As our Q2 2024 data is in, it's evident that Miami’s luxury housing market continues to thrive with no signs of a massive slow or correction. With sales nearly double those observed in pre-pandemic years, a consistent trend of new price highs with every quarter, and properties being sold within an average of 2-3 months from listing, Miami's luxury condo market demonstrates great strength and stability in its new normal.

This second quarter, the combined neighborhood of Coconut Grove & Coral Gables again stood out as the market to watch by reporting the highest percentage sales growth, lowest days on market, and lowest inventory of all the sub-markets under our review. 

As Miami luxury real estate experts, we anticipate that though our luxury condo market will soften in line with historical trends over the next quarter, it will continue to outperform pre-pandemic benchmarks with sustainable growth. 

The take-away? In light of the heightened attention surrounding Miami's luxury housing market's performance, Q2 2024 Miami real estate statistics confirm that the market is stable and performing well within the parameters of its new normal.

Overall, sales as well as prices reported a year-over-year uptick this second quarter, while other national cities are reporting slowing markets, revealing ample demand and consistent gains for sellers. Buyers, on the other hand, benefit from the slight increases in inventory, giving them more choices at their preferred price point. And, with luxury condos selling within an average of 2-3 months, the market demonstrates a healthy pace. 

Finally, as prices continue to increase, we are now seeing a “new normal” of what constitutes luxury product, as more and more sales over the $2 million mark get closed. 

Key Miami Luxury Condo Statistics for Q2 2024

Q2 2024 Overall Miami Luxury Condo Market – Closed Sales: 456

• Year-over-Year Change in Closed Sales: +6.8% (456 vs 427 sales in Q2 2023)
• Quarter-over-quarter Change in Closed Sales: +28.1% (456 vs 356 sales in Q1 2024)

Q2 2024 Overall Miami Luxury Condo Market – Median Sales Price: $1.75M

• Change in Median Sales Price: +5.6% (Q2 2024 vs Q2 2023)

Q2 2024 Overall Miami Luxury Condo Market – Inventory: 15 months

Is this a seller’s or buyer’s market? With inventory closing above the 9-12-month range of a balanced market for the past three quarters, we are clearly in a soft buyer’s market. Having said that, as Miami’s luxury condo experts, we would like to elaborate that certain sub-markets, such as the investor-friendly, short-term rental condo market and pre-construction market, continue to offer buyers and sellers a leveled playing field (as per our daily observations).

On the other hand, Miami’s older condo buildings that are past due their 40-year re-certification assessment for safety and structural integrity, offer a strong buyer’s market as sellers prefer to cash in on their investments rather than reinvest in substantial repairs. 

Q2 2024 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY YoY

Read on for a closer look into a neighborhood-wise breakdown of our findings for Q2 2024:

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. 

— Q2 2024 – Miami Luxury Condo Market Sales 

Overall Sales up 6.8% from Q2 2023

With 456 sales, Q2 2024 volumes were 6.8% higher than the previous year’s 427 sales, indicating a housing market that’s thriving in its new normal.

As mentioned in our previous luxury housing market report for Q1 2024, Miami’s luxury condo market has entered a new era, where volumes perpetually clock in at almost double of what we’ve observed during pre-pandemic years. Case in point, current quarterly sales total 456, compared to 213 in Q2 2019, 222 sales in Q2 2018, or 162 sales in Q2 2017.

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Comparing quarter-to-quarter, we further see that sales jumped 28.1% from 356 in Q1 2024 to 456 in Q2 2024. This surge aligns with historical patterns, where the second quarter is generally the strongest of the year, and also reflects the consistent demand for luxury housing by in-migrating businesses and affluent households, confirming that Miami’s luxury condo market is in one of its most robust cycles yet. 

Q2 2024 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.

Looking at a broader, neighborhood-wise sales comparison for Q2 2024 (above), the combined neighborhood of Coconut Grove & Coral Gables again emerged as the strongest market for a fourth consecutive quarter – reporting a 14.6% uptick in year-over-year sales. What’s further worth noting is that Miami Beach reported a year-over-year increase in sales after about eight quarters of being one of the slowest markets in our quarterly analysis, owing to negative year-over-year sales.

A closer look at the sub-markets revealed that Mid-North Beach topped popularity charts in Q2 2024 – leading market growth with the highest percentage increase of 44% in year-over-year sales (56 in Q2 2024 vs. 39 in Q2 2023).

Sunny Isles Beach – a neighborhood famous for packing a one-two punch of offering the maximum branded condos on a quiet stretch of oceanfront – again reported the maximum sales volume of all neighborhoods under our review, closing Q2 2024 with a remarkable 98 sales.

Owing to heightened sales activity, the 12-month sales trendline for the overall market shifted from a negative trajectory in Q1 2024 to a positive this second quarter. Surfside and Bal Harbour (combined), Fisher Island, and Downtown Miami were the only neighborhoods to break away from this trend and report a negative 12-month trendline.

Considering historical trends, Miami’s luxury condo market usually starts slowing down during the third quarter. However, pairing our day-to-day observations with this quarter’s positive trendline, as Miami’s luxury housing experts, we anticipate that the Miami luxury housing market will remain stable, and the next quarter will likely report healthy numbers. 

— Q2 2024 – Miami Luxury Condo Market Prices

Q2 2024 Price/SF at all-time high of $997/SF

Closing Q2 2024 at an all-time high price of $997 per square foot, Miami’s luxury condo market topped its previous peak price recorded at $990 per square foot in Q1 2024. This shows that sellers continued receiving top dollar for their properties in Miami’s robust luxury condo market this second quarter.

Overall, prices increased by 5.1% year-over-year. The majority of the Miami neighborhoods in our second-quarter analysis continued reporting significant gains in year-over-year prices.

Luxury condos in Mid-North Beach delivered maximum gains to sellers, closing Q2 2024 with the highest percentage increase in year-over-year Price per Square Foot. Prices in this sub-market increased from $1,007 in Q2 2023 to $1,388 in Q2 2024 – reporting a 38% jump in year-over-year values. It is further worth noting that prices in Miami Beach (collectively) spiked to an all-time high of $1,272/SF in Q2 2024, versus $1,037/SF same quarter last year.

As always, Fisher Island held onto its title as the most expensive zip code for luxury condos in Miami, recording a median price of $2,051 per square foot. On the other hand, Downtown remained Miami’s most affordable neighborhood for luxury condos in Q2 2024, reporting a median price of $710 per square foot. 

Q2 2024 Miami Housing Market - 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.

— Q2 2024 – Miami Luxury Condo Days on Market

Q2 2024 Days on Market up 9.6% from Q2 2023 – Luxury condos took 80 days to sell

Even with the market pacing up during peak season, luxury condos sold slower than a year ago (80 days in Q2 2024 versus 73 days in Q2 2023) – spending 7 more days on the market on average. However, we recommend reading into this as a healthy pace, considering it was normal for luxury condos to spend an average of 100+ days on the market in pre-pandemic years.

In our second-quarter analysis, most Miami neighborhoods also reported an increase in the number of days luxury condos spent on the market before they were sold. 

Taking only 49 days to sell, the combined neighborhood of Coconut Grove and Coral Gables remained the fastest-selling market this quarter, followed closely by Brickell (51 days). On the other hand, Fisher Island reported the highest days on market in Q2 2024, as properties took an average of 147 days to sell, but this is not unusual for this exclusive island.

Q2 2024 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.

— Q2 2024 – Miami Luxury Condo Market Inventory 

Overall Inventory Up to 15 months

Following historical trends, inventory gradually declined over the second quarter, owing to heightened peak season momentum. (As mentioned above, Miami is a cyclical market with high and low seasons; however, current trends indicate a shift towards an active year-round market.)

Closing Q2 2024 at 15 months, inventory was higher than 12 months last June but lower than 19 months in March 2024. The statistic also closed above the 9-12-month range of a balanced market, indicating a soft buyer’s market but with some sub-markets holding equal opportunities. The combined neighborhood of Coconut Grove and Coral Gables continued reporting the lowest months of inventory of all the neighborhoods under our review at just 10 months. 

Considering the last two quarters of the year are generally the slowest, along with the expected completion of a few preconstruction projects adding to inventory, such as South Beach’s Five Park Residences and twin tower Mr. C Residences in Coconut Grove, and based on our vast experience in Miami real estate, we anticipate inventory to trend above the ideal range for the remainder of 2024, supporting a buyer-friendly environment. However, it is highly unlikely that inventory would return to pre-pandemic levels, which typically ranged from 36 to 55 months.

Q2 2024 Miami Luxury Housing Market - 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.
 

— Q2 2024 Miami Neighborhood Luxury Condo Market Summary

All market indicators report positive Miami condo market trends in our thriving second-quarter market. Sales picked up in response to high season, outpacing the previous year with a 6.8% surge in activity. Prices peaked to a new high of $997/SF with single-digit appreciation. Luxury condos sold at a healthy average pace of 80 days. And, although inventory trended higher compared to a year ago, it remained lower than the 36-55-month pre-pandemic range.

At 15 months, inventory levels indicate a soft buyer’s market. However, as an experienced Miami brokerage that’s been doing custom reports on Miami condo market for years, we recommend that sellers contact us directly for a discussion on which sub-markets hold equal opportunities and how they can secure a lucrative deal even in this soft buyer’s market. 

— Miami Luxury Housing Market Predictions for the Rest of 2024

With high season of Q2 2024 meeting and exceeding our expectations, as luxury housing experts, here's what we anticipate will impact the market for the rest of 2024:

• We expect our growing economy – powered by the continued influx of businesses, market influencers such as Jeff Bezos and Ken Griffin, and the upcoming FIFA 2026 World Cup – to keep our luxury housing market buzzing with activity.
• We expect a broader demographic of deep-pocketed individuals, inclusive of wealthy households, top-tier investors, well-compensated techies, and high-earning remote workers expecting a better quality of life, year-round sunshine, and access to sail-friendly waters to continue powering luxury condo sales in Miami.
• With Miami emerging as a top-ranking global city across segments, such as the Most Diverse City in the World 2024, Best Place to be for Gen Z Techies, 2nd Most Desirable City Americans Want to Live in 2024, 3rd Most Fun City in America in 2024, 6th Best U.S. City for Foreign Multinationals to do Business, and more, we further expect our sunny shores to continue attracting the world’s top talent along with those who desire the best lifestyle that money can buy. In short, ROI and Miami real estate go hand in hand.
• On the other hand, as bullish Miami developers continue announcing and delivering new condos throughout 2024, we expect inventory levels to remain higher than in previous years, creating a buyer-friendly market.
• We further expect sticky mortgage rates and the early impact of condo association fee price hikes as the few reasons that could deter buyer enthusiasm in 2024, particularly in submarkets with older condos. To better understand the rising prices, we recommend watching our video on HOA condo fees in Miami.

To stay tuned for our exclusive, in-depth analysis of the Q2 2024 luxury condo market in Miami, subscribe to this blog as we will soon be rolling out separate reports for the overall Miami market, Miami Beach, Greater Downtown Miami, and Coconut Grove plus Coral Gables (collectively).

If you have specific questions about Miami luxury condo update for 2024, or want a market assessment of your property, please reach out to us directly or via our social media @blackbookproperties.