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Miami Luxury Condo Price Index

The easy-to-use Miami Residence Realty index gives you an informational high-level look at the Miami market over time from February 2006 through present. Data is presented clearly in real time for use by savvy property buyers and investors. Use this information to assess changes in the value of luxury condos over time and make smarter purchasing decisions.
Luxury Condo Price Index, Miami FLReal Time Index Levels
Oct 30, 2024Index Level
3
Months Ago
6
Months Ago
12
Months Ago
18
Months Ago
Miami Luxury Condo Prices Interactive
The interactive graph above plots shifts in our index charts that follow the local Miami real estate market. View trends over time – from 2005 through present day. Data is presented in real time. Use this graph to monitor local trends in the Miami real estate market. Click the 'reset chart' circular arrow above to return to full view.

BUY Miami luxury condo market at-a-glance

Miami BUY statistics comparison, allows you to compare current quarter with previous. BUY in Miami Beach

Median Asking Price
4th Quarter 2024

4Q
2024

$778,000

2.63%

3rd Quarter 2024

3Q
2024

$799,000

6%

2nd Quarter 2024

2Q
2024

$850,000

4.23%

1st Quarter 2024

1Q
2024

$887,500

10.15%

$629 per sq.ft. ( $6,770 per M2)

Total Active Listings
4th Quarter 2024

4Q
2024

5,362

44.37%

3rd Quarter 2024

3Q
2024

2,983

43.21%

2nd Quarter 2024

2Q
2024

1,694

45.93%

1st Quarter 2024

1Q
2024

916

30.79%

Total Value $9,389,063,070

Occupancy Rate
4th Quarter 2024

4Q
2024

95.51%

1%

3rd Quarter 2024

3Q
2024

97.5%

1%

2nd Quarter 2024

2Q
2024

98.58%

1%

1st Quarter 2024

1Q
2024

99.23%

1%

Max $59,000,000 $28,000,000 53%
Min $153,000 $222,000 31%
Median vs. Average Asking Price (with Price Reduction Trend Line)
The above graphic compares the median (blue bars) vs. average (green bars) price side-by-side over time. This graph also charts price reduction percent (yellow trend line) over time. The median housing price is that which has the same quantity of price points below and above it. For example, if there were 101 properties taken into consideration, the median would be the price in the middle with 50 lower and 50 higher. The average sales price, however, is calculated by adding all sales prices together and dividing that total by the number of individual sales. When a home is initially listed at one price and later sold at a different price, we call that increase or decrease Negotiability, with price reduction measured as a percent.
Occupancy vs. Inventory
The graph above displays the relationship between occupancy rate (blue bars) alongside quantity sold (green trend line). A higher occupancy rate simply means properties are owner occupied or rented, while lower occupancy rates signify property vacancies.

SELL Miami luxury condo market at-a-glance

Miami BUY statistics comparison, allows you to compare current quarter with previous. BUY in Miami Beach

Average sold Price
4th Quarter 2024

4Q
2024

$1,038,175

6.99%

3rd Quarter 2024

3Q
2024

$1,116,183

5.85%

2nd Quarter 2024

2Q
2024

$1,050,918

2.72%

1st Quarter 2024

1Q
2024

$1,022,356

19.88%

$672 per sq.ft. ( $7,230 per M2)

Recorded closed sales
4th Quarter 2024

4Q
2024

64

50%

3rd Quarter 2024

3Q
2024

127

28%

2nd Quarter 2024

2Q
2024

91

3%

1st Quarter 2024

1Q
2024

88

21%

Price Reduction
4th Quarter 2024

4Q
2024

6.89%

0.35%

3rd Quarter 2024

3Q
2024

7.22%

1.72%

2nd Quarter 2024

2Q
2024

5.59%

1.25%

1st Quarter 2024

1Q
2024

6.78%

1.73%

days on market
4th Quarter 2024

4Q
2024

231

60days

3rd Quarter 2024

3Q
2024

291

81days

2nd Quarter 2024

2Q
2024

372

99days

1st Quarter 2024

1Q
2024

471

71days

Max Rent $200,000 $95,000 53%
Min Rent $1,525 $1,800 15%
Average Unit Sales Price by Number of Bedrooms
In the chart above, you can track average sales price growth based on the number of bedrooms in Miami. Use this chart to track trends in sales prices for studios (purple), one-bedrooms (blue), two-bedrooms (green), three-bedrooms (yellow), and four bedrooms or more (orange) over time – from 2005 through present day.
Ownership By Country
The above pie chart illustrates the current ownership mix for property sales throughout Miami, Florida. Use this helpful chart to better understand the country of origin for those purchasing properties. (Note that owners purchasing through an LLC or Corporation are not individuals but, instead, a legal entity.)
Median Sales Price vs. Number of Sales by Quarter
The above graph displays trends in median sales prices (blue bars) alongside the number of sales per quarter (green trend line). The median sales price is the price in the middle, with exactly half of those listed homes sold above that price and half sold below that price. For a sampling of 101 homes, the median sales price would be that which has 50 homes below and 50 homes above.

RENT Miami luxury condo market at-a-glance

Miami RENT statistics comparison, allows you to compare current quarter with previous. RENT in Miami Beach

Averange Rent
4th Quarter 2024

4Q
2024

$7,645/month

11%

3rd Quarter 2024

3Q
2024

$8,552/month

7%

2nd Quarter 2024

2Q
2024

$9,182/month

3%

1st Quarter 2024

1Q
2024

$8,899/month

5%

$4 per sq.ft. ( $43 per M2)

Total Units
4th Quarter 2024

4Q
2024

4,054

53%

3rd Quarter 2024

3Q
2024

1,917

45%

2nd Quarter 2024

2Q
2024

1,061

31%

1st Quarter 2024

1Q
2024

728

20%

AVGUnit Size 2,159 sq.ft. (201 M2)

Days on Market
4th Quarter 2024

4Q
2024

155

77days

3rd Quarter 2024

3Q
2024

232

112days

2nd Quarter 2024

2Q
2024

344

89days

1st Quarter 2024

1Q
2024

433

84days

Max $200,000 $200,000 0%
Min $1,525 $1,525 0%
Miami Neighborhoods At-a-Glance
The chart above offers a convenient side-by-side comparison of important data metrics across all major Miami neighborhoods. Use up and down arrows to sort by total units, average price, average square feet, and average price per square foot. Re-click the arrow to toggle between high-to-low and low-to-high column sort.
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