A line the market crossed
Both things are true at once: record pricing at the top, and roughly 19 months of luxury inventory.
Miami’s luxury condominium market crossed a line in 2025. For the first time, the annual median price per square foot for $1M-plus condominium sales finished above $1,000, at $1,030 — a gain CondoBlackBook (20 February 2026) says was boosted mostly by new construction entering the market.
Thresholds like this are usually reported as milestones and then forgotten. This one is worth keeping, because it marks the point at which Miami stopped being priced as a discount to the established American luxury markets and started being priced alongside them.
Volume kept climbing
424 luxury condominiums closed in the first quarter of 2026, up 15.2% year over year, at a median of $1,841,000. The $2M-plus segment posted 204 sales, up 25.9%. Price per square foot held at $1,040 in Q1 2026, down 3.7% year over year (CondoBlackBook, 26 May 2026).
And yet inventory stayed heavy
The same market carried roughly 19 months of luxury inventory. Both things are true at once, and understanding why is the difference between overpaying and buying well.
Record pricing does not mean scarcity. It means the transactions that are happening are happening at high prices, while a substantial amount of product sits. Sellers of genuinely trophy assets have almost no pressure. Sellers of everything else are competing against months of alternatives.
The buyer’s read
Nineteen months of inventory is leverage. The mistake is treating a headline price-per-square-foot record as evidence that you have no room to negotiate. The record describes closed trophy transactions. It does not describe the building you are looking at.
The seller’s read
If your apartment is genuinely in the top tier — position, floor, line, building condition — the data supports your price. If it is a good apartment in a competent building, you are one of many, and the $1,030 figure is not your comparable.
Ask which one you own before you set a number.
A county-recorded read on your own building, not the median
A market median tells you the weather. The sales in your building tell you the forecast. Run the valuation tool for the recorded range in yours, then ask Josh for the sales behind it — dates, sizes and rates per square foot.
Frequently asked questions
What was Miami’s median price per square foot for luxury condominium sales in 2025?
$1,030 for $1M-plus condominium sales, the first full year the annual median finished above $1,000.
Does record pricing mean there is no inventory?
No. The luxury segment carried roughly 19 months of inventory even as median prices set records, because high closed prices and heavy standing supply can coexist.
What was the Q1 2026 luxury condo median?
$1,841,000, from 424 closed luxury condominium sales, up 15.2% year over year.