“While overall sales activity in Miami Beach cooled in the first quarter, the luxury market told a very different story. We saw exceptional strength at the high end, with a significant rise in $10 million-plus sales driving average prices sharply higher. It’s clear that high net worth buyers remain confident in Miami’s long-term value, especially when it comes to newer, best-in-class properties. And as inventory begins to rise, we’re seeing the market move toward a healthier balance — creating fresh opportunity on both sides of the deal.”

– Pamela Liebman, Corcoran’s President & CEO

Miami Beaches Highlights

The Miami Beach real estate market slowed in Q1 2025, but prices at the high end told a very different story. Prices didn’t just hold; they climbed significantly, especially at the top of the market. The average price for a single-family home jumped 54% to $7.5 million, and the median hit $3.7 million. That surge was driven in part by a 65% spike in $10M+ sales. On the condo side, demand for newer, luxury product helped push the average price up 12%, and the median up 14%.

Inventory is also trending upward. Listings for single-family homes rose 12%, while condo inventory jumped 23% to over 4,300 units — the highest in four years. So while sales activity is cooling, the market remains very active at the high end, and supply is starting to catch up.

Condo closings fell 10% year-over-year to approximately 600 units, marking the 12th decline in the past 13 quarters and the slowest first quarter since 2013.

• With price growth driven by newer properties, average condo price rose 12% year-over-year to $1.56 million and median price increased 14% to $700K. Price gains were largely due to sales being concentrated at newer, high-end developments.
• Listed condo inventory rose 23% year-over-year. This brought total active listings to 4,306 units, the highest level in four years.
• The most expensive condo transaction was at The Surf Club N1021, which sold for $27.5 million and achieved a remarkable $5,168 per square foot.

Single-family home sales dropped 14% YOY. This marks the second-lowest first-quarter total in over ten years

• Average sale price rose 54% to $7.5 million, while median sale price increased 25% to $3.7 million. A 65% year-over-year increase in $10M+ sales helped drive prices higher.
• Active listings rose 12% year-over-year to 462 homes.
• The highest-priced single-family transaction was at 40 Palm Avenue on the South Beach Islands, which sold for just over $45 million.

Miami Coastal Mainland

The Miami Coastal Mainland single-family market stayed strong in Q1, with sales up 1% YOY — the third consecutive quarter of growth. It was the busiest first quarter since 2021, with the median price rising 9% to $1.9 million and the average price jumping 31% to $3.6 million. Luxury homes over $5 million made up 20% of sales, up from 7% last year.

Meanwhile, the condo market continued its decline. Sales dropped 14%, marking the 12th straight quarter of YOY declines and the slowest Q1 in over 13 years. Prices dipped slightly, and inventory surged, with active listings up 48%. Even at the high end, activity was muted

• Condo sales declined, inventory made large gains, and prices rose due to a predominance of new development closings.
• Single-family homes sales made minor gains, up 3% YOY, supply rose by almost half, and prices saw increased as the market share of sales over $5M rose from 5% a year ago to 15% in 4Q 2024.

The condo/co-op and townhouse market on the Miami Coastal Mainland continued to struggle in Q1 2025, with sales and prices seeing declines while inventory surged.

• Condo sales dropped 14% year-over-year to 723 closings, marking the 12th consecutive quarter of declines and the slowest first quarter for condo sales in over 13 years.
• Condo prices saw single-digit annual declines in both average and median price figures, reflecting the softer demand in the market.
• Active condo listings increased 48% year-over-year, highlighting the rising supply as demand softened, leaving more properties on the market.

The Miami Coastal Mainland single-family home market remained strong in Q1 2025, with rising sales and prices, especially in the luxury segment.

• Single-family home sales rose 1% YOY to 197 closings, marking the strongest first quarter since 2021.
• The median price for single-family homes increased 9% to $1.9 million, and the average price jumped 31% to $3.6 million. A significant driver of this price growth was the increase in the share of sales over $5 million, which rose to 20% from 7% last year.
• The highest-priced single-family sale of the quarter was a waterfront estate at 4445 Sabal Palm Avenue, which sold for $85M, the highest-priced closing in Miami-Dade County since May 2024.

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