Miami Beaches & Coastal Mainland Market Report: 2Q 2025
“What we’re seeing in Miami right now is a healthy market correction. After the frenzied pace of the past few years, it’s no surprise that sales have cooled and inventory is building. Buyers are being more deliberate, and sellers are adjusting to a new rhythm. That said, the top of the market is still showing remarkable resilience. When a property delivers on location, design, and overall quality, it doesn’t just attract interest – it often commands a premium. The ultra-luxury buyer may be more selective, but they’re not going anywhere.”
– Pamela Liebman, Corcoran’s President & CEO
The second quarter of 2025 confirmed what many anticipated: the Miami real estate market is continuing to cool off.
- In Miami Beach, single-family home sales dropped 18% year-over-year, while condo closings fell an even steeper 27%, making this one of the slowest second quarters for condo sales in the area since 2013 – second only to the pandemic year.
- Meanwhile, on the Coastal Mainland, single-family activity remained steady but flat, with sales unchanged for the fourth consecutive quarter. Condo activity there declined for the 13th straight quarter, reinforcing a clear and persistent downtrend in demand.
With fewer buyers in the market and slower sales velocity, inventory has steadily built up across both the Beaches and the Coastal Mainland.
- Active listings for both condos and single-family homes rose by over 20% annually, hitting five-year highs in Miami Beach and marking seven straight quarters of inventory growth in the Mainland.
- The increase suggests more sellers are testing the market, but buyers are either waiting on the sidelines or negotiating harder amid shifting conditions.
Pricing data this quarter painted a nuanced picture.
- In Miami Beach, both average and median single-family home prices posted double-digit declines – driven by a steep 58% drop in ultra-luxury ($10M+) closings.
- In contrast, average and median condo prices increased in both regions YOY, largely driven by a reduced share of older condo sales (pre-1990), which skewed pricing upward.
Despite the broader market’s slowdown, marquee deals continue to close at the top of the market — demonstrating that the ultra-wealthy remain active, though more selective.
- Miami Beach saw a record-setting $74.2M sale at 88 La Gorce Circle, while the Jade Signature penthouse closed for $28.6M, or $2,456 per square foot.
- Over on the Coastal Mainland, Coral Gables recorded a $23.4M waterfront sale, and Brickell’s Four Seasons Residences penthouse sold for $14.8M.
- These transactions underscore continued confidence in Miami’s luxury sector – albeit at lower volumes than during the pandemic-fueled frenzy.
