Journal · Miami Luxury Condos Blog
By Josh Stein · Florida license SL3057661 · Updated 8 October 2026
The $1,000 line, on the county record
Annual median price per square foot, qualified condo sales of $1M+ in the Miami-Dade buildings JSR tracks. Source: Miami-Dade County Property Appraiser.
Miami’s luxury condominium market did not cross $1,000 a square foot in 2025. On the county record, the annual median for $1M-plus condo sales in the Miami-Dade buildings we track first cleared $1,000 in 2020, at $1,060, fell back below it from 2021 to 2023, and has held above it since: $1,148 in 2024 and $1,124 in 2025.
The path matters more than the milestone. In 2020 roughly half of the $1M-plus sales were first closings at newly delivered towers, so brand-new trophy product set the median. Apartments that had already closed once were still trading at under $800 a square foot.
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Resales caught up
Count only resales and the median climbed from under $800 a square foot in 2019 and 2020 to $965 in 2023. It reached the $1,000 line in 2024 and passed it in 2025, at about $1,050. That is the number an owner of an existing apartment should watch, because it describes the market they actually sell into.
2026 so far
In the first half of 2026 the buildings we track recorded 883 condo sales of $1 million or more, at a median of $2,025,000 and about $1,116 a square foot. Resales rose about 10% from a year earlier, at about $1,100 a square foot. Total sales fell only because the first closings at new towers such as 72 Park and Five Park ended.
And the wider market is softer
The rest of the condo market is not at the top. Across Miami-Dade, condo supply stood at about 12.3 months in June 2026 and the countywide condo median fell 3.15%, according to the MIAMI Association of Realtors. 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
A year of condo supply 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 $1,124 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
When did Miami luxury condos first pass $1,000 per square foot?
On the county record, the annual median for $1M-plus condo sales in the Miami-Dade buildings JSR tracks first passed $1,000 in 2020, at $1,060. It dipped below the line from 2021 to 2023, then was $1,148 in 2024 and $1,124 in 2025.
What do resales of existing Miami luxury condos sell for per square foot?
About $1,050 in 2025 and about $1,100 in the first half of 2026, for $1M-plus resales in the buildings JSR tracks. Resales reached $1,000 in 2024.
Does high pricing at the top mean there is no inventory?
No. Condo supply across Miami-Dade was about 12.3 months in June 2026 even as the top held its prices, because high closed prices and heavy standing supply can coexist.
What was the median luxury condo sale in the first half of 2026?
$2,025,000, from 883 county-recorded condo sales of $1 million or more in the buildings JSR tracks, at about $1,116 per square foot.
How has your building held its value? The Miami Condo Index ranks Miami condo buildings by their county sale records: real price per square foot, turnover and four-year change.