Steady sales and record-high prices for Miami condos priced $1 million and higher defined the first quarter of 2025, making Miami’s luxury condo market seem less a buyer’s market than it really is. Despite elevated inventory levels, consistent demand and strong pricing trends underscored the overall market climate, giving a mixed outlook.

Key Statistics for Luxury Condos in Miami in Q1 2025

• Closed Sales: 364
• Year-over-year Change in Closed Sales: Flat-positive (364 vs. 357 sales in Q1 2024)
• Quarter-over-quarter Change in Closed Sales: Flat-positive (364 vs. 355 sales in Q4 2024)
• Median Sales Price: $1.8M
• Year-over-year Change in Median Sales Price: -4.7% ($1.8M vs. $1.88M in Q1 2024)
• Quarter-over-quarter Change in Sales Price: +5.3% ($1.8M vs. $1.71M in Q4 2024)
• Median Price/Square Foot: $1,080
• Year-over-year Change in Price/SF: +9.2% ($1,080 vs $989 in Q4 2024)
• Quarter-over-quarter Change in Price/SF:
• Inventory: 22 months

Looking at a quick snapshot of the neighborhood data, in our Q1 analysis, the combined neighborhood of Coconut Grove & Coral Gables stood out as the top-performing for luxury condos, keeping its title as Miami’s most popular. The area continues to lead overall sales growth while also reporting the lowest months of inventory across all submarkets. 

Meanwhile, Sunny Isles Beach led in price performance, with the highest year-over-year gains in price per square foot, driven by continued demand for branded residences and newer waterfront inventory.

$2M+ Condo Market: The definition of luxury in Miami has evolved significantly over the past decade. Where luxury once started around $600,000 and shifted to $1 million by 2018-2019, today’s true luxury threshold is closer to $2.5 million—driven by continued business and wealth migration. Buyers can now expect $2.5 million to secure a spacious condo in a newer, amenity-rich building, while ultra-luxury offerings start at around $10-$15 million. Reflecting this shift, we’ve included an analysis of the $2M+ condo segment towards the end of this report.

Is this a seller’s or a buyer’s market? Despite higher prices throughout Q1, Miami’s luxury condo market remains firmly in a buyer’s market territory at the close of Q1 2025. With elevated inventory facing pricing pressure, almost flat sales, and a steady influx of pre-construction deliveries expected throughout the year, we anticipate levels will stay above the balanced 9-12-month range, reinforcing buyer leverage through the end of 2025.

The takeaway? The key question today is: Are condo prices dropping in Miami in 2025? In short: it depends on the product. While we do not anticipate a major correction in prices, we do expect some price saturation following the recent surge in values, especially with average prices now exceeding $1,000 per square foot for the first time ever. This will be more true for investor product, and less true for higher luxury product, where there is still demand and scarcity.

However, this environment still reflects a healthy market with strong fundamentals, particularly for newer or recently upgraded inventory. Despite a slower pace, Miami’s luxury condo market remains stable and attractive for long-term investors.

As we head into Q2—historically Miami’s peak season—we’re also closely monitoring the impact of new administrative policies on market activity. While the data may not show significant disruptions in the first quarter, we are seeing anecdotal evidence that buyers under the $5 million threshold are hesitating, waiting on the sidelines to see how tariffs and other positions play out. 

If you’re thinking of selling your Miami condo, contact us for a personalized market evaluation and expert guidance on maximizing returns in today's buyer-friendly environment. With a proven track record of helping sellers achieve outstanding results, we're here to help you close with confidence. 

Q1 2025 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY

Read on for a closer look at a neighborhood-wise breakdown of our findings for Q1 2025:

For the purpose of this Miami luxury condo market report, we've only included properties priced $1 million and above. The neighborhoods included in this market summary include Downtown Miami, Edgewater, Wynwood, Midtown and the Design District, Brickell, Coconut Grove, Coral Gables, Key Biscayne, Miami Beach, Fisher Island, Surfside and Bal Harbour, and Sunny Isles Beach.

— Q1 2025 – Miami Luxury Condo Market Sales

Overall Sales flat-positive compared to Q1 2024

With 364 closed sales, Miami’s luxury condo market held steady in Q1 2025, posting a flat-positive trend both year-over-year and quarter-over-quarter. Volumes increased marginally, up 2% from 357 sales in Q1 2024 and 2.5% from 355 sales in Q4 2024. This consistency highlights the market’s resilience and sustained confidence among luxury buyers, even amid broader economic headwinds.

As predicted in our Q4 2024 report, Miami’s luxury condo market opened 2025 on strong footing, maintaining momentum despite policy revisions causing a shift in macroeconomic conditions. While the second quarter traditionally marks the high point in Miami’s real estate season, variables such as recent administrative policies, rising HOA fees and insurance costs, as well as increased inventory, will be key factors to watch for any deviations from typical seasonal patterns.

For now, as luxury housing experts, we expect Miami’s luxury condo market to remain healthy as we approach high season, anchored by strong demand for waterfront living, larger residences equipped with next-gen amenities, and the elevated lifestyle offerings that define our city’s appeal and trajectory . As always, we will continue to track evolving conditions to assess how they influence buyer-seller dynamics in the months ahead.

Q1 2025 Neighborhood Sales at a Glance

*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown

**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island

In a broader Q1 2025 sales comparison across Greater Downtown, Miami Beaches and the combined market of Coconut Grove and Coral Gables, the latter reclaimed its position as Miami’s strongest performer. Following a brief pause during Q4 2024, it posted an impressive 7.8% increase in year-over-year sales, while the beaches and urban core neighborhoods largely reported flat activity. 

After leading much of 2023-2024 sales growth trends, the strong performance of this historically significant neighborhood duo continues to reflect a growing buyer preference for prime, low-density residential enclaves close to the urban core.

In a more detailed breakdown by Miami’s neighborhoods—including districts such as Brickell, Edgewater, Sunny Isles Beach, and others—South Beach took the lead this first quarter, posting the highest year-over-year sales growth. The popular vacation and second-home destination recorded a 35% increase in closed sales (69 in Q1 2025 vs. 51 in Q1 2024), outperforming all other neighborhoods in our analysis.

In contrast, Fisher Island recorded a 57% decline in year-over-year sales (3 in Q1 2025 vs. 7 in Q1 2025), potentially signaling an early inflection point among Miami’s premier luxury markets. We will continue to monitor this closely in the coming quarters for further developments.

For deeper insights, subscribe to this blog to be the first to receive our upcoming, comprehensive Miami Luxury Condo Market Report and complete individual market reports analyzing Miami’s three major markets—the Miami Beaches, Greater Downtown Miami, and Coconut Grove & Coral Gables.

Sunny Isles Beach—an emerging enclave for ultra-luxury living in Miami Beach—reported the highest sales volume of all neighborhoods in our review, concluding Q1 2025 with an exceptional 75 closings. 

Despite steady momentum, the 12-month sales trendline for the overall Miami market continued its downward trajectory from Q4 2024 to Q1 2025. Coconut Grove & Coral Gables, along with Surfside and Bal Harbour, were the only neighborhoods to diverge from this pattern, posting a positive trendline this first quarter.

— Q1 2025 – Miami Luxury Condo Market Prices

Price/SF up 9.2% year-over-year to peak of $1,080/SF

Even within a buyer’s market, sellers continued to receive strong returns on their luxury condo investments in Miami. Closing Q1 2025 with a median price of $1,080 per square foot, the market recorded a notable 9.2% increase from $989 per square foot in Q1 2024, as well as a 9.2% increase from Q4 2024. 

This marks an important pricing milestone, with overall values now exceeding an average $1,000 per square foot for the broader Miami luxury condo market.

A majority of the neighborhoods contributed to this trend, with several recording peak price points in Q1 2025. This growth is likely driven by the arrival of premium new construction inventory, which offers buyers more sophisticated designs, exquisite finishes, and highly curated living experiences.

Luxury condos in Sunny Isles Beach delivered the strongest gains to sellers in Q1 2025, posting the highest percentage increase in year-over-year price per square foot. Values in this submarket surged from $948 in Q1 2024 to an all-time high of $1,279 in Q1 2025, logging a 35% year-on-year increase. It is also worth noting that prices in both Mid-North Beach (combined) and Brickell reached record highs this first quarter.

As always, Fisher Island effortlessly upheld its reputation as Miami’s premier enclave, with median luxury condo prices reaching an impressive $2,004 per square foot in Q1 2025. In contrast, Downtown Miami remained the most affordable entry point, posting a median price of $710 per square foot.

Q1 2025 Price per Square Foot at a Glance

*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown

**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island

— Q1 2025 – Miami Luxury Condo Days on Market

Days on Market up 3.8% year-over-year; Luxury condos took 82 days to sell

Luxury condos sold at a slightly slower pace year-over-year, averaging 82 days on market in Q1 2025 vs. 79 days in Q1 2024—a modest 3.8% increase. Most neighborhoods in our first-quarter analysis also recorded longer days on market, indicating a normalization rather than a weakening of overall market health.

Mid-North Beach emerged as Miami’s fastest-selling market this quarter, with luxury condos averaging just 48 days to sell. In contrast, Sunny Isles Beach recorded the highest days on market, with properties taking an average of 117 days to close.

Q1 2025 Days on Market at a Glance

*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown

**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island. 

— Q1 2025 – Miami Luxury Condo Market Inventory

Overall Inventory Up to 22 months

As forecasted in our Q4 2024 luxury condo market report, months of inventory continued trending higher in Q1 2025, even as buyer activity remained steady. The quarter closed with 22 months of inventory, up from 19 months in March 2024, keeping Miami’s luxury condo sector a buyer’s market.

Inventory expanded 15.8% year-over-year, keeping levels well above the 9- to 12-month benchmark typically associated with a balanced market. Among the neighborhoods under our review, the combined market of Coconut Grove and Coral Gables once again reported the lowest months of inventory at 12 months, maintaining its position as Miami’s most balanced luxury condo market.

Looking ahead, as market experts, we anticipate that inventory will stay elevated above the balanced range throughout 2025, particularly as new construction deliveries continue to add fresh supply and some buyers wait on the sidelines to see how overall domestic market conditions behave. This current cycle positions investors and strategic buyers to capitalize on favorable market conditions.

Q1 2025 Inventory at a Glance

*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown

**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.

— Spotlight: Miami’s $2M+ Condo Market

Q1 2025 MIAMI $2M+ CONDO MARKET SUMMARY

$2M+ Segment: Sales flat, Prices up, Days on Market up

A closer look at the $2 million-and-up condo market data reveals prices are up across the board plus the following key trends for Q1 2025:

• Recording 162 sales, the first quarter posted nearly the same volume as a year ago, with only a negligible (1.8%) decline from 165 sales in Q1 2024. This flat trend mirrors the broader $1 million and up condo market and reflects continued buyer interest across Miami’s high-end condo segment.
• Closing Q1 2025 at $1,562 per square foot, prices in this segment increased 8.5% from $1,440 a year ago—highlighting the growing value of luxury condo product.
• At 98 Days on Market, the statistic reported a 19.5% increase compared to 82 days in Q1 2024. As seasoned professionals in the luxury business, we advise against reading too much into this shift. Properties at this level cater to a highly specific segment of buyers and often require a longer marketing cycle—and a three-month period remains within the norm of this tier.

— Q1 2025 Miami Neighborhood Luxury Condo Market Summary

As expected, Miami’s luxury condo market opened 2025 with steady growth and record-setting prices. Sales volume remained flat year-over-year, indicating stable demand despite elevated inventory levels. 

What stands out this quarter is price performance. For the first time, the price per square foot for luxury condos surpassed $1,000—a milestone that confirms sellers continue to receive great returns, even in a buyer’s market.

With inventory closing at 22 months, Miami’s luxury condo segment remains buyer-friendly, offering a broader selection and stronger negotiation power; meanwhile, select, well-positioned properties continue to perform.

— Miami Luxury Housing Market Predictions – 2025

With a strong start to the year, a key question emerges: What is the housing market prediction for Miami in 2025? Backed by years of expertise as condo market specialists and a deep understanding of current trends, we expect the following factors to shape Miami’s luxury condo market in 2025: 

• Ranking No. 4 among the top 10 markets projected for five-year growth, according to the 2025 Knight Frank Wealth Report, Miami continues to solidify its position as a leading investment haven for HNW and UHNW individuals. The city remains a relative bargain for prime property, offering approximately 625 square feet for $1 million—nearly double what buyers would get in New York or London, and almost four times more than in Monaco. Given this incredible value, along with Miami’s tax advantages and lifestyle appeal, we expect to see continued interest from some global investors throughout 2025.
• Miami already ranks No. 5 globally for millionaire growth, according to the 2025 Henley & Partners World’s Wealthiest Cities Report—with the number of millionaires rising by a remarkable 94% between 2014 and 2024. Given this trajectory, we expect sustained demand for luxury real estate in 2025, fueled by continued inbound wealth migration and the city’s growing appeal as a primary residence for the world’s affluent.
• As a wave of ultra-luxury pre-construction condos continues to take shape—most tailored for end-users seeking an elevated living experience—Miami is well-positioned to attract increased interest from international investors and global buyers who prioritize quality of life. At the same time, this steady pipeline of fresh inventory is expected to keep the luxury condo segment firmly in buyer’s market territory through 2025.
• On the other hand, several macroeconomic factors could tamper with buyer sentiment in 2025. Elevated mortgage rates (hovering above 6%), increased insurance costs and association fees, and changing immigration laws are all expected to dampen the mood for Miami’s diverse buyer mix. These external pressures could soften demand—particularly for some segments of the market. 

To stay tuned for our exclusive, in-depth analysis of the Q1 2025 luxury condo market in Miami, subscribe to this blog as we will soon be rolling out individual reports for the overall Miami market, Miami Beach, Greater Downtown Miami, and Coconut Grove plus Coral Gables (collectively).

If you have specific questions about this data, or want a market assessment of your property, please reach out to us directly or via our social media @blackbookproperties.