2025 Miami Condo Market Trends | What Buyers and Sellers Need to Know

2025 Condo market Insights  Inventory and Pricing Trends

The Miami condo market in 2025 reflects a gradual shift from seller dominance to a more price-sensitive, buyer-influenced environment. While headline metrics—like average price per square foot—have either held or edged up across most price ranges, underlying indicators such as increased inventory, longer days on market, and a spike in expired listings point to softening demand and growing inefficiencies. Buyers are more selective, negotiations are returning, and only the best-located, well-priced, high-quality units are trading efficiently.  This is no longer a “rising tide lifts all boats” environment. Precision matters—in pricing, product quality, and location. Would you like a shorter executive summary version of this for email or presentation use?

$10M+ Luxury Condo Market

• Where were the most sales? This year, high-end activity has been concentrated in Sunny Isles, Surfside, South of Fifth, and parts of Coconut Grove.
• The top-selling buildings in this price range include: Estates at Acqualina, Fendi Château, Surf Club Four Seasons, Continuum, Park Grove and Grove at Grand Bay
• Expired listings surged from 63 in 2024 to 113 in 2025, marking an 80% increase. A significant number of these expirations occurred at St. Regis in Bal Harbour. No other neighborhoods or condos stood out in terms of expired listings during this period.
• The listings with the most days on the market are primarily located on Fisher Island, South of Fifth, and Sunny Isles.
• Final Verdict:  The $10M+ condo market in Miami shows mixed signals but remains resilient overall. Sales volume has increased, with more condos now trading above $3,000 per SF. However, the average price per SF has dipped slightly, suggesting a shift toward more value-conscious buyers. Sellers are negotiating less, as indicated by rising close-to-list ratios and a slight decrease in median days on market. Despite this, expired listings have surged by 80% year-over-year, signaling that overpricing is still a major issue. Additionally, rising inventory levels have weakened the absorption rate, giving buyers more leverage in negotiations. This trend seems to reflect a growing divide between well-positioned, highly desirable properties (especially in Sunny Isles, Surfside, South of Fifth, and Coconut Grove) and those that are either mispriced or outdated. The market is no longer indiscriminately rewarding luxury; it’s now focused on the right product, at the right price, and in the right location. One significant trend not visible on the MLS is the shift toward ultra-luxury new developments in Miami, such as Delmore, Mandarin Oriental, Rivage, Perigon, andSt. Regis Brickell. These projects are taking precedence over older properties, offering long-term views and state-of-the-art amenities. With many of these ultra-luxury developments selling out quickly, buyers are less inclined to consider older products at similar price points.

$6M-$10M Condo Market

• Expired Listings Growth
  The number of expired listings in the first few months rose from 111 to 141 year-over-year, marking a 27% increase.
• Which Markets Are Struggling to Sell?
  Certain high-end condo markets in Miami, such as the urban core, Bal Harbour, and Sunny Isles, are facing an oversupply of listings with minimal sales activity. These areas are also seeing some of the highest average days on market, suggesting either limited buyer demand or pricing misalignments.
• Iconic Developments with Extended Market Times
  Prestigious luxury developments, including Aqualina, St. Regis Bal Harbour, Armani Casa, Porsche Design Tower, One Thousand Museum, and Turnberry Ocean Club, are experiencing extended market times, with many condos remaining unsold for long periods.
• Intense Competition from New Condos in Prime Locations. Many buyers are opting for newly built condos along the beach and in the urban core, drawn to the benefits of appreciating prices and modern interiors that meet the latest standards and codes.
• Verdict:  Despite a modest dip in sales volume (-3%), the market has seen a 4% rise in average price per square foot, reaching $2,272. There was a slight increase in condos selling above $2,000 per SF (+9%), and ultra-luxury sales ($3,000+ per SF) remained stable year-over-year. The highest recorded sale in 2025 reached $4,871 per SF at Continuum, a 25% increase from the previous year’s peak. However, signs of market imbalance are emerging. Inventory levels surged by 39%, rising from 23 to 32 months, while median days on market jumped 70%, from 91 to 154 days. This indicates that properties are taking longer to sell. Additionally, the close-to-list price ratio decreased from 92.5% to 88%, reflecting increased negotiations and potential overpricing. Expired listings also saw a 27% year-over-year rise. Some of Miami’s most iconic developments—such as Aqualina, St. Regis Bal Harbour, Armani Casa, Porsche Design Tower, and One Thousand Museum—are struggling to attract buyers, lingering on the market for extended periods. The slow absorption in areas like Bal Harbour, the urban core, and Sunny Isles is largely due to an oversupply of overpriced inventory and a diminished sense of urgency among buyers. As David notes, properties that stand out and sell tend to be those with high-level custom finishes, unlike those with a more standard design.  In summary, while Miami’s high-end condo market remains resilient, it faces emerging challenges. Buyers are becoming more selective, and pricing precision is key for sellers in this evolving landscape.

Some condos have seen significant drops in value, and it’s important to address these details privately. Call me to learn which individual condos or units have fared the worst, so we can navigate these opportunities together.

$3M-$6M Condo Market

• Where are Sales Happening? Sales activity continued to be concentrated in Miami Beach and Sunny Isles, while neighborhoods like Bal Harbour, Edgewater, and Sunny Isles are showing higher months of inventory, indicating an oversupply and slower absorption rate.
• The number of high-end sales above $2,000 per SF remained consistent, with 22 in 2024 and 21 in 2025.
• Where is the Market Congested? Congestion is primarily happening in the Sunny Isles and downtown areas, where condos like Porsche Design Tower, Elysee, and Aston Martin stand out with a notably high number of listings.
• Interestingly, 40% of the market is priced above the already high average sales price of $1,680 per SF. A significant portion of these listings are found in the urban core, Bay Harbor Islands, and Aventura—areas where prices typically lag behind prime beachfront locations, yet sellers are still asking premium prices. This oversupply at elevated price points is contributing to market saturation and slowing overall absorption.
• Verdict: This section in the condo market may appear steady, but the cracks beneath the surface are growing. Rising inventory, longer time on market, and a buildup of overpriced listings—particularly in Sunny Isles, the urban core, and Aventura—suggest a shift toward a buyer-driven environment. Success in this segment will hinge on precision: sellers must align pricing with real value, and buyers should seize the opportunity to negotiate. With leverage clearly starting to shift, only the best-located, best-finished, and best-priced properties will move with confidence in this new cycle.

$1M-$3M Condo Market

• The upper echelon of this market also saw stronger performance, with sales above $2,000 per SF increasing by 36%—rising from 11 to 15 transactions. The highest price per square foot was recorded once again at the Setai, where values climbed 5.6% year-over-year from $2,700 to $2,850.
  While these sales were fairly distributed across different neighborhoods, inventory remains heavily concentrated in the urban core and along the beach—signaling possible oversupply in those areas.
• Verdict:  Sales volume declined by 13.4%, but an 8% rise in prices highlights sustained demand for quality properties, even amid a cooling pace. Ultra-luxury activity picked up, with a 36% increase in sales above $2,000/SF and a new price peak at the Setai reaching $2,850/SF. However, inventory is building—months of supply rose from 13 to 20, and days on market also increased, signaling a slowdown in absorption. Despite stable pricing trends, a buildup of listings in the urban core and beachfront areas suggests mounting oversupply in some of the city’s most desirable segments.

Only the best-located, best-finished, and best-priced properties will move with confidence in this new cycle.

2025 Miami Condo Market  | Rental Market Insights

The rental market is shifting toward higher-end brackets, with notable volume and pricing growth in the $20K+ segments. While lower-end activity remains dominant, softness is emerging in the $5–$10K volume. Mid-tier segments like $10K–$15K show volume growth but with some price resistance, indicating evolving renter preferences and price recalibrations.

Has the Top Dollar per SF Softened at the High End?

The top of Miami’s condo market remains active, but pricing trends are mixed:

• $10M+: High-end pricing held steady. In both 2024 and 2025, 4 condos sold above $4,000 per SF, with 9 total sales above $3,000 per SF in 2025 vs. 7 in 2024. The 2025 peak hit $6,587 per SF.

• $6M–$10M: Pricing climbed, with a 25% jump in the top sale — from $3,891 to $4,871 per SF, both at Continuum. The number of high-end sales above $2,000 per SF rose slightly from 22 in 2024 to 24 in 2025 (up 9%). Ultra-luxury strength held firm with 5 sales above $3,000 per SF each year.

• $3M–$6M: Pricing softened, with the top price per SF falling 18% from $3,650 to $3,000, though both peaks occurred at Setai. The number of sales above $2,000 per SF was nearly unchanged — 22 in 2024 vs. 21 in 2025. Sales remain focused in Miami Beach and Sunny Isles, while elevated inventory in Bal Harbour, Edgewater, and Sunny Isles signals oversupply and slower absorption.

• $1M–$3M: Performance improved. Sales above $2,000 per SF jumped 36%, from 11 to 15. The top sale at Setai rose from $2,700 to $2,850 per SF.

General Conclusion on the Miami Condo Market (2025)

The Miami condo market in 2025 reflects a gradual shift from seller dominance to a more price-sensitive, buyer-influenced environment. While headline metrics—like average price per square foot—have either held or edged up across most price ranges, underlying indicators such as increased inventory, longer days on market, and a spike in expired listings point to softening demand and growing inefficiencies.

Buyers are more selective, negotiations are returning, and only the best-located, well-priced, high-quality units are trading efficiently.  This is no longer a “rising tide lifts all boats” environment. Precision matters—in pricing, product quality, and location.

Would you like a shorter executive summary version of this for email or presentation use?

Connect with David.

If you want to know more about the 2025 Miami Condo Market and the trends that affect your personal situation please contact me today at 305.508.0899 or schedule a meeting via the application below.