Miami Luxury Condo Market Report Q2 2025: Moderate Price Gains in a Softer High Season

As expected, restrained market momentum throughout Q2 2025 tempered what has historically been the most active season for Miami's luxury condo market. With mid-year numbers for the $1 million-and-up segment now in, we saw a buyer's market take a stronger hold, reflected in longer days on market and higher inventory levels.

However, in a market where most indicators leaned soft, prices once again showed resilience. Despite broader headwinds and market uncertainty, luxury Miami condo prices posted another solid year-over-year gain, as well as quarter-over-quarter gains, indicating that well-positioned condos continued providing sellers good returns.

Meanwhile, Miami's $2 million-and-up condo market—the new threshold for "true luxury"—delivered a stronger performance. Pairing year-over-year price gains with steady year-over-year momentum, Miami's top-end segment validated our view that the ultra-luxury category remained unfazed by negative media and stubborn interest rates.

In our neighborhood-wise analysis for Q2 2025, Fisher Island and the combined neighborhoods of Coconut Grove and Coral Gables stood out as the markets to watch. Fisher Island led the market for year-over-year sales growth and price gains, while the Grove-Gables pairing re-established itself as the most dynamic with the shortest days on market and lowest inventory levels.

Read on to learn how the overall Miami luxury condo market performed during peak season and how shifting buyer sentiment impacted quarterly sales, prices, days on market, and Inventory in this exclusive, full-length Q2 2025 Miami Luxury Condo Market Report:

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

Q2 2025 — Overall Miami Luxury Condo Market Highlights

• Sales volumes declined 9.9% compared to a year ago, recording a soft peak season, as predicted.
• Fisher Island emerged as Miami's neighborhood with the biggest jump in sales volume in Q2 2025, leading sales growth with a notable 71% year-over-year increase and commanding the city's highest median price of $2,369/Sq. Ft.—a 15% jump.
• Overall Miami Price/Sq. Ft. closed at $1,027.
• Overall Median Prices rose year-over-year: Price/Sq. Ft. increased by 3.1%, while Median Sales Price increased by 10.1% to $1.93M.
• Luxury condos built in 2000-2014 continued enjoying great demand, again reporting the highest sales volumes of all three segments under our review.
• Sellers received maximum year-over-year return on investment (ROI) for Miami's new construction segment, built 2015-2025.
• Days on Market went up 19% year-over-year.
• Coconut Grove and Coral Gables (combined) re-emerged as Miami's fastest-selling market, with luxury condos taking only 53 days on average to sell. The pairing also continued reporting the lowest months of inventory among all the Miami neighborhoods in our review, at 12 months, followed by South Beach (14 months).
• Inventory went up 35.7% year-over-year to 19 months.
• Q2 2025 continued 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: Sales Price, Price per 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. Luxury Condo Inventory: Up — Buyer's Market Sustains
   
9. Overall Miami Luxury Condo Inventory Trends
10. Conclusion
11. Where does the Miami Luxury Condo Market go from here?
    
    

— Overall Luxury Condo Sales: Down YoY

Sales volumes down 9.9% year-over-year—12-month sales trendline positive

As predicted in our first-quarter report, Miami's luxury condo market delivered a below-average high season. Although year-over-year activity declined in Q2 2025, sales still followed historical seasonal patterns, reporting a quarter-over-quarter uptick, suggesting that buyer demand was present, just subdued by broader economic headwinds. 

Key Sales Statistics for Q2 2025 (Fig. 1.2):

• Q2 2025 vs Q2 2024. Sales volumes decreased 9.9%, down from 464 in the previous year to 418 in Q2 this year. (Fig. 1.1)
• Q2 2025 vs Q1 2025. Sales volumes increased 14.5%, up from 365 in Q1 2025 to 418 this second quarter. (Fig. 1)
• It's worth noting that Q2 2025 saw a quieter peak season than in recent years, as expected, reflecting dampened buyer sentiment driven by recent administrative policy shifts, increasing HOA and insurance costs, persistently high mortgage rates, and general market uncertainty.

The Monthly Sales chart (Fig. 1.3) shows how volumes closed lower than in 2024:

• April 2025 closed with 160 sales, lower than the previous year's 171 sales recorded in the same month.
• May closed with 141 sales, also lower than the previous year's 176 sales in the comparable month.
• June closed with 117 luxury condo sales, the same number as a year ago.

Even with the market losing momentum year-over-year, the 12-month Sales Trendline (Fig. 1.4) transitioned from a negative trajectory in Q1 to a positive curve in Q2, suggesting that pent-up buyer demand is likely to unlock over the traditionally slower second half of the year.

Additionally, with the stock market rebounding, Florida's HB 913 easing condo fee pressures, and the prospect of Governor DeSantis completely removing property taxes from South Florida, buyer confidence is poised for a boost.

As long-time experts in Miami's luxury housing market, we anticipate that growing media coverage around these positive policy shifts will help gradually unlock suppressed demand, holding momentum steady through the typically slower third and fourth quarters. We expect this renewed market confidence to fully materialize by next year, leading to a positive outlook for 2026.

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

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

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

— Q2 2025 Miami Neighborhood Trends: Sales Year-over-Year

• Winner: Fisher Island reported the highest percentage growth (71%) in year-over-year sales stats.
• Up: Other neighborhoods reporting an increase in year-over-year sales volumes:
  • Surfside & Bal Harbour (19%)
  • Coconut Grove & Coral Gables (9%)
  • South Beach (6%)
• Down: These Miami neighborhoods reported a decline in year-over-year sales volumes:
  • Edgewater (-3%)
  • Downtown Miami (-13%)
  • Mid-North Beach (-19%)
  • Brickell (-27%)
  • Sunny Isles Beach (-29%)

Miami Neighborhood Luxury Condo Sales Comparison 2Q25-over-2Q24 - Fig. 1.5

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— Overall Miami Luxury Condo Price Trends: Up Year-over-Year

Q2 2025 Price per Square Foot up 3.1% to $1,027; Median Price also up year-over-year

Following consistent price appreciation for 5 consecutive years, Miami's luxury condo market closed Q2 2025 at $1,027/Sq. Ft. This clearly indicates that sellers continued receiving great returns despite broader market uncertainty—a nod to the segment's growing long-term value.

Key Price Statistics for Q2 2025:

• Q2 2025 vs Q2 2024. Price/Sq. Ft. increased 3.1%, up from $996 in Q2 of the previous year to $1,027 for the same quarter this year (Fig. 1.1).
• Q2 2025 vs Q1 2025. Price/Sq. Ft. expectedly declined quarter-over-quarter, down 4.7% from a record-high of $1,078 in Q1 2025 to $1,027 in Q2 2025 (Fig. 1).
• Q2 2025 vs Q2 2024. Median Sales Price also increased 10.1% year-over-year, up from $1,750,000 in Q2 last year to $1,927,500 for the comparable quarter of 2025 (Fig. 1.1).

An analysis of the 9-year snapshot of Quarterly luxury condo prices below (Fig. 2.1) shows that the Price/Sq. Ft. again closed above the $1,000 mark, confirming a sustained shift in prices rather than a temporary spike. This also showcases a more mature market dynamic, wherein high-quality condo properties continued securing premium prices even with growing buyer leverage.

As mentioned in earlier reports, the $1 million price no longer defines true luxury in Miami's condo market. To reflect this transition, we've included a dedicated section towards the end of this report analyzing key data and trends for condos priced $2 million and higher.

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

— Q2 2025 Miami Neighborhood Price Trends

Miami Neighborhood 2Q25-over-2Q24 Median Price/Sq. Ft. Comparison - Fig. 2.2

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

• Winner: Fisher Island reported the highest percentage gain in year-over-year Price/Sq. Ft., increasing 15% to $2,369. It also retained its status as the most expensive neighborhood in Miami.
• Up: Other neighborhoods registered an increase in year-over-year Price/Sq. Ft. include:
• South Beach – $1,161/Sq. Ft. (13%)
• Surfside and Bal Harbour – $1,274/Sq. Ft. (7%)
• Coconut Grove & Coral Gables – $855/Sq. Ft. (5%)
• Downtown Miami – $754/Sq. Ft. (5%)
• Flat: Brickell closed at $884/Sq. Ft., showing a negligible change (-1%) in year-over-year Price/Sq. Ft.
• Down: Neighborhoods reporting a decline in year-over-year Price/Sq. Ft.:
• Edgewater – $902/Sq. Ft. (-4%)
• Mid-North Beach – $1,284/Sq. Ft. (-7%)
• Sunny Isles Beach – $911/Sq. Ft. (-10%)

Miami Neighborhood 2Q25-over-2Q24 Median Sales Price Comparison - Fig. 2.3

Neighborhood Median Sales Price Stats (Fig. 2.3):

• Winner: Fisher Island achieved the highest Median Sales Price in Miami and South Florida at $7.4 million—a 30% year-over-year increase.
• Up: Other neighborhoods reporting an increase in year-over-year Median Sales Price:
• Edgewater – $1.6 million (17%)
• Coconut Grove & Coral Gables – $1.8 million (14%)
• Brickell – $1.5 million (8%)
• Downtown Miami – $1.4 million (8%)
• Flat: South Beach settled at the same Median Sales Price as in Q2 2024 ($2.5 million), with no year-over-year change.
• Down: Neighborhoods reporting a decline in year-over-year Median Sales Price:
• Mid-North Beach – $2.0 million (-11%)
• Sunny Isles Beach – $2.0 million (-14%)
• Surfside and Bal Harbour – $2.5 million (-20%)
  
  

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

— Q2 2025 Overall Miami Sales and Price Trends by Building Year

Below is a detailed analysis of how Miami luxury condo buildings performed in Q2 2025 on the basis of their age of construction, categorized as new construction condo buildings (2015-2025), buildings built from 2000-2014, and pre-2000 buildings.

• New Construction Buildings recorded a decline in year-over-year sales activity, but with the maximum year-over-year price gains (7.3%) of all three segments under review, closing Q2 2025 at $1,180/Sq. Ft.
• Buildings Dated 2000-2014 continued posting the highest sales volume (183) of all segments under review, and closing Q2 2025 at a median price of $978/Sq. Ft.
• Condos built before 2000 also reported a decline in year-over-year sales, and closed the quarter with a median price of $909/Sq. Ft.

Miami New Construction Condos Built 2015-2025

Echoing the overall market mood, sales for Miami's freshly-built luxury condo segment improved quarter-over-quarter, but dipped year-over-year. With 121 sales, the segment reported an 8% QoQ increase in volumes, but a 21% decrease YoY.

Note: Anecdotally, we continue to see 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. 

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

Fig. 3.2 shows that this newly built segment closed the quarter with a median price of $1,180/Sq. Ft., offering sellers the best value of all three segments in this analysis with maximum year-over-year price gains.

The Price/Sq. Ft. logged a 7.3% year-over-year increase (up from $1,100), even as values declined 10% quarter-over-quarter (down from $1,311).

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

Check out All of the Miami Pre-Construction Projects in Development or search for up-to-date listings of Pre-Construction Condo Homes

Miami Luxury Condos Built 2000-2014

Sales trends in this segment also aligned with the overall market, recording a strong 23.7% uptick in quarter-over-quarter volumes, but a 6.6% decline in year-over-year numbers (Fig. 3.3).

Closing Q2 2025 with 183 sales—the highest volume of all three categories in our analysis—the segment retained its position as the most popular choice among buyers. It's worth noting that compared to the other segments, condos built 2000-2014 reported the least negative impact on year-over-year sales.

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

Fig. 3.4 shows this segment (built 2000-2014) closed the quarter at $978/Sq. Ft. The Price/Sq. Ft. in this segment stayed flat (-1.7%) quarter-over-quarter (near $995) and declined 3.7% year-over-year (down from $1,016).

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

Miami Luxury Condos Built Before 2000

Recording 84 sales, this classic segment of luxury condos closed Q2 2025 with a 3.5% quarter-over-quarter increase in volumes and a 24.3% decrease in year-over-year stats, in line with the overall market trend (Fig. 3.5).

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

Closing the quarter with a premium price point of $909/Sq. Ft., Price/Sq. Ft. for this classic segment declined 6.6% quarter-over-quarter (down from $973) and stayed flat (+1.5%) year-over-year (marginally up from $896).

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

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

Days on Market rose 13.3% quarter-over-quarter. Due to a slower high season, DOM increased in most neighborhoods in Q2 2025, both quarter-over-quarter and year-over-year, deviating from the typical seasonal pattern of reduction.

• Q2 2025 vs Q2 2024. Luxury condos spent 15 more Days on Market compared to Q2 last year, recording a 19% increase in year-over-year stats (Fig. 1.1).
• Q2 2025 vs Q1 2025. Luxury condos spent 11 more Days on Market compared to the previous quarter, posting a 13.3% quarter-over-quarter increase in DOM (Fig. 1).
• Taking 94 days to sell, luxury condos remained longer on market, on average, even during peak season. This shows longer decision-making timelines as buyers respond to more available product on the market, and broader economic headwinds (Fig. 4.1).

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

— Q2 2025 Miami Neighborhood Trends: Days on Market

• Winner: Coconut Grove & Coral Gables emerged as Miami's fastest-selling market this second quarter, with luxury condos averaging just 53 days on market, even as year-over-year stats increased by 8%.
• Down: Other neighborhoods registering a decline in year-over-year days on market include:
• Fisher Island – 83 days (-44%)
• Mid-North Beach – 84 days (-26%)
• Downtown Miami – 83 days (-19%)
• Edgewater – 96 days (-4%)
• Up: Neighborhoods reporting an increase in year-over-year days on market include:
• South Beach – 97 days (14%)
• Sunny Isles Beach – 138 days (29%)
• Surfside and Bal Harbour – 100 days (64%)
• Brickell – 87 days (71%)

Miami Neighborhood 2Q25-Over-2Q24 Days on Market Comparison - Fig. 4.2

— Q2 2025 Luxury Condo Inventory: Up — Buyer's Market Sustains

Q2 2025 closed with 19 months of inventory. Due to a mixed high season, influx of newly constructed inventory over the past six months, and more sellers entering the market, Miami's luxury condo segment reported the following key months of inventory stats for Q2 2025:

• On a quarter-over-quarter basis, inventory was down from 22 months in March 2025 to 19 months in June 2025, recording a 13.6% decline.
• However, compared to the same period last year, inventory was up from 15 months in June 2024 to 19 months this year, reporting a 35.7% uptick from a year ago (Fig. 5.1). This means buyers now have significantly more options than a year ago, even if the selection has narrowed slightly since Q1.
• Levels continued closing above the 9-12-month range of a balanced market, keeping Miami's luxury condo segment a buyer's market.

As luxury condo market experts, we forecast that inventory will continue trending above its balanced range through 2025, sustaining buyer-friendly conditions. This gives buyers and investors a wider selection within their preferred price range as well as greater leverage in terms of negotiation. Ready to start your search? Contact us to explore the best-priced luxury condos in your ideal Miami neighborhood.

Meanwhile, we advise sellers to price competitively and invest in strong marketing to ensure their properties stand out, as year-over-year price gains (detailed above) demonstrate that well-positioned, lifestyle-driven properties have continued commanding good offers. For a complimentary home evaluation, more pro tips, and assistance in selling your Miami condo faster, just reach out.

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

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

YoY Sales flat, Price/Sq. Ft. up 6.3% to $1,544, Days on Market up 14.4% to 111 days

Key Q2 2025 Statistics for the $2 million-and-up luxury condo market (Fig. 6.1):

• With 203 sales matching previous year volumes, Miami's top-end condo market validated our on-ground observations that properties priced above $5 million drove much of this season's momentum, holding firm even as the broader $1 million-and-up segment saw a dip in buyer activity.
• Price/Sq. Ft. increased 6.3% YoY, up from $1,453 in Q2 2024 to $1,544 in the same quarter this year, in line with the single-digit gains noted in the $1 million-and-up market.
• Luxury condos spent 14 more days on market than in Q2 2024, reporting a 14.4% increase in year-over-year stats—a shift that reflects a more selective buyer pool rather than weaker demand.

— Overall Miami Luxury Condo Market: Q2 2025 Conclusion

Mixed high season, moderate price gains, and surplus inventory define buyer's market

While sales did improve quarter-over-quarter in response to high season, overall year-over-year volumes in Q2 2025 still fell short of the previous year's energy by 9.9%, playing out as mentioned in our Q1 2025 luxury condo market report.

Considering this was expected to be the strongest season for Miami's luxury real estate market, a ripple effect was felt across segments, with Days on Market and Inventory metrics showing year-over-year increases, as shifting administrative policies, changing immigration laws, and rising condo ownership costs contributed to buyer hesitation.

Meanwhile, the 12-month trendline transitioned from a negative trajectory in the previous quarter to a positive curve in Q2 2025, suggesting that pent-up buyer demand could carry forward to the next two quarters as more positive headlines (discussed in detail in our predictions section below) come to light. All Miami neighborhoods in our quarterly analysis also posted a positive trendline.

In our overall price watch, the Price/Sq. Ft. closed at $1,027—again above a key $1,000 threshold—showing signs of a mature market, where premium properties attracted strong offers even amidst a strengthening buyer's market.

Most Miami neighborhoods in our quarterly price review reported year-over-year price increases, indicating that more deals closed with gains. However, as market experts, we expect some price pressure to emerge in the latter half of the year, mainly in the $1 million to $2 million prices points, leading to a modest correction before prices can trend upwards again.

Of all the neighborhoods under review in Q2 2025, Fisher Island retained the title of being the most expensive zip code in Miami ($2,369/Sq. Ft.), while Downtown Miami continued as the best-priced sub-market for luxury condos, with a median price of $754/Sq. Ft.

In Q2 2025, Days on Market increased 19% to an average of 94 days from a year ago, due to a softer-than-usual peak season and a more cautious buyer pool. Most neighborhoods in our analysis reported an increase in year-over-year DOM, with Coconut Grove and Coral Gables (collectively) emerging as the fastest-selling market.

As inventory closed at 19 months, which is above the 9-12-month ideal, buyers and investors retained the upper hand in both choice and negotiation. Our team of veteran real estate agents anticipates levels to stay elevated through the remainder of 2025, as we enter the traditionally slower Q3 and Q4 along with multiple new construction projects adding to the surplus of choices.

Looking to browse the variety of Miami luxury homes available on the market? You can see all currently listed luxury condos for sale in Miami here or contact us directly.

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

With the first half of the year behind us, we expect the following factors to influence trends in Miami's real estate market for the rest of 2025 and into 2026:

• Positive Policies and Lower Ownership Costs to Spark Buyer Confidence: With House Bills 913 and 939 now in effect, condo associations can manage reserves more efficiently, earn interest on balances, and offer greater fee flexibility. HB 393, in particular, opens more flexible financial management options for associations, easing certain reserve requirements and bringing long-overdue financial relief to condo owners and buyers alike, potentially lowering costs for future buyers. This, paired with double-digit insurance rate drops, will likely lead to lower and more predictable ownership costs to re-energize demand, with the full impact likely materializing in 2026.

Additionally, if Governor DeSantis' proposal to abolish property taxes altogether in South Florida comes to light, Miami could see its next surge of buyer activity, from both end users and investors seeking long-term savings.

• Trump's OBB Bill to Boost Liquidity and Spending Among High-Net-Worth Buyers: Signed into law in July 2025, President Trump's OBB Bill offers generous tax breaks to high-net-worth individuals, unlocking additional annual savings and boosting liquidity. Early projections suggest that the top 10% of households could see income gains of around 2.3% on average. We expect this increase in cash flow, paired with growing political and financial discontent in high-tax cities like New York, could accelerate both second-home and primary residence purchases in Miami's low-tax, pro-business real estate landscape.
• Increasing International Appetite for Miami's New & Pre-Construction Condos: According to Miami Realtors' recent report (covering 18 months ending June 2025), international demand now accounts for 49% of new construction interest in the city, with Latin Americans dominating the global buyer pool with an 86% share. We expect Miami's luxury pre-construction pipeline to continue staying in the global spotlight, especially with marquee projects such as The Residences at Mandarin Oriental Miami, Four Seasons Residences Coconut Grove, 888 Brickell by Dolce & Gabbana and St. Regis Residences in Brickell on the horizon. 
• FIFA 2026 World Cup to Amplify Global Interest: The upcoming FIFA World Cup will likely generate a surge in international visibility and investor interest. We forecast a notable uptick in buyer activity in the quarters leading up to and following the event, drawing out potential buyers already captivated by Miami's beaches, lifestyle, and cultural appeal.
  
  

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

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