Q3 2025 Miami Luxury Condo Market Summary: $2M+ Market Surges; Healthy Momentum, Moderate Price Gains Overall

In a quarter expected to show signs of a slowdown, Miami’s luxury condo market reported both year-over-year sales growth and price gains. This strong performance indicates that the market remained steady, even as a buyer's market took hold with surplus inventory, proving once again why Miami remains a magnet for global luxury real estate investors. 

Miami Beach (collectively) emerged as the market to watch among the three major sub-markets in our quarterly analysis, which also include Greater Downtown and the combined market of Coconut Grove and Coral Gables. Posting the highest year-over-year sales growth in both sales and pricing, Miami Beach proves that buyers continue to gravitate toward properties with close proximity to the water, reaffirming our most recent Miami buyer sentiment observations.

Meanwhile, the combined neighborhood of Coconut Grove and Coral Gables continued to be the swiftest-moving submarket for luxury condos, recording the lowest days on market and inventory levels among the three Miami submarkets analyzed.

—   Key Statistics for Luxury Condos in Miami in Q3 2025

Closed Sales: 333

• Year-over-year change in Closed Sales: +3.1% (333 vs. 323 sales in Q3 2024)
• Quarter-over-quarter change in Closed Sales: -22.0% (333 vs. 427 sales in Q2 2025)

Median Sales Price: $1.8M

• Year-over-year change in Median Sales Price: +4.3% ($1.8M vs. $1.73M in Q3 2024)
• Quarter-over-quarter change in Median Sales Price: -5.3% ($1.9M vs. $1.8M in Q2 2025)

Median Price/Square Foot: $995

• Year-over-year change in Price/Sq. Ft.: +2.7% ($995 vs. $969 in Q3 2024)
• Quarter-over-quarter change in Price/Sq. Ft.: -2.8% ($995 vs. $1,024 in Q2 2025)

Inventory: 20 months 

• Year-over-year change in Months of Inventory: +25.0% (20 vs. 16 months in September 2024)
• Quarter-over-quarter change in Months of Inventory: +5.3% (20 vs. 19 months in June 2025)

—  Is Miami a Seller's or Buyer’s Market Right Now?

As inventory continues to range above the ideal 9-12 months, Miami remains firmly in a buyer’s market. Based on our experience as luxury condo experts monitoring Miami's housing trends for years, we anticipate that inventory will stay elevated through the last quarter of 2025.

That said, we also believe that several key tailwinds—such as interest rate cuts, insurance rate drops which ultimately help bring down HOA fees, a weakening dollar attracting foreign buyer interest, and potential exits from New York following the November elections—could all begin shifting momentum in a positive direction as early as Q1 2026, helping absorb surplus inventory and nudging Miami’s luxury condo market towards a balanced position.

—  Miami’s $2M+ Condo Market Update

Miami’s definition of “luxury condos” has evolved over the past decade from beginning at the $600K mark to $2.5 million. Today, buyers seeking spacious, amenity-rich condos in newer buildings are entering around the $2 million threshold, whereas ultra-luxury properties start in the $10-$15 million range.

In the $2M+ condo segment, detailed towards the end of this report, demand for Miami’s top-tier luxury condos showed zero sign of slowing, with sales up 15.2% year-over-year. 

Prices also remained stable, demonstrating that the ultra-luxury market held its value even as we entered the historically slower phase of the year.

— The Takeway 

As expected, the pent-up demand from a mixed peak season in the second quarter appears to be surfacing now, with sales momentum rising 3.1% year-over-year. Prices also posted an uptick, defying the typical downward pressure of a buyer’s market.

As we head into the fourth quarter, we do not anticipate a significant surge in sales activity yet. However, we do expect continued stability through the holiday season, followed by a renewed upswing beginning in Q1 2026 as the tailwinds outlined above take effect and more positive headlines gain traction.

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.

Q3 2025 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY

Read on for a closer look at a neighborhood-wise breakdown of our findings for Q3 2025:

For the purpose of this Miami luxury condo market report, we've only included properties priced $1 million and above, and a second segment for properties priced $2 million and above. The neighborhoods 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.

— Q3 2025 – Miami Luxury Condo Market Sales 

Overall Sales Volume up 3.1% compared to Q3 2024

With 333 sales, Q3 2025 volumes logged a 3.1% increase compared to the 323 sales recorded during the same period last year, suggesting that pent-up demand likely kicked in after a relatively slower high season. 

Buyer confidence appeared to strengthen in line with the expectations outlined in our Q2 2025 Luxury Housing Market Report, demonstrating healthy market activity in what is generally the start of Miami’s seasonal slowdown.

Quarter-over-quarter, sales were down 22% compared to Q2 2025, which aligns with historical trends as the market naturally paces down after a higher-energy second quarter.

Going into the typically one of the slower quarters of the year, we expect Miami’s luxury condo market to sustain its positive momentum, buoyed by several key momentum drivers: interest rates dipping to 12-month lows, insurance rates easing by double digits, and the “Mamdani effect” bringing an influx of wealthy New Yorkers to South Florida. 

As seasoned experts in the luxury condo market, we anticipate these shifts to gain full traction over the next few quarters, reinforcing our strongly optimistic outlook for 2026.

Q3 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 Q3 2025 sales comparison across Greater Downtown, Miami Beaches and the combined market of Coconut Grove and Coral Gables, the beachside neighborhoods outpaced all others.

Miami Beach (collectively) emerged as Miami’s strongest luxury condo submarket, recording the highest year-over-year sales growth at 19.5%, while Miami’s urban core grouping reported a decline. Interestingly, this beachside grouping also surpassed the combined submarket of Coconut Grove and Coral Gables, which had consistently been leading growth trends in Miami since 2023.

In a more detailed breakdown by Miami’s neighborhoods—including districts such as Brickell, Edgewater, and Sunny Isles Beach—Surfside and Bal Harbour (combined) emerged as the top-performing neighborhood this third quarter. Leading market growth with the highest percentage increase in year-over-year sales, luxury condos in these compact yet highly sought-after communities recorded an incredible 50% increase in closed sales (30 in Q3 2025 vs. 20 in Q3 2024).

However, Coconut Grove and Coral Gables did not completely lose out on its position as a buyer favorite, as the combined submarket recorded the highest number of closings (58) this third quarter.

In contrast, the luxury condo market in Greater Downtown Miami reported maximum seasonal impact with a 17% drop in year-over-year sales (97 in Q3 2025 vs. in Q3 2024).

Even with a bit of seasonal slowdown taking hold, the 12-month sales trendline for the overall Miami market only transitioned from a positive curve in Q2 2025 to a flat line in Q3 2025. This rather stable adjustment reaffirms our view that improving buyer confidence could help sustain momentum in the upcoming quarter.

— Q3 2025 – Miami Luxury Condo Market Prices

Price/Sq. Ft. up 2.7% year-over-year to $995/Sq. Ft.

Q3 2025 closed with a median price of $995 per square foot, recording a 2.7% year-over-year increase. However, our daily interactions with clients, along with a 7.7% decline from the peak of $1,078 per square foot reported in Q1 2025, indicate that prices have generally softened. 

This modest third-quarter gain is largely driven by new luxury inventory entering the market—including recent completions such as Five Park, Aston Martin Residences, 72 Park, and Aria Reserve (south tower)—which naturally command premium prices.

The median sales price also followed suit, recording a 4.3% year-over-year increase, but 5.3% decline quarter-over-quarter.

Given that sellers have been responding to the current buyer’s market with price adjustments, we expect pricing to remain stable or experience mild corrections heading into the final quarter of the year. However, a potential Mamdani win in New York’s mayoral elections could upend this outlook, triggering renewed migration from the Northeast and driving Miami’s luxury condo prices higher.  

Luxury condos in South Beach delivered the strongest price gains to sellers in Q3 2025, posting the highest percentage increase in year-over-year price per square foot. Values in this submarket rose from $1,123 in Q3 2024 to $1,538 in Q3 2025, logging a 37% year-over-year uptick. It is also worth noting that prices in Fisher Island and Brickell reached record highs this third quarter. 

As always, Fisher Island held onto its distinction as Miami’s most expensive zip code, recording the highest price per square foot at $2,708 among all neighborhoods in our analysis.

In contrast, Downtown Miami continued offering buyers the most affordable entry point into Miami’s luxury condo market in Q3 2025, with a median price of $718 per square foot.

Q3 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.

— Q3 2025 – Miami Luxury Condo Days on Market

Days on Market up 3.9% year-over-year; Luxury condos took 81 days to sell

Luxury condos sold at a slightly slower pace than last year, likely reflecting the ripple effects of a softer peak season. Reporting an average of 81 days on market in Q3 2025, the statistic clocked 3.9% higher than the 78 days recorded in Q3 2024. However, most neighborhoods in our analysis recorded a decline in this metric, suggesting healthy buyer-seller communication.

Coconut Grove and Coral Gables (combined) remained Miami’s fastest-selling market, with luxury condos taking just 56 days on average to sell. In contrast, Fisher Island reported the highest days on market, with properties taking an average of 115 days to sell. 

Q3 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.

— Q3 2025 – Miami Luxury Condo Market Inventory 

Overall Inventory Up to 20 months

As the market transitioned into the slower half of the year, inventory levels expectedly rose to 20 months, aligning with historical patterns. The statistic was 5.3% higher than the previous quarter’s closing at 19 months, and 25% higher than the 16 months recorded during the same period a year ago.

With 20 months of inventory, levels remain above the 9-12-month range associated with a balanced market, concluding Q3 2025 as a buyer’s market. This surplus gives buyers a wider range of luxury condos within their preferred price bracket and a decided edge in terms of negotiations.

Looking ahead, as luxury condo market specialists, we expect inventory to remain above the balanced range of 9-12 months through the final quarter of 2025, before gradually declining in response to the tailwinds previously mentioned.

Q3 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 

Q3 2025 MIAMI $2M+ CONDO MARKET SUMMARY

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

A closer look into the $2 million-and-up condo market data reveals elevated momentum plus the following key trends for Q3 2025:

• With 152 closed sales, there was a 15.2% uptick in year-over-year activity. This confirms our observation that the influx of recently completed luxury condo products over the past year has boosted buyer interest in this true luxury segment, even as the market shifted into the typically slower half of the year. 
• Closing Q3 2025 at $1,445 per square foot, prices in this segment stayed almost flat year-over-year, reporting a marginal decrease of 0.6% from $1,453 a year ago.
• At 84 days, the average days on market increased 20% from 70 days in Q3 2024, shifting in line with the trends noted in the $1 million-and-up segment.

— Q3 2025 Miami Neighborhood Luxury Condo Market Summary

As anticipated in our Q2 2025 luxury housing market report, sales momentum increased in an otherwise slower third quarter, showing signs of renewed buyer confidence with year-over-year growth, following a sluggish, or delayed, peak season.

In Q3 2025, prices closed with a 2.7% year-over-year uptick, indicating that sellers received stable value for their properties, even as we anecdotally observed prices softening across the broader market.

Although condos took slightly longer to sell and inventory expanded to 20 months, the market continued to demonstrate good health with buyer interest resurfacing. 

Entering the year’s final stretch, Miami remains firmly in buyer’s market territory; however, the factors listed below could quickly shift the balance as we head into 2026.

— Miami Luxury Housing Market Predictions: Year-end 2025 & Q1 2026

Based on our extensive experience as condo market specialists, plus our analysis of Miami’s evolving luxury housing market and broader national trends, we foresee the following factors propelling the market into positive territory in 2026:

• Mortgage rates have already fallen to their lowest level in nearly a year (6.19% at the time of this posting), and are expected to further dip to 6% by year-end amid further Federal Reserve cuts. At the same time, insurance premiums continue to trend down by double digits. 

• These, together with Governor DeSantis’ HB 913 and HB 393 bills strengthening HOA reserve and fee requirements, while also allowing more time for condo HOAs to fund their reserves, should bring greater predictability to ownership costs and boost buyer confidence heading into 2026.

• Miami has surpassed New York as the world’s No. 1 destination for ultra-high-net-worth buyers seeking second homes in 2025. Add to that the Miami vs New York cost of living debate, potential post-election migration from New York should Zohran Mamdani win the mayoral election, and we could be on the brink of Miami’s next luxury surge cycle.

• With the FIFA World Cup drawing closer, Miami is poised to welcome up to one million visitors next year as a result—a development that is set to benefit short-term-rental investors and shine a spotlight on the city’s expanding pipeline of new-construction luxury residences. Add a weaker dollar to the mix, and we expect a fresh wave of international Miami buyers fueling luxury condo demand.

• Although surplus inventory continues to keep the market buyer-friendly, an increasing number of sellers are adjusting prices to align with current sentiment. As a result, we expect this excess supply to largely be absorbed by the first half of 2026, bringing Miami’s luxury condo market closer to equilibrium and creating equal opportunity for all.

To stay tuned for our exclusive, in-depth analysis of the Q3 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.