Q2 2025 Miami Luxury Condo Market Summary: Mixed High Season, Modest Price Gains in Buyer’s Market

As predicted in our Q1 2025 report, Miami’s luxury condo market closed the second quarter with slower sales momentum compared to past peak-season years, largely driven by rapid policy shifts and broader market uncertainty. 

Prices however rose once again—Median Sales Price increased both year-over-year and quarter-over-quarter. While Median Price/Square Foot was a little more responsive to the strengthening buyer’s market—fueled by elevated inventory levels—prompting an expected correction from the previous quarter’s record-high, but a 3% increase year-over-year.

—   Key Statistics for Luxury Condos in Miami in Q2 2025

Closed Sales: 418

• Year-over-year Change in Closed Sales: -9.9% (418 vs. 464 sales in Q2 2024)
• Quarter-over-quarter Change in Closed Sales: +14.5% (418 vs. 365 sales in Q1 2025)

Median Sales Price: $1.92M

• Year-over-year Change in Median Sales Price: +10.1% ($1.92M vs. $1.75M in Q2 2024)
• Quarter-over-quarter Change in Sales Price: +7.1% ($1.92M vs. $1.8M in Q1 2025)

Median Price/Square Foot: $1,027

• Year-over-year Change in Price/Sq. Ft.: +3.1% ($1,027 vs. $996 in Q2 2024)
• Quarter-over-quarter Change in Price/Sq. Ft.: -4.7% ($1,027 vs. $1,078 in Q1 2025)

Inventory: 19 months 

Among Miami’s three major sub-markets—Greater Downtown, the Beaches, and the combined market of Coconut Grove and Coral Gables—the Grove-Gables pairing stole the spotlight once again. Leading the market with the highest year-over-year sales growth and price gains in Q2 2025, the duo also reported the lowest months of inventory and fastest days to market, reaffirming its position as Miami’s highly sought-after, top-performing luxury condo market. 

—   Miami’s $2M+ Condo Market

Over the past decade, Miami’s definition of “luxury condos” has seen a major shift. What once qualified as luxury around the $600K mark, now begins closer to $2.5 million. Today, buyers in search of spacious, amenity-rich condos in newer buildings are entering at the $2.5M threshold, while ultra-luxury inventory typically starts around $10–$15 million.

Reflecting this shift, we’ve included an analysis of the $2M+ condo segment at the end of this report. Notably, properties priced above $5 million shouldered much of this season’s momentum, even as the $1M+ segment reported a muted peak season. The ultra-luxury tier remained especially resilient, holding steady year-over-year in both sales volume and price per square foot, indicating strong demand for the top end of Miami’s luxury condo market.

—   Is this a sellers or buyer’s market?

With restrained momentum, increased inventory, and prices adjusting after reaching record highs in Q1 2025, Miami’s luxury condo market closed the second quarter as a buyer’s market. As a result, we expect moderate gains—or even further price corrections—over the next two quarters, as inventory levels are expected to remain above the balanced 9–12-month range due to a steady pipeline of pre-construction deliveries and continued national uncertainties, including holding interest rates. This continued supply will fuel buyer leverage through the end of 2025 and into early 2026.

Yet what makes this market unique is price behavior. Even as buyers are taking their time to make decisions, the resilience in price per square foot—closing above the $1,000+ range—indicates that well-positioned and marketed luxury condos are still commanding good offers. This kind of balance points to a more mature market cycle, where buyers retain their advantage, but quality product is still holding its value.

— The Takeway 

As we head into the historically quieter half of the year, we will continue to keep a watch on how demand unfolds. Encouraging signs are already emerging. A strong rebound in the stock market, Florida’s HB 913 Bill easing the pressure on rising condo association fees, and the possibility of state property tax-friendly reforms (potentially eliminating Florida property taxes altogether) are all setting the stage for renewed buyer confidence.

Even as inventory levels are expected to remain elevated, these broader economic and policy shifts are likely to unlock pent-up demand in the quarters ahead. As market experts, we anticipate a gradual but steady return of momentum, especially as positive headlines gain traction. If the trajectory holds, 2026 could usher in the next upward phase for Miami’s luxury condo market.

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 satisfaction.

Q2 2025 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY

Read on for a closer look at a neighborhood-wise breakdown of our findings for Q2 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.

— Q2 2025 – Miami Luxury Condo Market Sales 

Overall Sales Volume down -9.9% compared to Q2 2024

With 418 sales, Q2 2025 volumes were 9.9% lower than the previous year’s 464 sales, reflecting a slower than usual peak season for Miami’s luxury condo market, just as predicted in our Q1 2025 report. 

However, quarter-over-quarter, sales were up 14.5% compared to Q1 2025. This uptick fell short of the 30% jump noted between Q1 and Q2 in the previous year. This overall slowing captures how broader market uncertainty, driven by rapid policy shifts and administrative changes, impacted buyer sentiment and delayed decision-making during what is traditionally known to be the most active season for Miami’s luxury housing market.

That said, with the stock market showing renewed strength, the passage of Florida’s HB 913 Bill offering relief in rising condo association fees, and talk of more property tax-friendly policies planned for South Florida, the foundation is being laid for improved buyer confidence. 

As seasoned luxury market experts, we anticipate that these positive shifts could spark a renewed wave of buyer activity over the next few quarters, leading to a positive outlook for 2026—especially for well-positioned, lifestyle-driven properties in Miami’s prime locations.

Q2 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 Q2 2025 sales comparison across Greater Downtown, Miami Beaches and the combined market of Coconut Grove and Coral Gables (collectively), the latter stood out as Miami’s strongest luxury condo market yet again, being the only sub-market to post year-over-year sales growth with an 8.8% increase, while the beaches and urban core neighborhoods reported declines.

Consistently leading growth trends since 2023, this high-performing duo reflects a shift in buyer preference favoring low-density residential enclaves that offer both a strong connection to nature and proximity to Miami’s oldest and most scenic marinas.

In a more detailed breakdown by Miami’s neighborhoods—including districts such as Brickell, Edgewater, Sunny Isles Beach, and others—Fisher Island emerged as Miami’s most popular district this second quarter. Leading market growth with the highest percentage increase in year-over-year sales, luxury condos on this exclusive island—accessible only via ferry, yacht, or helicopter—recorded an impressive 71% increase in closed sales (12 in Q2 2025 vs. 7 in Q2 2024).

In contrast, Sunny Isles Beach reported a 29% decline in year-over-year sales (70 in Q2 2025 vs. 99 in Q2 2024), also losing its position as the highest volume contributor to quarterly sales overall this quarter. In its place, South Beach emerged as a buyer favorite, recording a total of 84 closings this quarter.

Even with peak season losing steam, the 12-month sales trendline for the overall Miami market transitioned from a negative trajectory in Q1 2025 to a positive curve in Q2 2025. This supports our view that residual high-season interest could add momentum to upcoming quarters.
 

— Q2 2025 – Miami Luxury Condo Market Prices

Price/Sq. Ft. up 3.1% year-over-year to $1,027/Sq. Ft.

Regarding prices, Miami’s luxury condo market reported a mixed sentiment after Median Price per Square Foot reached a key milestone last quarter, when it exceeded $1,000 per square foot (on average in overall Miami) for the first time in history.

Closing Q2 2025 with a median price of $1,027 per square foot, the market still recorded a 3.1% increase from $996 in Q2 2024. This moderate gain indicates that well-marketed properties in prime locations, especially those in the $5 million-plus bracket, continued offering good returns in this buyer’s market. However, quarter-over-quarter, the same metric dropped 4.7%. 

Meanwhile, Median Sales Price increased both year-over-year (by 10%), and quarter-over-quarter (by 7%). This is a clear signal that buyers are willing to pay more for premium properties. And overall value is not decreasing. 

A majority of the neighborhoods in our quarterly watch contributed to this positive trend, recording year-over-year gains in Q2 2025. This growth can mainly be attributed to luxury condo inventory built between 2015-2025 (data charted in our overall market report for Q2 2025), offering refined designs, exquisite finishes, and next-gen amenities tailored to appeal to today’s discerning buyers.

For a detailed trend analysis of prices by building year, subscribe to this blog and be the first to receive our upcoming, comprehensive Overall Miami Luxury Condo Market Report for Q2 2025. 

Along with holding onto its title as Miami’s most expensive zip code, Fisher Island delivered the strongest year-over-year gains to sellers in Q2 2025. The price per square foot in this premium enclave closed at an impressive $2,369, outperforming every other neighborhood in our quarterly analysis. Values surged from $2,051 in Q2 2024 to $2,369 in Q2 2025, logging the highest year-over-year increase of the quarter at 15%.

On the other hand, Downtown Miami continued offering the most affordable entry point to luxury condo buyers in Miami, posting the lowest median price of $754 per square foot. 

Q2 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. 

— Q2 2025 – Miami Luxury Condo Days on Market

Days on Market up 19% year-over-year – Luxury condos took 94 days to sell

Miami luxury condos sold at a slower pace compared to both the previous year and quarter, owing to a muted high season. Reporting an average of 94 days on market in Q2 2025, the number was 19% higher than 79 days in Q2 2024 and 13.3% higher than 83 days in Q1 2025.

Most neighborhoods in our second-quarter analysis recorded longer days on market, contributing to the trend. However, the combined neighborhood of Coconut Grove and Coral Gables stood out as Miami’s most popular and fastest-selling market, with luxury condos averaging just 53 days to close.

In contrast, Sunny Isles Beach continued recording the highest days on market, with properties taking an average of 138 days to sell.  

Q2 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. 

— Q2 2025 – Miami Luxury Condo Market Inventory 

Overall Inventory Up to 19 months

As expected, months of inventory continued trending higher in Q2 2025, owing to three key factors: a lackluster peak season, more sellers entering the market, and an influx of newly delivered condo inventory over the past six months. The quarter closed with 19 months of inventory, up from 14 months in June 2024, keeping Miami’s luxury condo segment a buyer’s market.

While inventory expanded 35.7% year-over-year, it followed traditional seasonal patterns by declining 13.6% quarter-over-quarter. Still, with levels ultimately closing above the 9- to 12-month range of a balanced market, buyers continued to hold the advantage.

With the second half of the year typically marking a seasonal slowdown—and several new developments such as Aria Reserve (South Tower) and more delivering fresh inventory this year—as market veterans, we expect luxury condo supply to stay elevated through the end of 2025 and into the first quarter of 2026.

Q2 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 

Q2 2025 MIAMI $2M+ CONDO MARKET SUMMARY

$2M+ Segment: Sales flat, Price/Sq. Ft. up, Days on Market up

A closer look into the $2 million-and-up condo market data reveals the following key trends for Q2 2025:

• Recording 203 sales, the second quarter matched last year’s volumes, confirming our real-time observation that high-end condos held their ground even in a slower than usual peak season. Despite a broader softening, this flat year-over-year trend signals steady buyer interest and continued resilience in Miami’s ultra-luxury segment, particularly in the $5 million-and-up range.
• Closing Q2 2025 at $1,544 per square foot, prices in this segment increased 6.3% from $1,453 a year earlier, once again underscoring the growing value of Miami’s premium condo product.
• At 111 days, the average days on market increased 14.4% from 97 days in Q2 2024. As seasoned professionals in the luxury space, we recommend reading this as a non-alarming shift. Considering luxury properties of this caliber often require a longer sales cycle, given their exclusivity and price point, this increase reflects a more selective buyer pool instead of weakening demand.
  
  

— Q2 2025 Miami Neighborhood Luxury Condo Market Summary

As predicted, high season momentum fell a little short of its usual energy, with sales volume declining 9.9% year-over-year. This tempered activity reflected buyer hesitation amid broader policy shifts, higher condo association fees, and unavoidable headwinds. 

On the other hand, pricing held firm despite a slight correction. The market closed with a median price of $1,027 per square foot, reporting a 3.1% increase year-over-year. This modest gain highlights the continued resilience of well-positioned, high-end properties, even as overall pricing adjusted from the record highs set last quarter.

Even as inventory followed seasonal trends to report a quarter-over-quarter decline, the statistic increased to 19 months in Q2 2025, keeping the market buyer-friendly.  

All of this considered, positive policy changes and improved market sentiment should start to take hold, and we anticipate delayed demand to surface over the upcoming quarters.

— Miami Luxury Housing Market Predictions – 2025

Drawing on our extensive experience as condo market specialists and our insights into evolving trends, we anticipate the following factors will define Miami’s luxury condo market in the latter half of 2025:

• With Governor DeSantis’ HB 913 and HB 393 bills delivering meaningful financial relief to condo owners— especially around reserve requirements and fee flexibility—along with double-digit declines in insurance rates, we expect greater predictability in ownership costs to boost buyer confidence. These new laws, effective as of June 2025, empower condo associations to manage reserves more efficiently, earn interest on large balances, and operate with greater transparency—all while easing long-term financial pressures for owners by stabilizing or lowering condo fees. It’s exactly the kind of positive shift Miami’s condo market has been waiting for.
• We also anticipate that Governor DeSantis' bill will breathe new life into older condo buildings. By ensuring the timely completion of mandated repairs and renovations, these classic buildings, an iconic part of Miami's condo landscape, could once again attract buyer interest. The combination of upgraded infrastructure and the unique character they offer will make them even more appealing for buyers.
• Furthermore, if Governor DeSantis's property tax abolition proposal gains traction, this could create a major influx of buyers. Property taxes have always been a significant consideration for homeowners and investors, and eliminating them would make Florida even more attractive—eventually bringing an avalanche of buyers to Miami.
• With President Trump’s OBB Bill, signed into law in July 2025, wealthy buyers could shift even more focus to states like Florida. The bill includes generous tax breaks for high-net-worth individuals, resulting in more savings annually and spare cash. Some reports even project that the top 10% of households are set to gain approximately 2.3% of income on average. Pairing this with growing political discontent in high-tax cities like New York, this added liquidity could drive more second-home and primary residence purchases in Miami’s luxury condo market.
• With plenty of stunning luxury pre-construction condo projects in the pipeline, we expect to continue drawing the attention of international investors and global buyers seeking an elevated quality of life. According to Miami Realtors' latest report, covering the 18-month period ending in June 2025, international interest in Miami's new construction market has grown to 49%, with Latin Americans now representing 86% of the global buyer pool.
• On the other hand, this steady influx of inventory will keep Miami’s luxury condo landscape a buyer’s market through the end of 2025 and into early 2026. While we anticipate modest price corrections to continue through the remainder of 2025, our outlook for 2026 remains optimistic—especially with the excitement surrounding the FIFA World Cup in Miami, which is expected to bring new energy and momentum into our luxury real estate market in addition to the usual draws of great weather, beaches, and exceptional lifestyle.

To stay tuned for our exclusive, in-depth analysis of the Q2 2025 luxury condo market in Miami, subscribe to this blog as we will soon be rolling out separate reports for the overall Miami market, Miami Beaches, Greater Downtown Miami, and the combined market of Coconut Grove and Coral Gables. 

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.