With above-average sales and record prices, Q2 2024 data shows how Miami's luxury condo market is thriving with no signs of a major correction. This paired with Moody's latest AAA rating and stable outlook for Florida's economy further validates that Miami's luxury housing market is poised for continued growth.

In our neighborhood-wise analysis for Q2 2024, Coconut Grove & Coral Gables (combined) plus Mid-North Beach (collectively) stood out as the markets to watch. Interestingly, Mid-North Beach's modestly-sized luxury condo market emerged as the most popular among buyers in Q2 2024, as it closed the quarter with the highest year-over-year increase (44%) in sales. The beachside grouping also provided maximum value to sellers by reporting the highest percentage gains (38%) in year-over-year Price per Square Foot.

On the other hand, Coconut Grove & Coral Gables maintained its status as the most dynamic market in Miami by reporting the lowest days to market and inventory among all the Miami neighborhoods in our quarterly review.

As always, Fisher Island remained the most expensive zip code in Miami (and South Florida) with a price of $2,051/sq. ft., while Downtown Miami continued offering the best entry point into Miami's luxury condo market with the lowest price per square foot ($710) of all the neighborhoods under our review.

Read on to find out how the market responded to the high season with a detailed analysis of quarterly sales, prices, days on market, and inventory in our exclusive and full-length Q2 2024 Miami Luxury Condo Market Report:

This luxury condo market report only includes data for properties priced at $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.

Q2 2024 - Overall Miami Luxury Condo Market Highlights

• Q2 2024 Sales outpaced the previous year by 6.8%, indicating a thriving market, poised for steady growth.
• Mid-North Beach (collectively) emerged as Miami's most popular neighborhood in Q2 2024, leading sales growth with a remarkable 44% year-over-year increase.
• Overall Prices report year-over-year gains. Price per Square Foot increased by 5.1%, while Median Sales Price increased by 9.4% to $1.75M.
• Price per Square Foot closed at a record-high of $997/sq. ft.
• Fisher Island retained its status as the most expensive market for luxury condos in Q2 2024, reporting a median price of $2,051/sq. ft.
• Luxury condos in Mid-North Beach (collectively) offered maximum value to sellers in Q2 2024, logging the highest percentage gains (38%) in year-over-year Price per Sq. Ft.
• Luxury condos built in 2000-2014 continued enjoying great demand, reporting the highest sales volumes of all the three segments under our review. All three segments (including the newly built and classic buildings) reported higher quarter-over-quarter volumes in response to high season.
• Days on Market up 9.6% year-over-year.
• Coconut Grove & Coral Gables continued to be Miami's fastest-selling market, with luxury condos taking only 49 days to sell.
• Inventory up 25% year-over-year to 15 months.
• Coconut Grove and Coral Gables (combined) continued to report the lowest months of inventory (10 months) among all the Miami neighborhoods in our review.
• Q2 2024 closed as a soft buyer's market, with certain segments still providing equal opportunity.
  
  

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. Conclusion
10. Where does the Miami Luxury Condo Market go from Here?
    
    

Overall Luxury Condo Sales Up YoY

High season (typically Spring) delivered a better-than-expected boost for Miami's luxury condo market in Q2 2024. Sales activity not only surged on a quarter-over-quarter basis, but also saw significant year-over-year improvement, highlighting how a wider demographic of affluent buyers continues to fuel robust demand for luxury housing in Miami.

Below are the key luxury condo sales statistics for Q2 2024 (Fig. 1.2):

• Q2 2024 vs Q2 2023. Sales increased 6.8%, up from 427 in the previous year to 456 sales in Q2 2024. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Sales jumped 28.1% quarter-over-quarter, up from 356 in the first quarter to 456 this second quarter. (Fig. 1)
• What's worth noting is that Q2 2024 reported an above average cycle, even compared to the luxury condo market's higher benchmarks set post-pandemic. Quarterly sales in this new normal era are consistently double of what we've observed during the second-quarter in pre-pandemic years (Fig. 1.2) – a clear indication of market stability and sustainable growth.

Looking into the Monthly Sales chart (Fig. 1.3), volumes closed mostly higher than 2023 levels:

• April 2024 closed with 171 sales, higher than the previous year's 113 sales in the same month.
• May closed with 176 luxury condo sales, again higher than the previous year's 169 sales in the comparable month.
• June closed with 109 sales, slightly lower than the previous year's 145 sales for the same month.

Owing to peak season momentum, the 12-month Sales Trendline of Fig. 1.4 transitioned from a negative trajectory in Q1 2024 to positive curve in Q2 2024.

Although it is expected that sales activity will pace down during the upcoming third quarter (a trend confirmed by historical data), as luxury condo experts, we anticipate that the market will sustain its current growth parameters and continue operating at a healthy pace.

Overall Miami Quarterly Luxury Condo Sales 2015 - 2024 - Fig. 1.2

Overall Miami Monthly Luxury Condo Sales Jan. 2016 to Jun. 2024 - Fig. 1.3

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

— Q2 2024 Miami Neighborhood Trends - Number of Sales Year-On-Year

• Winner: Mid-North Beach (collectively) reported the highest percentage (44%) growth in year-over-year sales stats.

• Up: Other neighborhoods reporting an increase in year-over-year sales:
• Fisher Island (40%)
• Edgewater (36%)
• Coconut Grove & Coral Gables (15%)
• Sunny Isles Beach (7%)
• South Beach (4%)
• Flat: Brickell reported the same number of sales as in Q2 2023 (83 sales).
• Down: These Miami neighborhoods reported a decline in year-over-year sales:
• Surfside and Bal Harbour (-26%)
• Downtown Miami (-32%)
  
  

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Miami Neighborhood Luxury Condo Sales Comparison 2Q24-over-2Q23 - Fig. 1.5

— Overall Miami Luxury Condo Prices Up to All-time High

Following four years of consistent price appreciation, the Price per Square Foot for luxury condos in Miami climbed to an unprecedented high this second quarter. Closing the quarter at $997/sq. ft., sellers, yet again, received exceptional value for their investments in Miami.

The key price statistics for Q2 2024 are:

• Q2 2024 vs Q2 2023. Price per Square Foot increased 5.1%, up from $948 in Q2 last year to $997 in the comparable quarter of 2024. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Price per Square Foot stayed almost flat, reporting a marginal increase of 0.6%, up from $990 in the previous quarter to $997 in Q2 2024. (Fig. 1)
• Q2 2024 vs Q2 2023. Median Sales Price increased 9.4% year-over-year, up from $1,600,000 in Q2 last year to $1,750,000 for the same quarter of 2024. (Fig. 1.1)
• A look at the five-year snapshot of Quarterly luxury condo prices below (Fig. 2.1), reveals that the Price per Square Foot recorded an all-time high at $997/sq. ft. This means that there were strong offers for sellers and a majority of deals resulted in gains.

Overall Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 2.1

— Q2 2024 Miami Neighborhood Price Trends Year-over-Year

Median Price per Square Foot (Fig. 2.2)

• Winner: Fisher Island remained the most expensive neighborhood in Miami, recording a median price of $2,051/sq. ft.
• Winner: Mid-North Beach (combined) reported the highest percentage gains (38%) in year-over-year Price per Square Foot ($1,388), giving sellers exceptional value for their luxury properties this second quarter.
• Up: Other neighborhoods reporting an increase in year-over-year Price per Square Foot:
• South Beach – $1,422/sq. ft. (28%)
• Fisher Island – $2,051/sq. ft. (14%)
• Sunny Isles Beach – $1,016/sq. ft. (14%)
• Brickell – $893/sq. ft. (7%)
• Flat: Edgewater reported a negligible change of -1% in year-over-year Price per Square Foot ($944 vs. $958 a year ago).
• Down: Neighborhoods reporting a decline in year-over-year Price per Square Foot:
• Surfside and Bal Harbour – $1,189/sq. ft. (-11%)
• Coconut Grove & Coral Gables – $794/sq. ft. (-21%)
• Downtown Miami – $710/sq. ft. (-4%)

Miami Neighborhood 2Q24-over-2Q23 Median Price per Square Foot Comparison - Fig. 2.2

Median Sales Price (Fig. 2.3)

• Winner: South Beach again reported the highest percentage increase (64%) in year-over-year Median Sales Price ($2.5 million).
• Winner: Fisher Island continued being the most expensive zip code in Miami and South Florida for luxury condos, recording a median price of $5.7 million.
• Up: Other neighborhoods reporting an increase in year-over-year Median Sales Price:
• Mid-North Beach – $2.3 million (44%)
• Sunny Isles Beach – $2.3 million (34%)
• Surfside and Bal Harbour – $3.1 million (7%)
• Downtown Miami – $1.3 million (6%)
• Brickell – $1.4 million (3%)
• Down: Neighborhoods reporting a decline in year-over-year Median Sales Price:
• Edgewater – $1.3 million (-8%)
• Coconut Grove & Coral Gables – $1.6 million (-15%)
• Fisher Island – $5.7 million (-24%)

Miami Neighborhood 2Q24-over-2Q23 Median Sales Price Comparison - Fig. 2.3

Use our exclusive search engine to find luxury Miami condos for sale.

— Q2 2024 Overall Miami Sales Price Trends by Building Year — Mixed

Below is a detailed analysis of how Miami luxury condo buildings performed in Q2 2024 on the basis of their age of construction, categorized as new construction condo buildings (2015-2024), buildings built from 2000-2014, and pre-2000 condo buildings.

• New Construction Buildings echoed the same sales trends as seen in the overall market with higher year-over-year volumes, while closing Q2 2024 at $1,102/sq. ft.
• Buildings Dated 2000-2014 continued reporting the highest sales volume (193) of all 3 segments under review. The segment further reported maximum price gains (10.9%) of all the segments under review, closing Q2 2024 at $1,106/sq. ft.
• Condos Built before 2000, reported flat year-over-year sales and closing the quarter with a flat price of $897/sq. ft.

Miami New Construction Condos Built 2015-2024

Reflecting high season energy, sales for Miami's freshly-built luxury condo segment improved quarter-over-quarter and year-over-year. With 152 sales, the segment reported a 55% jump in quarter-over-quarter volumes and 9.4% increase in year-over-year stats.

Note: Anecdotally, 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.

For more information on Miami pre-construction projects, see our Miami Condo Development Guide or search our exclusive search engine for listed pre-construction condo homes.

Quarterly Overall Miami Luxury Condo Sales for Buildings Dated 2015-2024 - Fig. 3.1

Fig. 3.2 shows this newly-built segment closed the quarter at a median price of $1,102/sq. ft. The Price per Square Foot declined 4.6% year-over-year (from $1,155/sq. ft.) and 16.6% quarter-over-quarter (from $1,322/sq. ft.). However, as luxury condo experts, we see this as a temporary drop, given the inherent appeal and growing attraction of Miami's latest collection of brand-new homes.

Miami New Construction Luxury Condo Price per Square Foot (Buildings Built 2015-2024) - Fig. 3.2

Miami Luxury Condos Built 2000-2014

Aligning with the overall market trend, sales in this segment also increased quarter-over-quarter and year-over-year. Closing Q2 2024 with 193 sales, the segment reported a 9.7% increase in quarter-over-quarter numbers and 27.8% jump in year-over-year volumes. (Fig. 3.3)

Again, recording the highest sales volume of all 3 segments in our Q2 2024 analysis, buildings built 2000-2014 remained the most popular among buyers.

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 $1,016/sq. ft. The Price per Square Foot in this segment increased 10.9% year-over-year (Fig. 3.4), consistently giving sellers the best value for their investment out of all the segments in our quarterly review.

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

Miami Luxury Condos Built Before 2000

With 109 sales, this classic segment of luxury condos (built pre-2000) closed Q2 2024 with a 6.9% increase in quarter-over-quarter volumes and flat (1.8%) year-over-year stats (Fig. 3.5).

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

Closing the quarter with a high-ranging price of $897/sq. ft., prices for this classic segment were up 4.9% quarter-over-quarter but stayed flat (1%) year-over-year.

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

— Overall Miami Luxury Condos — Days on Market Up QoQ & YoY

Days on Market were flat quarter-over-quarter. As the market moved through high season this second quarter, the Days on Market statistic positively responded with a negligible change in quarter-over-quarter numbers, even as it reported an year-over-year increase.

• Q2 2024 vs Q2 2023. Luxury condos spent seven more days on the market compared to Q2 2023, reporting a 9.6% increase in year-over-year DOM. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Luxury condos spent a negligible 1 extra day on the market compared to the previous quarter, reporting a flat quarter-over-quarter DOM. (Fig. 1)
• Taking 80 days to sell on average, luxury condos sold at a consistently healthy pace during Q2 2024. This indicates smooth buyer-seller communication, where buyers enjoyed a wider range of options with more market inventory and sellers remained flexible with price expectations. (Fig. 4.1)

Overall Miami Luxury Condo Quarterly Days on Market 2018 - 2024 - Fig. 4.1

— Q2 2024 Miami Neighborhood Days on Market Trends Year-over-Year

• Winner: Luxury condos in Coconut Grove & Coral Gables (collectively) spent only 49 days on the market, again making it the fastest-selling neighborhood in Miami this second quarter, with a 15% decline in year-over-year stats.
• Down: Other neighborhoods reporting a decline in year-over-year Days on Market:
• Brickell – 51 days (-39%)
• Fisher Island – 147 days (-4%)
• Flat: South Beach reported a negligible change of +2% in year-over-year Days on Market (85 vs. 84 days a year ago).
• Up: Neighborhoods reporting an increase in year-over-year Days on Market:
• Edgewater – 101 days (30%)
• Sunny Isles Beach – 107 days (51%)
• Downtown Miami – 104 days (53%)
• Surfside and Bal Harbour – 61 days (54%)
• Mid/North Beach – 115 days (59%)

Miami Neighborhood 2Q24-Over-2Q23 Days on Market Comparison - Fig. 4.2

— Q2 2024 Luxury Condo Inventory Up to 15 months—Soft Buyer's Market

Q2 2024 closed with 15 months of inventory. As anticipated and detailed in our Q1 2024 luxury condo market report, inventory declined quarter-over-quarter as a result of high season demand, even as the statistic reported an uptick compared to a year ago.

• On a quarter-over-quarter basis, inventory was down from 19 months in March 2024 to 15 months in June 2024, reporting a 21% decline.
• On a year-over-year basis, inventory was up from 12 months in June 2023 to 15 months this year, reporting a 25% increase from a year ago. (Fig. 5.1)

With inventory closing above the ideal 9-12-month range, Miami's luxury condo market is now a soft buyer's market. This expansion means buyers can expect to find more housing options within their preferred price range. For sellers, this means price flexibility will help reap greater pay offs, given the current market mood.

However, as market veterans, we would also like to mention that certain luxury housing sub-markets still hold equal opportunities for sellers. For more insight into such segments and a complementary home evaluation, contact us directly via phone, chat, or email.

As luxury condo market experts, we further predict a slight uptick in inventory levels through the remainder of 2024, as we move through a slower third and fourth quarter (based upon historical data analysis), keeping the market buyer-friendly.

Overall Miami Months of Luxury Condo Inventory from Mar. 2019 to Jun. 2024 - Fig. 5.1

A balanced market has about 9-12 months of inventory. The months of inventory are calculated as the number of active listings + number of pending listings divided by the average number of deals in the last six months.

— Miami Overall Luxury Condo Market - Q2 2024 Conclusion

Soft buyer's market sets in with higher sales, record-setting prices, and elevated but manageable levels of inventory.

With a 6.8% increase in year-over-year sales and 5.1% uptick in prices, it is evident that Miami's luxury condo market is thriving. Pairing this with the continued influx of businesses and consistent demand from affluent domestic and foreign buyers, as luxury condo experts, we expect the market to remain strong through to the end of the year.

In Q2 2024, Mid-North Beach emerged as Miami's most popular neighborhood for luxury condo buyers, leading year-over-year sales growth with a 44% surge in volumes. Most other Miami neighborhoods also reported an increase in year-over-year sales stats.

Owing to high season momentum, the 12-month trendline expectedly shifted into a positive curve in Q2 2024 from a negative trajectory in Q1 2024. This indicates that even though momentum is expected to soften over the next quarter (as gathered from historical data), the market will remain healthy.

In our overall price watch, the Price per Square Foot surged to $997/sq. ft., setting a new price record in Miami's luxury condo market. This shows that there has been a significant change in the definition of luxury housing. About 5-6 years ago, properties priced above a million dollars were considered as the height of luxury. However, now, true luxury is often considered to begin at $2 million or more.

The majority of Miami neighborhoods in our quarterly price review reported year-over-year gains, showing that most deals, again, offered sellers great value for their luxury properties.

Of all the neighborhoods under review in Q2 2024, luxury condos in Mid-North Beach (combined) topped the board by providing sellers the highest year-over-year price gains (38%). And, as mentioned earlier in this report, while Fisher Island continued as the most expensive zip code ($2,051/sq. ft.), Downtown Miami stood out as the best-priced sub-market for buyers with a median price of $710/sq. ft.

Buildings built 2000-2014 remained the most popular choice for luxury condo buyers, again reporting the highest sales volume of all three segments in our quarterly review (newly-built to classic). The segment also afforded the highest value to sellers this second quarter with a 10.9% gain in year-over-year prices.

Buyer-seller communication remained strong, considering luxury condos took the same 2.5 months (or about 80 days) to sell on average as the previous quarter. Coconut Grove & Coral Gables (collectively) remained the fastest-selling neighborhood in Q2 2024 as well, with luxury condos taking only 49 days to sell (on median).

With inventory closing at 15 months, which is above the 9-12 month ideal, Miami's luxury condo market transitioned from a balanced to soft buyer's market in Q2 2024. As a top boutique brokerage in Miami with a team of veteran real estate agents, we anticipate a soft correction headed into the third quarter of the year, which is historically known to be slower-paced as high season phases out. However, we expect the market to stay in positive territory and report healthy numbers within its new normal benchmarks.

For buyers or investors looking to browse the kind of inventory available on the market, you can search for all currently listed luxury condos for sale in Miami in our exclusive search engine or contact us directly.

— Miami's Luxury Condo Market Prediction 2024: Where Does the Market Go From Here?

With high season delivering above-average sales and prices in Q2 2024, we expect the following factors to influence market performance as we head into the second half of the year:

• Wider Demographic of Affluent Buyers. As mentioned in previous reports, we are seeing a wider demographic of buyers getting drawn to Miami for its tax-saving policies, active lifestyle, year-round sunshine, and sail-friendly waters. These buyers—inclusive of wealthy households migrating from high-tax states like New York, top-tier investors, high-earning remote workers, and well-compensated techies—are and shall continue pushing demand for Miami's latest collection of single-family home-sized condos starting at three bedrooms as well as high-end Airbnb-friendly product projecting lucrative returns.
• Burgeoning Economy with Great Potential. We expect the continued influx of businesses, industry leaders such as Ken Griffin and Jeff Bezos, economic boost from world-class events such as the upcoming FIFA 2026 World Cup, and Miami's newfound status as a sophisticated, corporate destination to all help drive more demand for luxury housing in our growing city.
• International Spotlight. With Miami topping a wide range of global rankings as the Most Diverse City in the World 2024, 2nd Most Desirable City for Americans to Live in 2024, 6th Best U.S. City for Foreign Multinationals to do Business, Best Place to be for Gen Z Techies, and more, we expect to host a new class of luxury condo buyers who desire the best lifestyle that money can buy.
• Relatively Higher Levels of Inventory. With a thriving pre-construction market consistently delivering much-awaited new construction condos and developers announcing new projects, we expect inventory levels to remain higher than in recent years, thus keeping the market buyer-friendly with greater choices.
• On the Downside. We expect the initial effects of condo association fee hikes and sticky mortgage rates to somewhat dampen buyer enthusiasm, particularly in submarkets with older condos. To better understand how state regulations regarding insurance and special assessments have impacted condo fees, we recommend watching our video on why HOA fees just got higher in Miami.

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

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If you have any questions or comments about the stats or are interested in buying or selling a Miami Beach condo in one of these neighborhoods, please contact us directly and we'll happily guide you through any of these processes.