Miami’s $1M+ condo market closed 2025 on a soft, but stable note. Despite year-over-year declines in both Q4 2025 and annual sales, signs of renewed buyer confidence late in the year (attributed to tailwinds we discuss in this Miami housing market report), lead us to anticipate a stronger 2026.
Miami’s price per square foot recorded year-over-year gains in both our Q4 2025 and annual review. Reaching a record 2025 $1,030/Sq. Ft. stat confirming that the $1,000 mark is no longer a peak, but an established floor for Miami’s maturing luxury condo market.
Miami Beach emerged as the standout comeback story of 2025, leading the market in both sales growth and price per square foot appreciation when compared to the broader Greater Downtown and Coconut Grove and Coral Gables (combined) markets.
Still, Coconut Grove and Coral Gables (combined) continued to set the pace in terms of market velocity, logging the shortest days on market and lowest levels of inventory among the three Miami markets reviewed on an annual basis.
— Q4 2025: Key Statistics for Luxury Condos in Miami in Q4 2025
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Closed Sales: 330
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Year-over-year Change in Closed Sales: -7.8% (330 vs. 358 sales in Q4 2024)
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Quarter-over-quarter Change in Closed Sales: -2.7% (330 vs. 339 sales in Q3 2025)
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Median Sales Price: $1.78M
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Year-over-year Change in Median Sales Price: +3.9% ($1.78M vs. $1.71M in Q4 2024)
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Quarter-over-quarter Change in Sales Price: -3.4% ($1.78M vs. $1.84M in Q3 2025)
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Median Price/Square Foot: $1,011
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Year-over-year Change in Price/Sq. Ft.: +2.0% ($1,011 vs. $990 in Q4 2024)
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Quarter-over-quarter Change in Price/Sq. Ft.: Flat-positive (+0.7%; $1,011 vs. $1,003 in Q3 2025)
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Inventory: 23 months
— Annual 2025: Key Statistics for the Overall Miami Luxury Condo Market
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Closed Sales: 1,464
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Year-over-year Change in Closed Sales: -2.5% (1,464 vs. 1,502 total sales in 2024)
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Median Sales Price: $1.8M
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Year-over-year Change in Median Sales Price: +2.1% ($1.8M vs. $1.76M in 2024)
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Median Price/Square Foot: Record Price of $1,030
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Year-over-year Change in Median Price/Sq. Ft.: +4.5% ($1,030 vs. $986 in 2024)
— Miami’s $2M+ Condo Market
As prices have continued to increase, Miami’s luxury segment now starts at around $2.5 million, with ultra-luxury typically starting in the $10-$15 million range. Our Q4 2025 review of this upper tier shows that while volumes declined 2% year-over-year amid seasonal cooling, shorter days on market reflected a healthy market pace.
Pricing remained stable on a per-square-foot basis, while an 11% increase in the median sales price suggests buyers gravitated toward more expansive properties. Furthermore, early Q1 2026 data show prices are still increasing.
For a deeper dive, check out our $2M+ Spotlight section at the end of this report.
— Is Miami a seller’s or a buyer’s market?
With inventory remaining above the ideal 9-12-month range, Miami’s luxury condo market closed 2025 as a buyer’s market. Drawing on years of monitoring luxury housing cycles, we anticipate a gradual recalibration in 2026.
Positive buyer sentiment, owing to more predictable HOA costs, lower mortgage rates compared to a year ago, and a weaker U.S. dollar encouraging international activity, should help absorb this surplus and guide the market toward more balanced conditions by year-end or early 2027.
— The Takeaway
Each time we enter a new year, there’s a widespread concern of “Will the housing market crash in 2026?” Based on the data presented in this year-end review and our real-time observations of buyer behavior, the evidence suggests otherwise. Momentum-building catalysts outlined in this exclusive report are already gaining traction and should translate into stronger sales activity as motivated buyers re-enter the 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 an exceptional track record of helping sellers achieve outstanding results, we're here to help you buy or sell with satisfaction.
Q4 2025 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY
2025 MIAMI LUXURY CONDO ANNUAL MARKET SUMMARY
Read on for a closer look at a neighborhood-wise breakdown of our quarterly and annual findings for Q4 2025, plus the overall Miami market statistics for 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.
Q4 2025 & Annual – Miami Luxury Condo Market Sales
Quarterly YoY Sales: Down 7.8% from Q4 2024
With 330 sales, Miami’s luxury condo market closed the year a bit soft, posting a 7.8% decline in year-over-year volumes. This does not come as a surprise in a quarter that has historically been one of the slowest of the year. This slowing also coincides with buyers being in the early stages of responding to improving market fundamentals like mortgage rates dropping to 12-month lows, insurance premiums declining by double digits, and a stabilization in HOA fees after months of increases.
Quarter-over-quarter, sales were down 2.7% compared to Q3 2025. This cooling again aligns with the market’s expected seasonal adjustment.
As luxury housing experts, we expect the full impact of the above-mentioned positives to play out as early as Q1 2026, positioning Miami’s luxury condo market for a healthy start to the year and supporting our outlook for a more robust 2026.
Q4 2025 Miami Neighborhood Condo Sales at a Glance
*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown
**The Miami Beaches is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.
In a broader Q4 2025 sales comparison across Greater Downtown, the Miami Beaches, and the combined market of Coconut Grove and Coral Gables, the beachside neighborhoods again outpaced the rest, building on the momentum noted in Q3 2025.
This quarter, Miami Beach (collectively) emerged as the only submarket to post year-over-year growth, reinforcing its position as Miami’s top-performing luxury condo market. Sales increased 7.2% year-over-year, in contrast to the declines reported by the mainland groupings.
In a more detailed breakdown by Miami’s neighborhoods, including districts such as Brickell, Edgewater, South Beach, Sunny Isles Beach, and others, Mid-North Beach led market growth stats with a 50% increase in year-over-year closed sales (36 in Q4 2025 vs. 24 in Q4 2024).
Meanwhile, Sunny Isles Beach regained its position as a buyer favorite, reporting the highest number of closings (69) this fourth quarter.
With the year closing on a softer note, the 12-month sales trendline for the overall Miami market shifted from flat in Q3 2025 to slightly negative in Q4 2025. While this trajectory would typically suggest a further slowing, our real-time observations of returning buyer interest lead us to anticipate a healthy, if not stronger, start to 2026.
2025 Annual Sales: Slower but Stable
With 1,464 annual sales, 2025 closed 2.5% below 2024 volumes. In a year marked by cautious buyer behavior, this modest decline reflects a measured cooling, mainly driven by decreased sales in the Greater Downtown Miami area, highlighting the underlying strength and long-term potential of Miami’s overall luxury condo market.
Miami Annual Neighborhood Condo Sales at a Glance
*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown.
**The Miami Beaches is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.
A closer look at the three submarkets in our annual review reveals that Miami Beach emerged as the strongest performer of 2025, posting a 4.1% increase in year-over-year total sales. This marks a notable comeback for the city’s beachside neighborhoods, where renewed momentum over the final two quarters boosted volumes, allowing Miami Beach (collectively) to overtake the combined market of Coconut Grove & Coral Gables, which had led growth trends since 2023.
On a more in-depth, neighborhood-wise analysis, South Beach emerged as a market leader. The popular destination reported a 19% increase in annual sales compared to the previous year (274 in 2025 vs 230 in 2024), the highest percentage growth of all the neighborhoods in our analysis.
In terms of volume, both South Beach and Sunny Isles Beach emerged as buyer favorites, reporting the maximum number of luxury condo sales in 2025 (274 each).
Q4 2025 & Annual – Miami Luxury Condo Market Prices
Quarterly Prices: Q4 2025 Price/Sq. Ft. up 2% year-over-year to $1,011/Sq. Ft.
Continuing the trend established in Q1 2025 of prices exceeding the $1,000 per square foot mark, Miami’s luxury condo market closed the year strong, with a median price of $1,011 per square foot. This new threshold signals a significant shift, reinforcing the market’s long-term appreciation trajectory and the growing premium attached to newer condo developments as well as well-located, lifestyle-driven properties.
It’s important to note that the 2% year-over-year price appreciation reported in Q4 2025 was largely attributable to newly delivered luxury inventory in 2025. Based on our daily client interactions, pricing across most existing segments showed signs of softening in response to the current buyer’s market, indicating that this overall gain was primarily supported by the latest wave of high-end completions, including Five Park, Aston Martin Residences, 72 Park, and Aria Reserve (south tower).
The Median Sales Price also followed suit, increasing 3.9% year-over-year from $1,710,000 in Q4 2024 to $1,777,500 in Q4 2025.
Having stepped into the first quarter of 2026, we expect prices to remain stable and even experience minor corrections in certain older segments. We further expect price pressure to continue for investor-type and Airbnb-friendly properties in neighborhoods such as Downtown Miami, which will likely be resolved by year-end 2026 or early 2027. But we anticipate the luxury segments to potentially appreciate.
For a detailed trend analysis of prices by building year, subscribe to this blog and be the first to receive our upcoming, comprehensive Miami Luxury Condo Market Report for Q1 2026.
In our neighborhood-wise review, luxury condos in Mid-North Beach recorded the strongest price gains in Q4 2025, reporting the highest percentage increase in year-over-year price per square foot. Property values in this submarket increased from $918 in Q4 2024 to $1,165 in Q4 2025, posting a 27% year-over-year uptick.
Maintaining its long-standing position as Miami’s priciest zip code, Fisher Island recorded the highest price per square foot at $2,801 among all neighborhoods in our quarterly analysis. Meanwhile, Downtown Miami offered the most competitively priced luxury condos in Q4 2025, with median values at $722 per square foot.
Q4 2025 Miami Condo Stats 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.
2025 Annual Prices: Price/Sq. Ft. closes at record-high of $1,000+
In 2025, Miami’s luxury condo market crossed the $1,000 per square foot threshold for the first time in Q1, and maintained that strength throughout the year, boosted mostly by new construction condos entering the market. Closing at a record annual median price of $1,030 per square foot, the year marked a defining milestone, solidifying Miami’s standing as a mature high-end real estate destination.
Compared to $986/Sq. Ft. in 2024, the overall price per square foot recorded a 4.5% year-over-year appreciation, mainly powered by the increases in Miami’s beachside neighborhoods.
At the neighborhood level, Fisher Island emerged as the most lucrative market of 2025 by providing sellers with maximum gains. This exclusive island neighborhood reported a 14% uptick in year-over-year prices ($2,523/Sq. Ft. in 2025 vs $2,216 in 2024), the highest percentage increase among all Miami neighborhoods in our analysis.
Fisher Island also retained its distinction as Miami’s most expensive zip code for luxury condos, with an annual price of $2,523/sq. ft. Ft. In contrast, Downtown Miami offered the most affordable entry point, with median prices at $726/Sq. Ft.
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 2025 & Annual – Miami Luxury Condo Days on Market
Quarterly Days on Market: Q4 2025 Days on Market up 28% year-over-year—Luxury condos took 91 days to sell
Luxury condos took longer to sell in Q4 2025, with the median days on market increasing 28% to 91 days from 71 days a year earlier. A majority of the neighborhoods in our fourth-quarter analysis also recorded similar increases, reflecting the slower pace of the year-end market. However, as leading luxury market experts, we expect a stabilization to unfold by mid-2026 as returning buyer interest coincides with the onset of high season in spring 2026.
In a broader comparison of the three submarkets outlined below, Miami’s urban core of Greater Downtown stood out as Miami’s fastest-selling in Q4 2025, with properties taking only 86 days to sell on median. Within this grouping, the bayfront neighborhood of Edgewater led performance, recording the shortest median selling time at 65 days.
Q4 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.
2025 Annual Days on Market: Luxury Condos Took 3 Months (Median) to Sell in 2025
Considering 2025 was a year of buyer hesitation, an increase in days on market was anticipated. Overall, luxury condos sold 12.8% slower across Miami compared to the previous year (88 days in 2025 vs 78 days in 2024). Again, with buyer confidence returning, we expect to see a correction in this trend in 2026.
Among the three major groupings analyzed, Coconut Grove & Coral Gables (combined) once again emerged as the fastest-selling market on an annual basis, maintaining the lead for a third consecutive year. Luxury condos in this pairing sold within just 74 days (on median) in 2025.
Miami 2025 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 2025/Year-end – Miami Luxury Condo Market Inventory
Overall Inventory Up to 23 months
As predicted in our Q3 2025 Miami luxury condo market analysis, inventory increased to 23 months by year-end 2025. Given the slower winter market pace, Months of Inventory levels rose 4.5% from 22 months a year ago and 21% from 19 months in the previous quarter.
Compared to the three broader Miami markets in our annual analysis, the combined segment of Coconut Grove & Coral Gables once again stood out with the lowest levels at 11 months, reaffirming its status as Miami’s most dynamic luxury condo market.
At 23 months, overall inventory closed above the 9-12-month balanced range, concluding 2025 as a solid buyer’s market. This surplus continued offering buyers the leading edge in negotiations with a larger variety of housing options now available within their preferred price bracket.
However, as luxury condo market specialists, we observed a notable shift as the year drew to a close. Select buildings and submarkets started showing signs of a recalibration toward balanced conditions, particularly in high-quality, well-maintained residences. Early indicators suggest renewed strength in premium inventory.
Moving into 2026, we expect these top-end segments to stabilize first, with high season (typically in Q2) absorbing a considerable portion of the overall surplus, nudging the broader market to a more balanced footing instead of completely playing into the hands of buyers.
Q4 2025 Miami Condo Months of 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 – Prices Up 11%
Q4 2025 MIAMI $2M+ CONDO MARKET SUMMARY
Q4 2025 Sales down, Median Price up, Days on Market down
A closer look into the $2 million-and-up condo market data reveals the following key trends for Q4 2025:
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Reporting 146 sales, fourth-quarter volumes declined 2% year-over-year. This slightly softer close to the year aligns with our findings for the $1 million-and-up market discussed above, indicating that cautious buyer sentiment also weighed on the “true luxury” tier.
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Closing Q4 2025 at a median price of $3,500,000, up 11% YoY, prices are strong. However, at $1,446 per square foot, per square foot prices in this segment stayed flat year-over-year, adjusting only -0.2% from $1,449 a year ago, showing signs of stabilization in this premium category.
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At 93 days, the average days on market decreased 11.4% from 105 days in Q4 2024, underscoring the enduring appeal and underlying strength of Miami’s top-tier luxury segment.
In our annual analysis of the $2 million-plus condo segment, prices showed gains similar to the broader $1M+ category, confirming great value for condo sellers. However, the real estate stats showed the $2M+ segment recorded slightly stronger sales activity compared to 2024, underscoring higher demand for Miami’s ultra-luxury properties compared to the $1M+ market. Days on Market also increased at a slower pace than in the $1M+ tier, indicating better alignment between buyer-seller expectations.
Combined, these indicators reinforce our view as market experts that well-positioned properties, especially those that exceed buyer expectations, carry inherent strength and are likely to outperform as Miami’s real estate market continues to evolve and mature.
Q4 2025 & Annual Miami Neighborhood Luxury Condo Market Summary
Closing the year on a slightly softer note, Miami’s luxury condo market reported a 7.8% year-over-year decrease in fourth-quarter volumes and a modest 2.5% decline in total sales versus 2024. Given last year’s uncertainty around mortgage rates, higher HOA fees, and broader economic policy shifts, this moderation was expected. Yet prices across the board held or gained.
And, as news of positive tailwinds began gaining traction late in the year, we anticipate buyer confidence will build gradually, setting the stage for a stronger 2026.
What’s further worth noting is that even as a buyer’s market came into full effect and certain segments reported a softening, quarterly and annual prices posted consistent gains. In Q4 2025, the price per square foot closed at $1,011 with a 2% year-over-year increase. Overall, in 2025, prices closed at a record $1,030/sq. ft. Ft., reporting a 4.5% increase over 2024.
Expectedly, condos took longer to sell and inventory expanded to 23 months, keeping the market buyer-friendly as the year came to a close. However, heading into 2026, we expect the following factors to boost market momentum and bring it into a more balanced position.
Miami Luxury Housing Market Predictions – 2026
Drawing on two decades of luxury condo market expertise and close monitoring of broader economic trends, we expect the following catalysts to shape a robust 2026:
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Mortgage rates dropped from roughly 7% in January to 6.18% by year-end 2025, helping reignite buyer interest. Combined with greater stability (and even reductions) in HOA costs, driven by double-digit declines in insurance premiums, legislative reforms relaxing reserve and fee requirements, plus most buildings completing their structural integrity reserve studies, we anticipate a more motivated buyer pool emerging in 2026.
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With the FIFA World Cup approaching, Miami is poised to experience a boost in short-term rental activity, with record pricing and occupancy levels expected across the luxury segment. Historically, major global events have not only elevated rental demand but also translated into increased property exposure, as visitors experience the city firsthand. While we do not expect a dramatic surge in sales solely tied to the event, we reasonably anticipate an above-average summer.
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In 2025, Miami surpassed New York as a major U.S. city with the most $1M-plus homes. Beyond the well-documented influx of New Yorkers since the pandemic, we are now seeing increased interest from West Coast markets.
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The relocation of founders and firms (Mark Zuckerberg to Indian Creek, Peter Thiel’s Thiel Capital to Wynwood, Larry Page to Coconut Grove, and Palantir’s headquarters to Aventura) highlights an even more intense migration of capital and influence. We expect this evolving buyer base to further fuel momentum for the top-end of Miami’s luxury condo market.
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In addition to strong domestic demand, we foresee a resurgence of international buyers as the U.S. Dollar weakens against several major currencies. A more favorable exchange-rate environment means more foreign participation, especially Latin American buyers, who accounted for about 86% of the international buyer pool for pre-construction condos between January 2024 and October 2025.
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As per the Savills 2025/2026 Branded Residences Report, Miami ranks second only to Dubai in the global pipeline of branded residences. In 2026, we expect branded residences, such as Cipriani Residences Miami, Four Seasons Residences Coconut Grove, and St. Regis Residences Sunny Isles, with clear lifestyle positioning to continue generating strong demand. We also anticipate compelling new opportunities to enter the market in the sub-$5 million range, as developers respond strategically to the current buyer’s market, further amplifying global interest in Miami’s pre-construction condo market.
To stay tuned for our exclusive, in-depth analysis of the annual and Q4 2025 Miami luxury condo market, subscribe to this blog as we will soon be rolling out separate reports for overall Miami, 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 reach out to us directly or via our social media @blackbookproperties.