 began with a robust start. Sales remained stable year-over-year and price per square foot reached a new all-time high, indicating market resilience. However, when paired with higher inventory levels, slightly longer days on market, and insights from our daily interactions with our clients, both buyers and sellers, these factors suggest that the current buyer's market conditions will tighten.

Additionally, the impact of new administrative policies, changing immigration laws, and rising HOA costs is contributing to buyer hesitation, which, in our view as luxury condo experts, might result in a softer-than-usual peak season this second quarter.

Even with steady momentum, the 12-month trendline shifted into a negative trajectory from a positive curve in the previous quarter, again suggesting a softer Q2. Most Miami neighborhoods also posted a negative trendline, except for Surfside and Bal Harbour, and Coconut Grove & Coral Gables.

As detailed above, the Price per Square Foot in Miami crossed a major threshold overall, rising to $1,080/Sq. Ft. Further, the Price per Square Foot trended up sharply in comparison to the Median Sales Price, indicating that buyers gravitated towards high-design residences offering next-gen amenities rather than sheer size.

The majority of neighborhoods in our quarterly price review posted year-over-year gains, demonstrating that sellers across Miami continued receiving good value for their luxury condos. However, we expect the current buyer's market and broader economic headwinds to build price pressure in upcoming quarters, resulting in single-digit gains or even a correction.

With days on market rising 3.8% to an average of 82 days from a year ago, this increase reflects a more cautious, less impulsive buyer pool entering the market. A majority of the neighborhoods under our review reported an increase in year-over-year days on market.

As mentioned earlier in this report, the overall Miami condo market months of inventory closed at 22 months, much higher than the 9-12-month range of a balanced market, giving buyers and investors the upper hand in terms of choices and negotiations. We further expect inventory to range above its ideal levels throughout 2025, keeping the market buyer-friendly.

For buyers or investors looking to browse the variety of inventory available on the market, you can search for all currently listed luxury condos for sale in Miami here or contact us directly for personalized guidance.

— Miami's Luxury Condo Market Predictions 2025: Where Does the Market Go From Here?

Based on our review of first-quarter data and market observations, we expect the following key factors to influence market performance as we approach peak season:

• Global Value Leader: As Knight Frank's latest wealth report ranks Miami No. 4 among the top 10 markets poised for five-year growth, we expect continued interest from HNW and UHNWI buyers worldwide. According to there report, Miami remains a relative bargain—where $1 million would get you about 625 square feet of luxury living space—fetching almost double of what you could expect in New York or London. This, paired with tax advantages, our diversity and unmatched lifestyle, positions Miami as a top-tier destination for long-term investment for luxury buyers.
• Continued Wealth Migration: With our millionaire population increasing an incredible 94% between 2014 and 2024, Miami now ranks No. 5 globally for millionaire growth according to the 2025 Henley & Partners World's Wealthiest Cities Report. This sustained wealth migration reinforces Miami's position as a preferred home base for the global elite.
• New Luxury Pipeline: With a fresh wave of newly constructed condos entering the market—most designed for end-users seeking elevated living—we expect Miami to keep attracting international investors and global buyers who prioritize quality of life along with the latest in design and amenities.
• Potential Mood Dampeners: We expect rising condo association fees, higher insurance costs, the latest administrative policies, and mortgage rates staying above 6% to continue contributing to buyer hesitation, especially among those seeking ROI rather than end-use. While these factors may hamper short-term gains in certain segments, we do not expect them to reverse the luxury condo market's long-term upward trajectory.

If you'd like more details on the data used in our exclusive Condo Blackbook quarterly luxury condo market reports, please send us an email or call us anytime.

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