Q2 2026 Mainland Miami Luxury Condo Market Report: Strong Sales amid Price Dips

Building on the momentum established in Q1 2026, coastal mainland Miami's luxury condo market posted its second-strongest second quarter on record by sales volume, even as median prices in select segments softened amid a buyer’s market.

Meanwhile, coastal mainland Miami continued to separate into two distinct markets: one defined by limited supply and strengthening demand, the other by abundant inventory and compelling buying opportunities.

This luxury-condo-market report only includes data for condos priced $2 million and above. The coastal mainland Miami grouping covers Brickell, Downtown Miami, Edgewater (including the Arts & Entertainment District), Coconut Grove, and Coral Gables. 

Q2 2026 Coastal Mainland Miami Luxury-Condo-Market Highlights

• Coral Gables recorded the strongest price gains in coastal mainland Miami, posting a 15.6% year-over-year appreciation.

• Downtown Miami stood out as the most expensive neighborhood in this grouping, with a median sale price of $3,300,000.

• Coconut Grove ranked as Miami's top-performing luxury condo market, leading all neighborhoods with a 37.5% increase in year-over-year sales.

• Coral Gables emerged as the fastest-selling region in overall Miami (consisting of coastal mainland Miami and Miami Beach), with homes spending a median of 55 days on the market.

• Coconut Grove and Coral Gables recorded the lowest inventory levels at 5 months each, making them Miami's most seller-friendly areas.

• Brickell posted Miami’s highest inventory level at 43 months, positioning it as the city's strongest buyer's market.

Coconut Grove stood out as Miami’s clear market leader with record quarterly sales, limited inventory, and sustained interest from globally recognized business leaders (detailed below). At the other end of the spectrum, Brickell and Downtown were coastal mainland Miami’s strongest value plays, where continued price pressure and elevated inventory gave buyers a decisive negotiating advantage.

Median Sale Price

Closed Sales

Months of Inventory

Download our in-depth PDF for a full analysis of Miami’s luxury condo market in Q2 2026.

Brickell

• Median sale price down from $3,168,000 to $2,800,000, an 11.6% year-over-year decrease.

• Closed sales down from 12 to 10, a 16.7% year-over-year decrease.

• Months of inventory down from 53 to 43 months, an 18.9% year-over-year decrease.

Brickell posted one of the softest performances in Q2 2026, with both median sale price and closed sales down compared to last year’s high season. Although inventory improved from Q2 2025, it remained the highest in Miami at 43 months, with new deliveries such as Una and Viceroy Brickell bringing more high-design options to the mix.

Blackbook Recommends: With inventory far exceeding the ideal 9–12-month range, Brickell offers one of Miami's strongest value opportunities for luxury buyers and long-term investors. Meanwhile, sellers should focus on strategic pricing and partner with a brokerage that has deep local expertise to maximize their property’s exposure and achieve the best possible outcome.

Downtown Miami

• Median sale price down from $4,300,000 to $3,300,000, a 23.3% year-over-year decrease.

• Closed sales down from 11 to 7, a 36.4% year-over-year decrease.

• Months of inventory up from 23 to 32 months, a 39.1% year-over-year increase.

Downtown Miami delivered a strong value play this quarter in the $2-million-and-up threshold, with a sharp year-over-year price correction that can be explained partly by the predominance of smaller units being sold and partly by the effects of a buyer’s market.

Coupling this with year-over-year sales activity dropping by more than a third and a significant jump in inventory levels, Downtown is one of the city’s strongest buyer’s markets.

Blackbook Recommends: Buyers and investors with a long-term outlook can capitalize on today’s negotiating leverage to secure premium properties at prices that would have been much more difficult to achieve under balanced market conditions of 9–12 months. Meanwhile, sellers should attune prices to today's market if they want to stand out among abundant alternatives, especially with newly constructed inventory entering the mix.

Edgewater

• Median sale price up from $2,600,000 to $2,850,000, a 9.6% year-over-year increase.

• Closed sales up from 11 to 13, an 18.2% year-over-year increase.

• Months of inventory down from 35 to 20 months, a 42.9% year-over-year decrease.

With prices rising nearly 10%, sales accelerating to their highest second-quarter levels, and inventory contracting by almost half, Edgewater was one of Miami’s key markets to watch. While inventory remains above the 9–12-month threshold of a balanced market, it will be interesting to see how prices and inventory respond to the slower pace of Q3 and Q4 in addition to the influx of new inventory with the completion of Aria Reserve's North Tower.

Blackbook Recommends: Edgewater has evolved into one of Miami’s most desirable enclaves. Its elevated inventory, backed by a steady pipeline of high-end developments, including Villa Miami and Elle Residences, is expected to keep the door open for buyers into 2027. We anticipate prices for older and mid-range properties to soften, while the delivery of new luxury inventory should continue to raise the ceiling for the median sale price over the next two years.

Coconut Grove

• Median sale price up from $2,647,500 to $2,825,000, a 6.7% year-over-year increase.

• Closed sales up from 24 to 33, a 37.5% year-over-year increase.

• Months of inventory at 5 months, tied as the lowest in our analysis along with Coral Gables.

Momentum continues to build in Coconut Grove, one of the market’s key players, with every major indicator pointing in a positive direction. In Q2 2026, the Grove reported Miami's strongest year-over-year sales growth, as quarterly volume climbed to a record 33 sales and inventory dropped to just five months.

Landmark purchases—beginning with Citadel CEO Ken Griffin’s nearly $107-million waterfront acquisition in 2022 and followed by Google cofounder Larry Page’s $188-million-plus purchase of three homes earlier this year—have elevated the Grove’s profile as a world-class residential destination, while the neighborhood’s growing business appeal has even pushed office rents to rival Manhattan levels. 

Blackbook Recommends: As demand remains robust, sellers currently have real leverage and shouldn't feel pressured to discount pricing. Buyers who find the right property should act decisively before this new wave of interest pushes prices even higher.

Our local experts can help you secure the right opportunity in the right neighborhood for you.

Coral Gables

• Median sale price up from $2,400,000 to $2,775,000, a 15.6% year-over-year increase.

• Closed sales up from 5 to 6, a 20% year-over-year increase.

• Months of inventory at 5 months, tied as the lowest in our analysis along with Coconut Grove.

Coral Gables delivered coastal mainland Miami’s strongest price appreciation in Q2 2026, with a rise in both median sale price and closed sales. Inventory tightened to one of Miami’s lowest levels, below the 9–12-month range, making it a seller-friendly market.

Although sales activity was limited to six transactions in the $2-million-plus threshold, demand continued to outpace supply, making this a quiet but impressive market with strong long-term potential.

Blackbook Recommends: We view this price growth as a positive signal rather than an absolute benchmark. While sellers should remain flexible, buyers should also expect to compete for well-positioned properties in this supply-constrained market.

Coastal Mainland Miami Neighborhood Comparison

Conclusion

As we move into the historically softer third quarter, we expect coastal mainland Miami's luxury condo market to remain largely stable, with potential to outperform last year's sales activity. Buyer confidence should stay supported by multiple tailwinds, including additional taxes for high earners in New York, California, and Washington; generally stable HOA costs; and Florida’s proposed homestead-tax relief.

Although we expect stable pricing overall, primarily buoyed by new-construction inventory entering the market, performance will vary vastly by neighborhood, inventory type, and building age.

Looking ahead, we see inventory levels increasing as the market enters the seasonally slower second half of the year and a steady stream of new developments comes to market. Having tracked multiple condo-market cycles in Miami, we anticipate a buyer’s market to persist in most coastal mainland areas, with the notable exceptions of Coconut Grove and Coral Gables.

Every neighborhood tells a different story. If you’d like guidance on purchasing your next Miami property, our expert team is ready to help with deep local knowledge and data-backed insights. Call, text, or email us to begin your journey.