Miami Luxury Condo Market Report Q1 2026: Softening Prices Boost Sales in Buyer’s Market

The numbers are in, and Q1 2026 delivered a stellar start to the year for Miami’s luxury condo market. With stronger-than-expected sales activity, near-record price per square foot, and improving inventory trends, the headline indicators point to renewed market strength. But do the numbers tell the full story?

In this quarterly report, we break down the underlying trends, particularly in pricing data, where softer conditions and elevated inventory continue to offer solid opportunities for buyers. We also explore why we expect Q2 to exceed market expectations this year.

Meanwhile, a deeper neighborhood-level analysis shows Edgewater leading Miami in year-over-year sales growth, while the Coconut Grove-Coral Gables pairing continues to stand out as the city’s most stable luxury condo market, with the lowest days on market and inventory levels in our Q1 2026 study. 

Read on to learn all about quarterly sales, prices, days on market, and months of inventory in our exclusive, full-length Q1 2026 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, Surfside, Bal Harbour, Sunny Isles Beach, and Fisher Island), and Coral Gables and Coconut Grove (combined).

Q1 2026: Highlights of Miami’s Luxury Condo Market

• Sales volume rose 15.2% year-over-year, marking the strongest first quarter outside the pandemic-triggered surges recorded in Q1 2021 and Q1 2022.

• Edgewater emerged as Miami’s strongest-performing market in Q1 2026, leading with a remarkable 120% year-over-year increase in sales activity.

• Overall Miami price per square foot closed at $1,040, down 3.7%. 

• Overall Miami median sale price increased by 2.3% to $1.84M. 

• Luxury condos in Fisher Island delivered the best price appreciation in Q1, recording the highest year-over-year gains in price per square foot at 19%.

• Fisher Island maintained its status as Miami’s top-priced luxury condo market, posting the city’s highest median price per square foot and median sale price at $2,391 and $5.4 million, respectively. 

• Luxury condos built in 2015–2026 emerged as the top-performing segment, recording both the highest quarterly sales and the strongest year-over-year growth among the three categories reviewed. However, the price per square foot softened across all three categories.

• Days on market went up 13.4% year-over-year, with condos taking 93 days to sell on average. 

• Coconut Grove and Coral Gables (combined) once again emerged as Miami's fastest-selling market, posting the shortest days on market (63) and recording the lowest inventory levels at 11 months.

• Overall months of inventory went down 13.6% year-over-year to 19 months.

• Q1 2026 concluded as 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: Sale Price & Price/Square Foot

4. Miami Neighborhood Trends: Sale 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. What Are Miami’s Real-Estate Predictions for 2026?

— Q1 2026 Overall Luxury Condo Sales: Up YoY

Sales up 15.2% year-over-year; 12-month sales trendline flat.

As anticipated in our Q4 2025 market report, Q1 2026 marked the beginning of a rebound in buyer activity, largely driven by lower mortgage rates, a reduction in insurance premiums, and more stable HOA costs, helping the market start the year on a robust note.

Notably, Q1 2026 delivered Miami’s third-best first quarter on record for luxury condo sales, surpassed only by the exceptional pandemic-era activity seen in Q1 2021 (478 sales) and Q1 2022 (744 sales). 

Overall Miami Quarterly Luxury Condo Sales 2015–2026 - Fig. 1.2

The monthly-sales chart of Fig. 1.3 shows how volumes consistently trended higher compared to Q1 2025:

• January 2026 closed with 110 luxury condo sales, up from the 90 sales recorded a year ago. 

• February closed with 141 sales, higher than the previous year’s 121. 

• March closed with 173 sales, again higher than the previous year’s 155. 

Overall Miami Monthly Luxury Condo Sales Jan 2016–Mar 2026 - Fig. 1.3

As a result of an above-average first quarter, the 12-month sales trendline in Fig. 1.4 below shifted from a negative trajectory in Q4 2025 to a flatline in Q1 2026, indicating improving market health. Pairing this with Q2 being a traditional high season for Miami’s luxury condo market and the global exposure surrounding the FIFA World Cup taking place from June to July, we expect these dynamics to drive a notable acceleration in sales activity.

As leading condo-market experts, we anticipate a stronger-than-usual second quarter, with momentum potentially extending into Q3 2026. 

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

— Q1 2026 Miami Neighborhood Trends: Sales YoY

• Winner: Edgewater reported the highest percentage growth in year-over-year sales, up 120%.

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

• Fisher Island (67%)

• Surfside and Bal Harbour (48%)

• Coconut Grove & Coral Gables (45%)

• South Beach (23%)

• Flat: Brickell reported no year-over-year change, remaining flat at 57 sales both in Q1 2025 and Q1 2026.

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

• Mid-North Beach (-11%)

• Sunny Isles Beach (-18%)

• Downtown Miami (-27%)

Miami Neighborhood Luxury Condo Sales Comparison Q1 2026 vs. Q1 2025 - Fig. 1.5

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— Q1 2026 Overall Miami Luxury Condo Price Trends: Mixed YoY

Q1 2026 price per square foot down 3.7% to $1,040; median price up year-over-year.

While Miami’s luxury condo prices softened as sellers made adjustments to remain competitive in a buyer’s market, much of the strength seen below was supported by new-development deliveries. 

Key Price Statistics for Q1 2026:

• Q1 2026 vs. Q4 2025. Price per square foot increased 2.1% quarter-over-quarter, up from $1,019 in Q4 2025 to $1,040 in Q1 2026. (Fig. 1)

• Q1 2026 vs. Q1 2025. Price per square foot decreased 3.7% year-over-year, down from $1,080 in Q1 last year to $1,040 in Q1 2026. (Fig. 1.1)

• Q1 2026 vs. Q1 2025. Median sale price increased 2.3% year-over-year, up from $1,800,000 in Q1 2025 to $1,841,000 for the same quarter in 2026. (Fig. 1.1)

The opposing figures in year-over-year price per square foot and sale price trends primarily reflect a growing buyer preference for larger, mostly newly built condos. 

An analysis of the 10-year snapshot of quarterly luxury-condo prices below (Fig. 2.1) reveals that, despite year-over-year softening, the price per square foot closed at its second-highest level on record, just shy of the $1,080/sq. ft. peak reached in Q1 2025. 

It’s also worth noting that the price per square foot has appreciated approximately 25% over the past five years, with the median price closing at $831/sq. ft. in Q1 2021. Given the current buyer’s market and our on-the-ground analysis of evolving conditions, we anticipate stable-to-softer pricing trends in 2026 rather than substantial price growth.

Considering the $1-million threshold no longer defines true luxury in Miami’s maturing condo market, we’ve included a dedicated section at the end of this report focused on residences priced above $2 million.

Overall Miami Luxury Condo Quarterly Price per sq. ft. 2017-2026 - Fig. 2.1

— Q1 2026 Miami Neighborhood Price Trends

Miami Neighborhood Q1 2026 vs. Q1 2026 Median Price/Sq. Ft. Comparison - Fig. 2.2

Neighborhood Median Price/Sq. Ft. Stats (Fig. 2.2):

• Winner: Fisher Island recorded the highest year-over-year appreciation in price per square foot, rising 19%. The exclusive island community also maintained its position as Miami’s most expensive luxury condo market, posting a median price of $2,391/sq. ft., the highest among all neighborhoods reviewed. 

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

• Coconut Grove & Coral Gables at $949/sq. ft. (9%)

• Downtown Miami at $730/sq. ft. (3%)

• Edgewater at $978/sq. ft. (2%)

• Flat: Luxury condos in Brickell reported a marginal variation of +1% in year-over-year price per square foot ($950/sq. ft.).

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

• South Beach at $1,373/sq. ft. (-2%)

• Sunny Isles Beach at $944/sq. ft. (-24%)

• Mid-North Beach at $1,060/sq. ft. (-25%)

• Surfside and Bal Harbour at $1,009/sq. ft. (-26%)

Miami Neighborhood Q1 2026 vs. Q1 2025 Median Sale Price Comparison - Fig. 2.3

Neighborhood Median Sale Price Stats (Fig. 2.3):

• Winner: South Beach reported the highest percentage gain in year-over-year median sale price, up 21% to $2.3 million. 

  • Fisher Island kept its position as Miami’s top-priced neighborhood, recording a median sale price of $5.4 million.  

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

  • Brickell at $1.7 million (14%)

  • Downtown Miami at $1.4 million (13%)

  • Coconut Grove & Coral Gables at $2.0 million (11%)

  • Edgewater at $1.6 million (4%)

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

  • Fisher Island at $5.4 million (-3%)

  • Mid-North Beach at $1.7 million (-5%)

  • Sunny Isles Beach at $2.0 million (-17%)

  • Surfside and Bal Harbour at $2.4 million (-18%)

— Q1 2026 Overall Miami Sales and Price Trends by Building Year

Miami New-Construction Condo Buildings (2015–2026)

Recording 160 sales in Q1 2026, Miami’s newly built condo segment reported a 22.1% year-over-year increase from 131 sales in Q1 last year, making it the strongest-performing segment for both sales volume and year-over-year growth.

This marks a shift from prior quarters, when condos built in 2000–2014 largely dominated volume trends. On a quarter-over-quarter basis, the segment reported a 35.6% increase vs. 118 sales posted in Q4 2025. 

Note: Many preconstruction sales are not recorded in centralized databases and, as a result, are not included in our quarterly sales data and reports. Additionally, some buildings might not have the year they were built on record, which may create a slight discrepancy in our findings.

Quarterly Overall Miami Luxury Condo Sales (Buildings Dated 2015–2026) - Fig. 3.1

Fig. 3.2 shows that newly built luxury condos closed the quarter with a median price of $1,122/sq. ft., marking a 20.7% year-over-year decline from $1,414. Despite the influx of newly completed inventory, this segment recorded the sharpest year-over-year price correction among the three categories analyzed. 

Miami New Construction Luxury Condo Price/Sq. Ft. (Buildings Built 2015–2026) - Fig. 3.2

Miami Luxury Condos Built in 2000–2014

With 147 sales in Q1 2026, this slightly older condo segment reported a 15.7% increase versus 127 sales in the previous quarter and flat year-over-year sales, staying close to the 148 sales noted in Q1 2025 (Fig. 3.3).

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

Fig. 3.4 shows that the segment from 2000–2014 closed the quarter at $983/sq. ft. The price per square foot remained largely stable, only marginally down from $995/sq. ft. in Q1 2025. 

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

Miami Luxury Condos Built Before 2000

Posting 105 sales, this classic segment closed the first quarter with a 16.7% increase from 90 sales in the previous quarter and a 20.7% increase versus 87 sales in Q1 2025. (Fig. 3.5)

This increase suggests that buyers are regaining confidence in the market as older buildings have gotten more up-to-date with new condo laws, which have created a uniform way for buyers to assess whether a building is well-financed and meets key structural and safety regulations.

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

Closing the quarter with a median price of $926/sq. ft., prices declined 4.8% year-over-year, down from $973/sq. ft. in Q1 2025.

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

— Q1 2026 Overall Miami Luxury Condo Days on Market: Up YoY

Days on market up 13.4% year-over-year.

Consistent with seasonal expectations, Q1 2026 recorded elevated days on market as more inventory, including previously paused or inactive listings, entered the market in anticipation of Q2’s high season.  

• Q1 2026 vs. Q4 2025: Luxury condos spent two days longer on the market compared to the previous quarter, posting a 2.2% increase in quarter-over-quarter DOM. (Fig. 1)

• Q1 2026 vs. Q1 2025: Luxury condos spent 11 more days on the market compared to Q1 2025, marking a 13.41% increase in year-over-year stats. (Fig. 1.1)

At 93 days on market, luxury condos took longer to sell compared to the past couple of years, with buyers remaining selective. Still, we expect to see an improvement over the next few quarters if sellers continue recalibrating pricing strategies to align with current market conditions.

Overall Miami Luxury Condo Quarterly Days on Market 2018–2026 - Fig. 4.1

— Q1 2026 Miami Neighborhood Trends: Days on Market

• Winner: Coconut Grove and Coral Gables (collectively) remained Miami’s fastest-selling luxury condo market in Q1 2026, with year-over-year days on market declining by 34% to 63 days. 

• Down (read: good!): Sunny Isles Beach was the only other neighborhood to record a year-over-year decline in days on market, down 15% to 99 days.

• Up (read: not-so-good): Neighborhoods reporting an increase in year-over-year days on market include:

• Surfside and Bal Harbour at 93 days (3%)

• Edgewater at 107 days (4%)

• Brickell at 75 days (13%)

• South Beach at 106 days (42%)

• Downtown Miami at 104 days (46%)

• Fisher Island at 147 days (63%)

• Mid-North Beach at 94 days (96%)

Miami Neighborhood Q1 2026 vs. Q1 2025 Days on Market Comparison - Fig. 4.2

— Q1 2026 Overall Miami Luxury Condo Inventory: Down YoY 

Q1 2026 closed with 19 months of inventory.

Owing to a significant increase in first-quarter sales activity, Miami’s luxury condo market recorded declines in both quarter-over-quarter and year-over-year inventory levels as the year began, reflected in the following months of inventory data: 

• Q1 2026 vs. Q4 2025: Inventory was down from 22 months in December 2025 to 19 months in March 2026, posting a 13.6% decrease. 

• Q1 2026 vs. Q1 2025: Inventory decreased from 22 months in March 2025 to 19 months this year, recording a 13.6% decline. (Fig. 5.1)

As forecasted in previous reports, improving market fundamentals led to renewed buyer interest, contributing to a gradual decline in inventory throughout the first quarter. Still, at 19 months, Miami’s luxury condo segment closed Q1 2026 as a buyer’s market, with inventory levels remaining above the ideal 9–12-month range associated with a balanced market. 

Anticipating the historically high-energy second quarter ahead and drawing on years of tracking luxury housing cycles, we expect a significant portion of current inventory to be absorbed by the end of Q2. However, we do not predict the market returning to balanced conditions this year, as ongoing new-construction deliveries and the typically slower pace in the second half of the year are likely to keep inventory levels elevated throughout 2026.

Buyers and investors currently hold the advantage in Miami’s luxury condo market, with heightened inventory translating into more options and favorable negotiating conditions. Contact us for tailored guidance on the best-priced luxury residences and investment opportunities available today.

For sellers, strategic pricing and effective marketing remain essential in today’s market. Our daily interactions with clients show that high-quality, well-positioned properties continue to secure strong offers even with prices generally softening.

For a complimentary home evaluation, more pro tips, and assistance in selling your Miami condo faster, give us a call any time.

Overall Miami Months of Luxury Condo Inventory from Mar 2019–Mar 2026 - 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 2026 Overall Miami Luxury Condo Trends: $2M+ Market

YoY sales up 25.9%, price/sq. ft. down to $1,381, days on market virtually flat.

Key Q1 2026 Statistics for the $2-Million-and-Up Luxury Condo Market (Fig. 6.2): 

• With 204 closed sales, Miami’s true luxury condo market posted a 25.9% year-over-year increase in Q1 2026. This notably outpaces the 15.2% growth seen in the broader $1M+ market, supporting our real-time market observations that demand within this top-end segment remains particularly strong. This is further boosted by recent condo completions, including Una in Brickell and La Baia South in Bay Harbor Islands. 

• Price per square foot decreased 11.6% year-over-year, down from $1,562 in Q1 last year to $1,381/sq.ft. in Q1 2026. Compared to the broader luxury segment, this more pronounced softening suggests that sellers in the premium segment increasingly recalibrated prices to remain competitive. 

• Luxury condos spent an average of 97 days on market, remaining flat year-over-year. Together with the sharper decline in price per square foot noted, this suggests that more strategic pricing helped sustain healthy market activity in this top-tier segment.

— Q1 2026 Overall Miami Luxury Condo Market: Conclusion

Miami’s luxury condo market opened 2026 with one of its strongest first quarters in recent history, surpassing expectations with above-average sales and one of the highest median prices per square foot of $1,040/sq. ft. in the $1M+ segment. 

More predictable mortgage rates and stabilizing HOA fees helped reignite buyer interest while a weaker U.S. dollar attracted international buyers, accelerating momentum and resulting in a 15.2% year-over-year uptick in sales. Shifts in the political and fiscal ecosystems of major U.S. cities remain one of the market’s biggest drivers, with increased financial pressure supporting the choice of many high-net-worth individuals to migrate their assets to Florida.

Even as the price per square foot remained near an all-time high, our 2026 condo market analysis shows that broader luxury condo values continued to soften, largely propelled by year-over-year pricing declines across most beachside neighborhoods. Furthermore, while price per square foot dipped 3.7% year-over-year to $1,040, the median sale price rose 2.3% to $1,841,000, highlighting continued demand for larger and newer, or updated and well-maintained, residences.

With 19 months of inventory, well above the 9–12-month range associated with a balanced market, Miami’s luxury condo segment closed its first quarter as a buyer’s market. Days on market also remained elevated in Q1 2026, although we expect a clearer picture of market health to emerge once Q2’s traditional high season absorbs a substantial portion of current inventory.

As an award-winning boutique brokerage with deep insight into Miami’s evolving luxury housing cycles, we expect the 2026 condo market to continue favoring buyers, with a shift toward balanced conditions likely occurring by mid-2027 or later.

But  with sales activity outperforming expectations, inventory down to 19 months, and the 12-month sales trendline shifting back into a flatline after reporting a negative curve in the previous quarter, Miami’s luxury condo market entered Q2 with positive momentum.

With the second quarter being Miami’s traditional high season and the added global exposure surrounding the FIFA World Cup in June and July, we anticipate a stronger-than-usual Q2.

— Miami’s Luxury Condo Market Predictions for 2026: Where Do We Go from Here?

Drawing on nearly two decades of expertise in Miami’s luxury condo market, we foresee the following catalysts influencing market activity in Q2 2026:

• FIFA Exposure and Short-Term Rental Opportunities: The arrival of the FIFA World Cup 2026 is expected to boost Miami’s luxury rental market throughout June and July, bringing increased international exposure and affluent visitors to the city. Although we do not expect a major sales spike directly tied to the event, the influx of international visitors should support an above-average Q2 and stronger Q3 activity this year.

• Miami’s Evolving Global Status: Over the past few years, Miami’s global image has evolved from a vacation hotspot to a globally recognized hub for wealth, business, and entrepreneurship, fueled by the arrival of firms and influential figures such as Citadel, Palantir Technologies, Mark Zuckerberg, and Larry Page. With its unique position as both a tropical oasis and economic powerhouse, we expect Miami to continue attracting a mix of C-suite executives, high-earning professionals, and entrepreneurs seeking opportunity. 

• Tax-Driven Wealth Migration: As tax pressures intensify across high-CoL markets, including New York City, California, and Seattle, Miami is increasingly emerging as a top destination for wealthy buyers seeking valuable tax savings. Florida’s lack of income tax combined with homestead benefits and talks of more property-tax relief efforts for primary homeowners continues to fortify its competitive edge.

• Growing Foreign-Buyer Demand: Foreign investment into Miami’s luxury housing market strengthened in 2025 as a weakened U.S. dollar and softer pricing improved purchasing power for international buyers. Led by Colombians, foreign-buyer sales reached $3.2 billion in Miami-Dade County in 2025, reinforcing Miami’s position as the top U.S. destination for international home buyers. We expect this momentum to continue in 2026. 

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