2024 Downtown and Edgewater Real Estate Market Trends & Forecast Q1-Q3

Highlights for 2024.

Downtown and Edgewater have both seen a drop in sales and an increase in inventory making it firmly a buyer’s market. Luxury Sales have really slowed in these markets as buyers favor Brickell or high-level new construction alternatives. We have seen 137 new listings downtown with 22 at Aston Martin Residences and 39 at Paramount Miami Worldcenter. Paramount Miami Worldcenter has seen only 7 closings this year, leading to an oversupply in these buildings. Many investor-driven condos are also contributing to high inventory levels. This is the weakest market on the mainland currently.

Buyers, sellers, and Investors advice.

• Buyers have excellent negotiation power and there are some superb condos offering excellent value now (1000 Museum is a good example). Stay clear in low-grade investor-driven condos saturated with rentals.
• For sellers be realistic.
• For investors, grab a deal or focus elsewhere!

Commentary on specific transactions and Predictions for 2025.

Top sales were in 1000 Museum and Aston Martin and will continue in 2025. Looking ahead, the broader market is expected to remain soft, with many condos relying on the rental market. Watch out for rising HOA fees.

Current inventory in Edgewater
Current Inventory in Downtown
Show me the Downtown Condo Analytics where I can see actual sales and specific price point data.
Show me the Edgewater Condo Analytics where I can see actual sales and specific price point data.