Inhabit by Corcoran

“Miami’s market continues to be defined by confidence. Buyers are transacting because they want to be here, not because they’re trying to time the market. We’re seeing particularly strong demand at the luxury end, continued competition for single-family homes, and a condo market that’s broadening as more buyers return across a wider range of price points. The luxury market remains exceptionally active, while the return of entry-level buyers is creating a healthier, more balanced market overall.

At the same time, shrinking inventory – particularly in the single-family segment – is keeping competition elevated and supporting pricing. Together, those trends reinforce what we’ve seen for several years now: Miami has evolved into one of the country’s most resilient luxury housing markets, attracting buyers who are making long-term lifestyle and investment decisions with confidence.”

– Pamela Liebman, Corcoran’s President & CEO

Luxury Demand Is Driving the Market

The biggest story this quarter is the continued strength of the high-end market. Luxury isn’t simply holding steady – it’s outperforming. Miami continues to attract both domestic and international wealth because buyers view it as a long-term lifestyle and investment destination.

• On the Miami Beaches, single-family sales over $5 million more than doubled year-over-year, while sales above $10 million nearly tripled, helping push the median sale price up 77% to $4.9 million and the average sale price up 35% to $8.3 million.
• On the Coastal Mainland, sales above $5 million increased approximately 47% YOY, significantly outperforming the market overall, while $10 million-plus sales nearly tripled. This helped drive a record median single-family price of $2.29 million (+15%) and an average sale price of $3.8 million (+27%).

Single-family homes continue to outperform every other segment.

Buyers continue to prioritize space, privacy and lifestyle, and single-family inventory simply isn’t keeping pace. We’re seeing both rising sales and rising prices simultaneously — the healthiest indicator of demand.

• Miami Beaches single-family closings increased 37% YOY to 129 sales, the highest second quarter in four years.
• Coastal Mainland single-family sales rose 29% YOY to 298 closings, marking the fifth consecutive quarter of annual sales growth and best quarter since early 2022.
• Pricing continued climbing:
  • Miami Beaches median price: +$77% to $4.9 million
  • Miami Beaches average price: +$35% to $8.3 million
  • Coastal Mainland median price: +$15% to a record $2.29 million
  • Coastal Mainland average price: +$27% to $3.8 million

Condo sales are recovering, even as the market becomes more segmented.

The condo market is diversifying – we’re seeing greater participation from buyers at lower price points while luxury condo buyers remain active. Headline pricing only tells part of the story; it’s the mix of what’s selling that has changed.

• Condo sales increased for the fourth consecutive quarter on the Beaches, rising 15% YOY to 808 closings, their highest level since the second quarter of 2024.
• On the Coastal Mainland, condo sales climbed 18% YOY to 927 transactions, continuing the recovery that began earlier this year.
• Pricing tells a more nuanced story:
  • Miami Beaches median condo price fell 4% to $630,000 amid a recovery at the low-end, but the average sale price increased 6% to $1.68 million, driven by a nearly 30% increase in $5 million-plus sales.
  • On the Mainland, median condo price declined 5% to $590,000, while average price slipped just 3% to $948,000, largely reflecting fewer sales above $3 million rather than weakening overall demand.

Inventory continues to tighten, favoring sellers.

Demand has strengthened while available inventory has continued to shrink. That’s creating a very healthy environment for sellers. Unless we see a meaningful increase in new listings, competition is likely to remain elevated through the second half of the year.

• Inventory declined across nearly every major market:
  • Miami Beaches single-family inventory: 303 homes (-24% YOY) – the lowest second-quarter inventory in three years.
  • Miami Beaches condo inventory: 3,548 listings (-17%).
  • Coastal Mainland single-family inventory: 484 homes (-22%).
  • Coastal Mainland condo inventory: 4,374 listings (-10%).
• At the same time, transaction activity accelerated:
  • Beaches single-family sales +37%
  • Mainland single-family sales +29%
  • Beaches condo sales +15%
  • Mainland condo sales +18%
• More buyers are competing for fewer available homes – a combination that continues to support pricing.

Read the full report