Surpassing previous projections, Miami’s luxury condo market recorded year-over-year sales growth and price appreciation during a quarter that generally marks the beginning of a seasonal slowdown. Our findings for Q3 2025 reveal stability in the $1 million-and-up segment and a surge in demand for the $2 million-and-up, true luxury segment.

Even as the buyer’s market strengthened, with inventory levels rising to 20 months, prices held firm, recording an almost 30% jump in price per square foot over the past five years. This stellar performance solidifies Miami’s standing as one of the world’s premier destinations for luxury real estate and investments.

In our neighborhood analysis for Q3 2025, the beach neighborhoods made a comeback, with Surfside and Bal Harbour leading year-over-year sales growth, South Beach leading year-over-year price gains, and Fisher Island retaining its position as Miami’s most expensive zip code. Coconut Grove and Coral Gables (combined), which has been a top-performing area since 2023, registered the lowest days on market and inventory levels.

Read on to learn all about quarterly sales, prices, days on market, and months of inventory in our exclusive, full-length Q3 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).

Q3 2025 — Overall Miami Luxury Condo Market Highlights

• Sales volume increased 3.1%, showing signs of good market health and renewed buyer interest.
• Surfside and Bal Harbour (combined) emerged as the strongest market in Miami, leading Q3 2025 with the highest year-over-year sales growth at 50%.
• Overall Miami price per square foot closed at $995, up 2.7%.
• Overall median prices rose year-over-year: price per square foot increased by 2.7%, while sales price increased by 4.3% to $1.73M.
• Luxury condos in South Beach offered the best value to sellers, recording the highest year-over-year price per square foot gains of 37%.
• Fisher Island retained its title as the most expensive market for luxury condos in Miami, commanding the highest median price of $2,119/Sq. Ft. and sale price of $11.2 million.
• Luxury condos built in 2000-2014 continued enjoying strong demand, again reporting the highest sales volumes of all three segments under our review. However, sellers received the highest year-over-year return on investment (ROI) for Miami's new construction segment, built 2015-2025.
• Days on Market went up 3.8% year-over-year, with condos selling in an average of 81 days.
• Coconut Grove and Coral Gables (combined) remained Miami's fastest-selling market, with luxury condos selling on average in 56 days. The dynamic pairing also continued reporting the lowest months of inventory among all Miami neighborhoods, at 10 months.
• Months of Inventory went up 25% year-over-year, to 20 months.
• Q3 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. What Are the Miami Real Estate Predictions for Q4 and 2026?

— Q3 2025 Overall Luxury Condo Sales: Up YoY

Sales up 3.1% year-over-year; 12-month sales trendline flat

As forecasted in our second-quarter report, Miami’s luxury condo market not only held steady but exceeded expectations, registering year-over-year sales growth despite its usual seasonal adjustment, driven by improving buyer sentiment and small price corrections.

Key Sales Statistics for Q3 2025 (Fig. 1.2):

• Q3 2025 vs Q2 2025: Sales dropped 22%, down from 427 in Q2 2025 to 333 this third quarter. (Fig. 1)
• Q3 2025 vs Q3 2024: Sales increased 3.1%, up from 323 in Q3 a year ago to 333 in Q3 2025. (Fig. 1.1)

It's worth noting that the third quarter typically marks the beginning of a slight cooldown for Miami's luxury condo market, so a dip in quarter-over-quarter performance is expected. However, year-over-year numbers report an improvement, indicating renewed market momentum after a slower peak season this year. 

This trend confirms our view that demand is beginning to resurface and will likely strengthen over the coming quarters as positive policy shifts take effect.

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

The Monthly Sales chart of Fig. 1.3 shows how volumes gradually trended higher compared to 2024:

• July 2025 closed with 117 sales, lower than the previous year’s 125 sales recorded during the same month.
• August closed with 107 sales, higher than the previous year’s 100 sales in the comparable month.
• September closed with 109 sales, again higher than the previous year’s 98 sales for the same time period.

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

Despite the onset of a seasonal slowdown, the 12-month Sales Trendline of Fig. 1.4 shifted from a positive curve in Q2 2025 to a flat line in Q3 2025, rather than dipping into a negative trajectory, indicating that pent-up buyer demand will gradually materialize, keeping the market steady even as we head into another typically slow quarter.

As Miami’s leading condo experts, we further anticipate that favorable drivers—from mortgage rates falling to their lowest point in a year to double-digit declines in insurance rates and the possibility of a fresh wave of migration triggered by Mamdani winning New York’s mayoral elections—will boost market activity in the upcoming quarters. 

Together, these dynamics will help close 2025 on a steady note and likely take full effect by the first half of next year, leading to a strongly optimistic outlook for 2026.

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

— Q3 2025 Miami Neighborhood Trends: Sales Year-over-Year

• Winner: Surfside and Bal Harbour reported the highest percentage growth in year-over-year sales stats, up 50%.
• Up: Other neighborhoods reporting an increase in year-over-year sales:

• Edgewater (33%)
• South Beach (32%)
• Mid-North Beach (10%)
• Sunny Isles Beach (10%)
• Flat: Coconut Grove & Coral Gables (combined) reported a modest year-over-year change of +2%.
• Down: These Miami neighborhoods reported a decline in year-over-year sales:
• Brickell (-28%)
• Fisher Island (-33%)
• Downtown Miami (-57%

Miami Neighborhood Luxury Condo Sales Comparison 3Q25-over-3Q24 - Fig. 1.5

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— Q3 2025 Overall Miami Luxury Condo Price Trends: Up YoY

Q3 2025 Price per Square Foot up 2.7% to $995; Median Price up year-over-year

After reaching a record high of $1,078 per square foot in Q1 2025, prices have since softened, reflecting an expected correction as sellers adjust to stay competitive in the current buyer’s market. However, the overall market still offered sellers good value with year-over-year gains.

Key Price Statistics for Q3 2025:

• Q3 2025 vs Q3 2024. Price per square foot increased 2.7%, up from $969 in Q3 last year to $995 in the comparable quarter of this year. (Fig. 1.1)
• Q3 2025 vs Q2 2025. Price per square foot declined quarter-over-quarter, down 2.8% from $1,024 in the previous quarter to $995 in Q3 2025. (Fig. 1)
• Q3 2025 vs Q3 2024. Median sales price also increased 4.3% year-over-year, up from $1,725,000 in Q3 last year to $1,800,000 for the same quarter of 2025. (Fig. 1.1)

An analysis of the 9-year snapshot of Quarterly luxury condo prices below (Fig. 2.1) shows that price per square foot still closed in its highest ranges, even as it corrected to below $1,000/Sq. Ft. after two quarters. This confirms what we’ve been observing in our daily interactions with clients: owners are strategically pricing to appeal to buyers, while still realizing solid gains—up nearly 30% from five years ago, when the median price per square foot closed at $768 in Q3 2020.

As we combine real-time market observations with forward-looking trends, we expect prices to remain stable or experience mild corrections through the final quarter of 2025. That said, a potential Mamdani victory in New York’s mayoral race could upend this outlook, sparking the next exodus from NYC to South Florida and decreasing inventory and driving prices higher.

It is worth highlighting that the $1 million benchmark no longer defines true luxury in Miami’s condo market. To reflect this shift, we’ve included a section dedicated to condos priced $2 million and higher towards the end of this report.

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

— Q3 2025 Miami Neighborhood Price Trends

Miami Neighborhood 3Q25-over-3Q24 Median Price/Sq. Ft. Comparison - Fig. 2.2

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

• Winner: South Beach reported the highest percentage gain in year-over-year price per square foot, increasing 37% to $1,538/Sq. Ft.
• Fisher Island held onto its distinction of being the most expensive neighborhood in Miami, with the highest median price of $2,708/Sq. Ft.
• Up: Other neighborhoods reporting an increase in year-over-year price per square foot include:
• Fisher Island – $2,708/Sq. Ft. (28%)
• Surfside and Bal Harbour – $1,297/Sq. Ft. (5%)

• Flat: These neighborhoods reported a negligible change in their year-over-year price per square foot:
• Brickell – $940/Sq. Ft. (+1%,)
• Edgewater – $971/Sq. Ft. (+2%) 

• Down: Neighborhoods reporting a decline in year-over-year price per square foot:
• Mid-North Beach – $1,107/Sq. Ft. (-3%)
• Sunny Isles Beach – $977/Sq. Ft. (-4%)
• Coconut Grove & Coral Gables – $826/Sq. Ft. (-7%)
• Downtown Miami – $718/Sq. Ft. (-22%)

Miami Neighborhood 3Q25-over-3Q24 Median Sales Price Comparison - Fig. 2.3

Neighborhood Median Sales Price Stats (Fig. 2.3):

• Winner: Edgewater reported the highest percentage gain of 37% in year-over-year median sales price, closing the quarter at $2.1 million.
• Fisher Island remained the most expensive zip code, recording a median price of $11.2 million.
• Up: Other neighborhoods reporting an increase in year-over-year median sales price:
• Fisher Island – $11.2 million (35%)
• Surfside and Bal Harbour – $4.1 million (25%)
• South Beach – $2.0 million (19%)
• Mid-North Beach – $1.6 million (11%)
• Brickell – $1.6 million (4%)

• Flat: Coconut Grove & Coral Gables reported the same median sales price as in Q3 2024, at $1.7 million, reporting no year-over-year change.
• Down: Neighborhoods reporting a decline in year-over-year median sales price:

• Sunny Isles Beach – $1.9 million (-10%)
• Downtown Miami – $1.5 million (-12%)

Browse the top new luxury condos for sale in Miami today.

— Q3 2025 Overall Miami Sales and Price Trends by Building Year

Below is a detailed analysis of how Miami luxury condo buildings performed in Q3 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 slight decline in year-over-year sales activity. However, they posted the maximum year-over-year price gains (8.6%) of all three segments, closing Q3 2025 at $1,156/Sq. Ft.
• Buildings Dated 2000-2014 continued posting the highest sales volume (113) of all three segments, while closing Q3 2025 with a median sales price of $975/Sq. Ft.
• Condos Built before 2000 were the only category to report an increase in year-over-year sales, while closing Q3 2025 with a median price of $840/Sq. Ft.

Miami New Construction Condos Built 2015-2025

Recording 97 sales in Q3 2025, Miami’s freshly-built condo segment reported a 21% decline from 122 sales in the previous quarter and a 3% decrease versus 100 sales recorded in Q3 2024.

Note: Anecdotally, we continue to see exceptionally high demand for pre-construction luxury condos in Miami. 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 (Buildings Dated 2015-2025) - Fig. 3.1​​

Fig. 3.2 shows that newly built luxury condos closed the quarter with a median price of $1,156/Sq. Ft., offering sellers the best value of all three segments, with the highest year-over-year price gains.

The Price/Sq. Ft. recorded an 8.6% year-over-year increase (up from $1,064), even as values marginally declined by 2.5% quarter-over-quarter (down from $1,186).

This uptick in pricing is not driven by sheer sales volume—as the data above shows a year-over-year decline in closed sales for the segment—but rather reflects the entry of newly completed luxury condos that naturally command premium prices.

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

Miami Luxury Condos Built 2000-2014

With 113 sales in Q3 2025, this segment reported a 38.6% decline against 184 sales in the previous quarter and a 9.6% decrease compared to 125 sales recorded in Q3 2024. (Fig. 3.3)

Retaining its position as the most popular choice among buyers, the segment again led all three categories in terms of quarterly sales volume.

Explore our up-to-date listings of Pre-Construction Luxury Condos

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 $975/Sq. Ft. The Price/Sq. Ft. stayed flat quarter-over-quarter (+0.2%, at $973), but increased 4.3% year-over-year (up from $935), confirming good value for sellers.

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

Miami Luxury Condos Built Before 2000

Reporting 73 sales, this classic segment of luxury condos closed the third quarter with an 18% decline from 89 sales in the previous quarter, but a 2.8% increase versus 71 sales in Q3 2024, aligning 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 median price of $840/Sq. Ft., prices in this segment declined 10% quarter-over-quarter (down from $934) and 4% year-over-year (down from $875).

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

—Q3 2025 Overall Miami Luxury Condo Days on Market: Down QoQ, Up YoY

Days on Market down 12.9% quarter-over-quarter.

Even as year-over-year momentum improved, Days on Market (DOM) posted a slight increase. However, on a quarter-over-quarter basis, the metric showed signs of normalization with a reduction.

• Q3 2025 vs Q3 2024: Luxury condos spent 3 extra days on the market compared to Q3 2024, reporting a 3.8% increase in year-over-year stats. (Fig. 1.1)
• Q3 2025 vs Q2 2025: Luxury condos spent 12 fewer days on the market compared to the previous quarter, marking a 12.9% decline in quarter-over-quarter DOM. (Fig. 1)

Clocking 81 days on market, luxury condos took slightly longer to sell compared to the previous year, suggesting a more deliberate buyer pace. However, as luxury condo market specialists tracking real-time trends, we anticipate a reversal as sellers continue to recalibrate price expectations.

Drawing from our on-the-ground experience, more owners with higher price expectations are pulling their listings, leaving motivated sellers in the market mix. Pairing this with renewed buyer interest, we expect the full impact of this shift to emerge in 2026, resulting in a notable reduction in Days on Market over the next 3-4 quarters.

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

— Q3 2025 Miami Neighborhood Trends: Days on Market

• Winner: Coconut Grove & Coral Gables (combined) continued as Miami’s fastest-selling area this third quarter, with luxury condos averaging 56 days on market, even as year-over-year stats increased by 75%.
• Down: Other neighborhoods reporting a decline in year-over-year days on market include:
• Mid-North Beach – 93 days (-24%)
• Brickell – 79 days (-23%)
• Downtown Miami – 62 days (-21%)
• South Beach – 80 days (-4%)
• Flat: Edgewater posted a negligible 1% year-over-year change, with condos averaging 88 days on market.
• Up: Neighborhoods reporting an increase in year-over-year days on market include:
• Surfside and Bal Harbour – 94 days (38%)
• Sunny Isles Beach – 103 days (34%)
• Fisher Island – 115 days (31%)

Miami Neighborhood 3Q25-Over-3Q24 Days on Market Comparison - Fig. 4.2

— Q3 2025 Overall Miami Luxury Condo Inventory: Up

Q3 2025 closed with 20 Months of Inventory 

Entering the historically slower half of the year, Miami’s luxury condo market saw an expected increase in its inventory, reflected in the following key months of inventory data:

• On a quarter-over-quarter basis, inventory was up from 19 months in June 2025 to 20 months in September 2025, reporting a 5.3% increase.
• On a year-over-year basis, inventory was up from 16 months in September 2024 to 20 months this year, posting a 25% uptick compared to a year ago. (Fig. 5.1)

At 20 months of inventory, Miami’s luxury condo segment closed Q3 2025 as a buyer’s market, with levels exceeding the balanced 9–12-month range. We anticipate inventory will continue to range above this equilibrium heading into the final quarter of the year, which historically ranks among the slower periods for sales activity.

That said, we expect much of this surplus inventory to be absorbed during the first half of 2026, as only motivated sellers remain active and the above-listed tailwinds boost buyer confidence, nudging the market closer to a balanced position.

For now, the market favors buyers and investors, offering a wider selection of premium and luxury condos and thus granting them greater leverage in negotiations. Contact us to explore the best-priced options in your preferred Miami neighborhood.

In the meantime, we encourage sellers to price strategically and leverage high-quality marketing to help their listings stand out. As demonstrated by the year-over-year price gains detailed above, well-positioned, lifestyle-driven properties have continued commanding good offers despite a broader softening. 

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

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

— Q3 2025 Overall Miami Luxury Condo Trends: $2M+ Market

YoY Sales up 15.2%, Price/Sq. Ft. flat at $1,445, Days on Market up 20% to 84 days

Key Q3 2025 Statistics for the $2 million-and-up luxury condo market (Fig. 6.1):

• With 152 closed sales, Miami’s top-end condo market recorded a notable 15.2% year-over-year increase, reinforcing our on-ground observations that the city’s true luxury segment continues to perform strongly. The influx of recently completed luxury condo developments—including Five Park, 72 Park, Aston Martin Residences, and Aria Reserve South Tower—further energized buyer interest in this category, even as the market entered its traditionally slower half of the year.
• Price per square foot closed flat year-over-year, marginally decreasing from $1,453 in Q3 last year to $1,445/Sq.Ft. in Q3 2025. This decline aligns with the price adjustments we’ve observed in the broader condo market, as an increasing number of sellers strategically recalibrate to remain attractive to buyers.
• Luxury condos spent an average of 84 days on market, dropping 22.9% from 109 days in Q2 2025, but still trending 14 days longer (20% higher) than Q3 2024. This aligns with buyer-seller behavior noted in the $1 million-and-up segment.

—Q3 2025 Overall Miami Luxury Condo Market: Conclusion

Improved sales activity and moderate price gains signal stability despite buyer’s market

Even as the market expectedly cooled after the traditional high season in Q2, Miami’s luxury condo segment continued to demonstrate strength and steady performance, reflected in year-over-year sales growth and single-digit price appreciation. The 12-month sales trendline also shifted from an upward curve to a flat trajectory, rather than turning negative, indicating stability as we move into Q4, another one of Miami’s typically slower quarters.

Surfside and Bal Harbour (combined) emerged as the market leader this third quarter, reporting the highest year-over-year increase in sales (50%) of all the neighborhoods under review.

In our overall price watch, the median price per square foot closed at $995, marking a natural correction after two consecutive quarters above the $1,000/Sq. Ft. threshold. This indicates that while sellers have been adjusting prices to stay competitive in a buyer’s market, they still secured substantial returns—even for properties purchased as recently as five years ago—highlighting strong long-term value.

While most Miami neighborhoods in our quarterly price review reported year-over-year gains, we anticipate some price pressure leading to a modest correction as the year draws to a close. However, this outlook could quickly transition into an upward rally, given the positive factors outlined towards the end of this report.

Of all the neighborhoods under review in Q3 2025, Fisher Island continued leading as the most expensive zip code in Miami with a peak median sales price of $2,708/Sq. Ft., while Downtown Miami continued offering the most affordable entry point for luxury living with a median price of $718/Sq. Ft.

Although luxury condos took slightly longer to sell compared to a year ago, averaging 81 days on market in Q3 2025, we expect this figure to decline moving into 2026 as only motivated sellers remain active and buyer demand resurfaces in line with our predictions below.

Coconut Grove and Coral Gables (collectively) remained the fastest-selling market in Q3 2025, even as it (and most other neighborhoods) reported an increase in year-over-year days on market.

With 20 months of inventory, which is higher than the 9-12-month ideal of a balanced market, Miami’s luxury condo segment closed the third quarter as a buyer’s market. This means buyers and investors have the upper hand in negotiations as more choices fall within their spending bracket.

As an award-winning boutique brokerage in Miami with a team of veteran luxury real estate agents, we expect the market to tip toward a more balanced position in 2026 as sellers continue recalibrating prices to match the market mood and more buyers enter the market owing to lower mortgage rates, insurance premium reductions, and a possible Mamdani win in New York. We also expect the $2M+ luxury market to continue to grow.

Browse the best homes while this buyer’s market works in your favor — compare all of Miami's luxury condos for sale or contact us directly.

—  Miami’s Luxury Condo Market Predictions Year-end 2025 & Early 2026: Where Does the Market Go From Here?

Entering the final stretch of the year, as luxury condo market specialists, we expect the following positives to influence trends in Miami’s real estate market for the remainder of 2025 and into Q2 2026:

• Factors Boosting Buyer Confidence: With mortgage rates at their lowest level in nearly a year and projected to dip further by year-end, alongside double-digit reductions in insurance premiums, market fundamentals are turning increasingly favorable. In addition, Governor DeSantis’ HB 913 and HB 939 bills have introduced greater predictability and stability in ownership costs, creating a more transparent environment for both buyers and sellers. As these factors converge, we anticipate a renewed wave of buyer activity to unfold by the first half of 2026.
• The Mamdani Effect: A potential Zohran Mamdani win in New York’s mayoral race could trigger another wave of relocations of high net worth individuals from the city, perhaps lower in intensity than the previous exodus, but still significant enough to boost demand for luxury properties across Miami and South Florida. Add to that the continuing debate on Miami vs. New York cost of living, and we could be on the verge of Miami’s next growth cycle.
• FIFA and Short-term Rental Investment Benefits: As the FIFA World Cup approaches next year, Miami could attract up to one million visitors, presenting a significant upside for our short-term rental-friendly luxury condo investors. Moreover, as Airbnb serves as an official partner for the 2026 World Cup, we expect the event to shine a spotlight on the city’s expanding portfolio of premier, Airbnb-friendly condo developments.
• No. 1 Second-Home Haven: Consistently topping global popularity charts, Miami ranks as the world’s No. 1 destination for ultra-high-net-worth buyers seeking second homes in 2025, having even surpassed New York in this space. We expect to see an even greater influx of high-net-worth individuals drawn out by our legendary beaches, vibrant lifestyle, cultural diversity, pro-business environment, and world-class collection of luxury condos.

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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