Closing 2024 on a remarkably strong note, Q4 2024 data clearly shows that Miami is no longer a seasonal market. As mentioned in our previous quarterly market reports and videos, Miami is gradually transitioning into a dynamic year-round market, which is now evidenced by the numbers. Both fourth-quarter and annual sales, along with prices, reported a year-over-year increase, demonstrating growth that has outperformed historical trends and the national housing market.

In our 2024 annual analysis, the combined neighborhood of Coconut Grove & Coral Gables emerged as the leading luxury condo market in Miami. The pairing recorded the highest percentage sales growth, fastest days on market, and lowest inventory levels, highlighting the growing popularity and investment potential of condos in these lush, tropical neighborhoods.

In our fourth-quarter analysis, the Greater Downtown Miami area emerged as a top-selling market for luxury condos. The grouping also reported the lowest days on market, again highlighting buyer preference for Miami’s mainland neighborhoods that keep them closer to all the financial action and cultural hotspots.

The take-away? With the market transitioning into a buyer’s market, a key question has emerged: Will Miami condo prices go down in 2025? The simple answer is no. While we do not anticipate any significant price drops in the near future, we do expect a slight correction as the market adjusts to the recent increase in insurance costs and condo association fees. However, we must emphasize that this increase will ultimately improve the market value of older condo buildings and enhance the overall quality of life.

To sum up, we expect only moderate price gains or stabilization in 2025, with adjustments anticipated in certain segments of the condo market, particularly for older condos built before 2014 that would still hold long-term value once the repairs and recertifications are executed.

Watch our deep dive into the nuances of the 2025 Miami Luxury Market

$2M+ Condo Market: We’ve been mentioning for months that the definition of luxury has changed in Miami. When we first reported on Miami's luxury condo market over a decade ago, our criteria included properties starting at $600,000. By 2018-19, we adjusted this threshold to include properties priced at $1 million and above.

Now, with the market shifting into a new normal, true luxury is considered to begin at about $2.5 million in Miami. This shift is primarily driven by the buying frenzy that kicked off during the pandemic and has continued with business migration bringing in more wealthy families and high-income individuals. As a result, for a $2.5 million price tag, you can expect to purchase a spacious and well-appointed 2-bedroom, 2-bathroom condo in one of the newer, amenity-loaded buildings. However, those looking for a single-family home-sized condo that competes with the global standards of luxury should expect a price tag between $2 to $5 million for non-waterfront in prime neighborhoods, and $5 to $15 million and up for waterfront single-family homes.

In our commitment to providing you with the most accurate and relevant data, we will update our condo statistics in 2025 to reflect true luxury starting at $2 million. As a preview, we’ve included our findings for Q4 2024 and 2024 in this segment towards the end of this report.

Key Statistics for Q4 2024

Q4 2024 Overall Miami Luxury Condo Market - Closed Sales: 343

• Year-over-Year Change in Closed Sales: +17.9% (343 vs 291 sales in Q4 2023)
• Quarter-over-Quarter Change in Closed Sales: +6.5% (343 vs 322 sales in Q3 2024)

Q4 2024 Overall Miami Luxury Condo Market – Median Sales Price: $1.7M

• Change in Median Sales Price: Flat ($1.7M in Q4 2024 vs $1.69M in Q4 2023)

Q4 2024 Overall Miami Luxury Condo Market – Inventory: 22 months

Key Statistics for 2024 (Annual Trends)

Total Closed Sales (2024) - Overall Miami Luxury Condo Market: 1486

• 2024-over-2023 Change in Closed Sales: +1.6% (1486 vs 1462 total sales in 2023)

Median Sales Price (2024) - Overall Miami Luxury Condo Market: $1.75M

• Change in Median Sales Price: +4.6% (2024 vs 2023)

Is this a buyer’s or seller’s market? As predicted, Miami's luxury condo market closed the year as a buyer's market. Based on our experience as luxury real estate experts monitoring Miami's housing trends for years, we expect inventory to exceed the 9-12-month benchmark of a balanced market through 2025. Even if sales maintain their current pace, the influx of completed pre-construction condos anticipated to enter the market in 2025 will keep inventory levels high, reinforcing the prevailing buyer's market.

If you’re considering selling your Miami condo, call or email us for a market evaluation and consultation on how you can yield the best results in this buyer-friendly environment. We’ve helped countless sellers like you close with gains even in the most challenging buyer’s market cycles.

— Q4 2024 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY

— 2024 MIAMI LUXURY CONDO ANNUAL MARKET SUMMARY

Read on for a closer look into a neighborhood-wise breakdown of our quarterly and annual findings for Q4 2024, plus the overall statistics for 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 & Bal Harbour, and Sunny Isles Beach.

— Q4 2024 & Annual – Miami Luxury Condo Market Sales 

Quarterly Sales up 17.9% from Q4 2023

With 343 sales, Miami’s luxury condo market recorded its second-best fourth quarter in the new normal established post-2020. In a quarter otherwise known to be one of the slowest of the year (based on historical data), the market outpaced year-ago sales by 17.9% (291 sales in Q4 2023) and exceeded quarter-over-quarter volumes by 6.5% (322 in Q3 2024) – proving that the market is now rife with activity throughout the year.

Based on historical data analysis, as luxury housing experts, we expect the first quarter of 2025 to kick off the year on a high note. We further anticipate that the market will keep its momentum from the fourth quarter, if not accelerate to a higher pace, steadily supported by ample buyer demand and the onset of high season in spring (as noted from historical trends).

Q4 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 data comparison for Q4 2024 (above), Greater Downtown Miami emerged as Miami’s strongest market in terms of growth, ending Coconut Grove & Coral Gables’ five-quarter winning streak. This urban core outperformed other neighborhoods in our analysis with a 33.3% increase in year-over-year sales.

A micro-analysis of Miami’s sub-markets, inclusive of districts such as Coconut Grove, South Beach, Sunny Isles Beach, Brickell, etc., revealed that Edgewater topped popularity charts in Q4 2024 – leading market growth with the highest percentage increase of 70% in year-over-year sales (34 in Q4 2024 vs 20 in Q4 2023).

Brickell – also known as the Manhattan of the South with the influx of businesses – continued reporting the highest sales volume of all the neighborhoods under our review, closing the final quarter with an impressive 68 sales. The business district was closely followed by Sunny Isles Beach, reporting a total of 61 sales in Q4 2024.

Despite an uptick in market momentum, the 12-month sales trendline for the overall Miami market downshifted into a negative curve in Q4 2024 from a positive in Q3 2024. Coconut Grove & Coral Gables, Brickell, Edgewater, and Fisher Island were the only neighborhoods to deviate from this trend and report a positive trajectory in Q4 2024.

2024 Annual sales positively steady

With 1,486 annual sales, 2024 concluded with a slight uptick owing to a stronger Q3 and Q4 compared to the same periods of 2023. Marginally (1.6%) up from 1,462 sales in 2023, 2024 reported stable volumes with a slight improvement in overall activity – indicating great market health.

Annual 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 into a neighborhood-wise sales comparison (above), Coconut Grove & Coral Gables (collectively) expectedly retained its title as the strongest market of 2024 – reporting 19.9% growth in 2024-over-2023 sales. This was reasonably expected, considering the pairing remained a top-seller with some of the lowest days on market for luxury condos for five consecutive quarters starting Q3 2023. 

In a more in-depth analysis of our sub-markets, Coconut Grove & Coral Gables (collectively) and Edgewater emerged as the most popular markets for luxury condo buyers in 2024. Coconut Grove & Coral Gables reported a 20% increase in annual sales compared to the previous year (223 in 2024 vs 186 in 2023), while Miami’s Edgewater neighborhood followed close with an 18% uptick in annual sales (122 in 2024 vs 103 in 2023).

In terms of volume, Sunny Isles Beach reported the highest number of luxury condo sales in 2024 (295), closely followed by Brickell with 281 annual sales, of all neighborhoods under our review.

— Q4 2024 & Annual – Miami Luxury Condo Market Prices

Q4 2024 Price/SF up 3.1% year-over-year to $980/SF

Even in a buyer’s market, sellers continued receiving great returns on their luxury condo investments in Miami. Closing Q4 2024 at a median Price of $980 per Square Foot, the statistic reported a 3.1% gain in year-over-year value. Most Miami neighborhoods in our quarterly review contributed to this statistic by reporting gains or a flat price year-over-year.

Luxury condos in Fisher Island delivered maximum gains to sellers in Q4 2024, closing with the highest percentage increase in year-over-year price per square foot. Prices in this sub-market increased from $1,854 in Q4 2023 to $2,552 in Q4 2024, recording a 38% increase in year-over-year value.

Expectedly, Fisher Island continued leading the charts as the most expensive zip code for luxury condos in Miami and South Florida, recording a median price of $2,552 per square foot. On the other hand, Downtown remained the most affordable entry point into Miami’s luxury condo market this fourth quarter, reporting a median price of $744 per square foot.

Q4 2024 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.

Annual (2024) Price/SF at record-high of $983

Overall, luxury condos in Miami recorded their highest Price per Square Foot to date in 2024, reaching $983/SF on an annual basis – indicative of the enduring demand for high-end properties. Compared to $950/SF in 2023, the statistic recorded a 3.5% year-over-year gain. Almost all the neighborhoods under our review contributed with an increase in their annual price per square foot, except Surfside & Bal Harbour.

Luxury condos in Mid-North Beach, followed by South Beach and Fisher Island, provided maximum gains to sellers in 2024, reporting the highest percentage increase in year-over-year price per square foot.

Mid-North Beach took the lead by reporting a 15% increase in year-over-year prices ($1,181/SF in 2024 vs $1,029 in 2023). Annual Prices in South Beach increased to $1,367/SF in 2024 from $1,198/SF in 2023, while those in Fisher Island improved to $2,216/SF in 2024 from $1,970/SF in 2023 – recording a 14% and 13% gain, respectively.

Fisher Island remained the most expensive zip code for luxury condos, recording an annual price of $2,216/SF. In contrast, Downtown Miami held onto its position as the most affordable neighborhood, offering buyers a median price of $763/SF. 

Annual 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.

— Q4 2024 & Annual – Miami Luxury Condo Days on Market

Q4 2024 Days on Market up 11% year-over-year – Luxury condos took 71 days to sell

Even with good market momentum, luxury condos sold 11% slower in Q4 2023 compared to a year ago (71 days in Q4 2024 vs 64 days in Q4 2023). This uptick is mainly caused by a few Miami neighborhoods, such as Coconut Grove & Coral Gables and Surfside & Bal Harbour, reporting sharp increases in their days on market statistics.

Subscribe to this blog to stay tuned and find more days on market details in our upcoming, in-depth market reports analyzing Miami’s three major condo markets – Miami Beach, Greater Downtown Miami, plus Coconut Grove & Coral Gables.

Taking only 54 days to sell, the combined neighborhood of Mid-North Beach emerged as the fastest-selling condo market this fourth quarter. On the other hand, Fisher Island reported the highest days on market in Q4 2024, as luxury condos took 180 days to sell on average.

Q4 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. 

Luxury condos took 2.5 months (median) to sell in 2024

Overall, in 2024, luxury condos sold 9.9% slower than a year-ago, indicating some buyer hesitation in an otherwise healthy market (78 days in 2024 vs 71 days in 2023).

Coconut Grove & Coral Gables remained the fastest-selling market of 2024 (on an annual basis), as luxury condos took only 58 days to sell, just like in 2023. However, almost all Miami neighborhoods under our annual analysis reported an increase in the number of days luxury condos spent on the market, listing to closing, except for Fisher Island.

Annual 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.

— Q4 2024/Year-end – Miami Luxury Condo Market Inventory 

Overall Months of Inventory Up to 22 months

As predicted in our Q3 2024 luxury condo market report, months of inventory increased during Q4 2024, even as sales picked up pace in an otherwise slower quarter (as per historical trends). At 22 months, the statistic ranged above the 9-12-month ideal of a balanced market – closing 2024 as a buyer’s market.

Overall, in Q4 2024, months of inventory recorded a 22.2% increase from 18 months a year ago. Compared to all other neighborhoods under our review, the combined neighborhood of Coconut Grove & Coral Gables continued to report the lowest months of inventory (11 months), keeping its title as Miami’s most dynamic luxury condo market.

Looking ahead, as luxury condo market experts, we foresee that inventory will continue trending above the 9-12-month balanced range. With demand expected to keep pace and more new construction product anticipated to enter the market this year, Miami’s luxury condo market will continue being a buyer’s market through 2025, with a few segments offering balanced opportunities.

Q4 2024 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

Q4 2024 MIAMI $2M+ CONDO MARKET SUMMARY

2024 MIAMI $2M+ CONDO ANNUAL MARKET SUMMARY

Q4 2024 Sales up, Price/SF down, Days on Market up

A closer look at the $2 million-and-up condo market data reveals the following key trends for Q4 2024:

• Reporting 139 sales, Q4 2024 closed with 15.8% higher sales than in Q4 2023 (120 sales). This increase demonstrates the sustained interest in luxury properties in Miami, just like the $1 million-and-up market detailed above.
• Closing Q4 2024 at $1,405/SF, prices in this segment declined 4.8% year-over-year from $1,475/SF in Q4 2023 – hinting at the possibility of price saturation/stabilization in this premium category.
• At 90 days, Q4 2024 posted a 25.3% increase in Days on Market compared to the 79 days reported in Q4 2023. As professionals dealing in the luxury condo market for almost two decades, we recommend against reading too much into this increase at the moment. Since properties of this caliber must appeal to a specific segment of buyers; therefore, spending three months on the market is not considered overly long for condos priced at $2 million and above.

Annual (2024) Sales up, Price/SF flat, Days on Market flat

A detailed analysis of the $2 million-plus condo market shows the following key annual statistics for 2024:

• Recording 638 total sales, 2024 closed with 11.9% more sales than in 2023 (570 sales). This suggests that the luxury condo segment priced over $2 million experienced greater growth than the million-dollar-and-up condo market mentioned above, indicating its potential to gain a larger market share.
• Closing 2024 at a median of $1,444/SF, annual prices remained stable, with a slight adjustment of +1.1% from $1,429/SF in 2023. As luxury housing experts, we anticipate prices in this premium category to offer only moderate appreciation or report a slight correction moving into 2025, even as demand remains steady.
• At 90 days, 2024 reported the same Days on Market as 2023, indicating a healthy market pace for this premium segment.

— Q4 2024 & Annual Miami Neighborhood Luxury Condo Market Summary

With quarterly and annual sales exceeding expectations, Miami’s luxury housing market closed 2024 on a high note. Q4 2024 sales were second only to the record-high reported in the booming market of Q4 2021, posting the second-best 4th-quarter sales in Miami’s new normal era. On an annual basis, sales remained stable in 2024, even slightly exceeding 2023 levels. 

What’s further noting is that even as the buyer’s market came into full effect, quarterly and annual prices remained unaffected. Instead, the Q4 2024 and annual 2024 Price per Square Foot reported a 3% gain each in year-over-year values. Additionally, the days on market statistics increased quarterly and annually to 71 and 78 days, respectively, but stayed within a healthy range.

As reported previously, luxury condo inventory increased towards the end of the year, resulting in a complete buyer’s market. This means buyers will have access to a wider selection of homes within their preferred price bracket, along with the edge in negotiations.

Meanwhile, sellers are advised to adjust their price expectations based on the current market mood. However, certain condo segments may still enable them to make a profit.

Call, text, or email us for a deeper dive into these segments and to have a seasoned professional navigate this buyer-friendly market for you.

— Miami Luxury Housing Market Predictions – 2025

As the market wrapped up 2024 on a strong note, the next key question is: What is the real estate market forecast for Miami in 2025? With years of expertise as condo market specialists and a deep understanding of current trends, we anticipate the following factors to influence Miami’s luxury condo market in 2025:

• With the new presidential administration in office, it is clear that Miami will take centerstage as a political and financial hotspot as politicos frequent Mar-a-Lago. This, paired with Florida ranking as the best-performing state economy for the second consecutive year with a 9.3% increase in business applications in 2023, is expected to bring a significant boost to the luxury housing market in Miami.
• According to the latest report on IRS’ migration data, the average adjusted gross income of new residents in Miami-Dade County is $175,600, significantly higher than those who left ($98,800). We expect the continued influx of high-income out-of-towners and Miami’s newfound status quo to continue fueling demand for luxury housing in 2025.
• With the upcoming 2026 FIFA World Cup and the domino effect of the likes of Citadel relocating to Miami, we further expect our expanding economy to attract wealthy buyers and top talent from across the globe.
• With a significant number of pre-construction condos in development designed to deliver ultra-luxury condos meant for end users, we expect this spectacular range to draw more attention from international investors, centi-millionaires, and ex-pats who demand a high quality of life. However, this influx of inventory is also expected to keep Miami’s luxury condo segment a buyer’s market through 2025.
• We anticipate a mix of elevated mortgage rates (roughly 6.8%) and the recent increase in condo association fees and insurance costs (which will ultimately prove to be an advantage in the long run) to be mood dampeners in 2025. These factors combined could negatively affect the demand for luxury housing in Miami.
• Given that Miami's luxury condo market is primarily cash-based, with approximately 70% of million-dollar sales in 2024 in Miami-Dade County being all cash, we anticipate that this will help offset the above-mentioned negatives.

To stay tuned for our exclusive, in-depth analysis of the Q4 2024 luxury condo market in Miami and annual stats for 2024, 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 this data or want a market assessment of your property, please contact us directly or via our social media @blackbookproperties.