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Miami Luxury Condo Price Index

The easy-to-use Miami Residence Realty index gives you an informational high-level look at the Miami market over time from February 2006 through present. Data is presented clearly in real time for use by savvy property buyers and investors. Use this information to assess changes in the value of luxury condos over time and make smarter purchasing decisions.
Luxury Condo Price Index, Miami FLReal Time Index Levels
Aug 13, 2020Index Level
3
Months Ago
6
Months Ago
12
Months Ago
18
Months Ago
Miami Luxury Condo Prices Interactive
The interactive graph above plots shifts in our index charts that follow the local Miami real estate market. View trends over time – from 2005 through present day. Data is presented in real time. Use this graph to monitor local trends in the Miami real estate market. Click the 'reset chart' circular arrow above to return to full view.

BUY Miami luxury condo market at-a-glance

Miami BUY statistics comparison, allows you to compare current quarter with previous. BUY in Miami Beach

Median Asking Price
3rd Quarter 2020

3Q
2020

$597,000

3.69%

2nd Quarter 2020

2Q
2020

$575,000

5.22%

1st Quarter 2020

1Q
2020

$545,000

9.17%

4th Quarter 2019

4Q
2019

$495,000

8.09%

$485 per sq.ft. ( $5,216 per M2)

Total Active Listings
3rd Quarter 2020

3Q
2020

8,265

17.29%

2nd Quarter 2020

2Q
2020

6,836

14.75%

1st Quarter 2020

1Q
2020

5,828

6.33%

4th Quarter 2019

4Q
2019

5,459

2.86%

Total Value $9,659,696,081

occupancy Rate
3rd Quarter 2020

3Q
2020

92.1%

1%

2nd Quarter 2020

2Q
2020

93.47%

1%

1st Quarter 2020

1Q
2020

94.43%

1%

4th Quarter 2019

4Q
2019

94.78%

1%

Max $39,900,000 $39,900,000 0%
Min $25 $14 44%
Median vs. Average Asking Price (with Price Reduction Trend Line)
The above graphic compares the median (blue bars) vs. average (green bars) price side-by-side over time. This graph also charts price reduction percent (yellow trend line) over time. The median housing price is that which has the same quantity of price points below and above it. For example, if there were 101 properties taken into consideration, the median would be the price in the middle with 50 lower and 50 higher. The average sales price, however, is calculated by adding all sales prices together and dividing that total by the number of individual sales. When a home is initially listed at one price and later sold at a different price, we call that increase or decrease Negotiability, with price reduction measured as a percent.
Occupancy vs. Inventory
The graph above displays the relationship between occupancy rate (blue bars) alongside quantity sold (green trend line). A higher occupancy rate simply means properties are owner occupied or rented, while lower occupancy rates signify property vacancies.

SELL Miami luxury condo market at-a-glance

Miami BUY statistics comparison, allows you to compare current quarter with previous. BUY in Miami Beach

Average sold Price
3rd Quarter 2020

3Q
2020

$670,092

2.2%

2nd Quarter 2020

2Q
2020

$655,358

4.46%

1st Quarter 2020

1Q
2020

$626,159

13.78%

4th Quarter 2019

4Q
2019

$539,864

12.77%

$493 per sq.ft. ( $5,302 per M2)

Recorded closed sales
3rd Quarter 2020

3Q
2020

618

15%

2nd Quarter 2020

2Q
2020

723

40%

1st Quarter 2020

1Q
2020

1201

8%

4th Quarter 2019

4Q
2019

1306

23%

Price Reduction
3rd Quarter 2020

3Q
2020

5.25%

0.82%

2nd Quarter 2020

2Q
2020

6.03%

17.84%

1st Quarter 2020

1Q
2020

22.8%

18.17%

4th Quarter 2019

4Q
2019

5.65%

0.38%

days on market
3rd Quarter 2020

3Q
2020

282

79days

2nd Quarter 2020

2Q
2020

361

102days

1st Quarter 2020

1Q
2020

463

73days

4th Quarter 2019

4Q
2019

536

94days

Max Rent $120,000 $70,000 42%
Min Rent $650 $1,050 38%
Average Unit Sales Price by Number of Bedrooms
In the chart above, you can track average sales price growth based on the number of bedrooms in Miami. Use this chart to track trends in sales prices for studios (purple), one-bedrooms (blue), two-bedrooms (green), three-bedrooms (yellow), and four bedrooms or more (orange) over time – from 2005 through present day.
Ownership By Country
The above pie chart illustrates the current ownership mix for property sales throughout Miami, Florida. Use this helpful chart to better understand the country of origin for those purchasing properties. (Note that owners purchasing through an LLC or Corporation are not individuals but, instead, a legal entity.)
Median Sales Price vs. Number of Sales by Quarter
The above graph displays trends in median sales prices (blue bars) alongside the number of sales per quarter (green trend line). The median sales price is the price in the middle, with exactly half of those listed homes sold above that price and half sold below that price. For a sampling of 101 homes, the median sales price would be that which has 50 homes below and 50 homes above.

RENT Miami luxury condo market at-a-glance

Miami RENT statistics comparison, allows you to compare current quarter with previous. RENT in Miami Beach

Averange Rent
3rd Quarter 2020

3Q
2020

$5,034/month

6%

2nd Quarter 2020

2Q
2020

$5,364/month

19%

1st Quarter 2020

1Q
2020

$4,348/month

13%

4th Quarter 2019

4Q
2019

$3,784/month

0%

$3 per sq.ft. ( $32 per M2)

Total Units
3rd Quarter 2020

3Q
2020

4,573

51%

2nd Quarter 2020

2Q
2020

2,261

35%

1st Quarter 2020

1Q
2020

3,459

11%

4th Quarter 2019

4Q
2019

3,897

10%

AVGUnit Size 1,487 sq.ft. (138 M2)

Days on Market
3rd Quarter 2020

3Q
2020

167

111days

2nd Quarter 2020

2Q
2020

278

97days

1st Quarter 2020

1Q
2020

375

72days

4th Quarter 2019

4Q
2019

447

87days

Max $120,000 $69,000 43%
Min $650 $1,000 35%
Miami Neighborhoods At-a-Glance
The chart above offers a convenient side-by-side comparison of important data metrics across all major Miami neighborhoods. Use up and down arrows to sort by total units, average price, average square feet, and average price per square foot. Re-click the arrow to toggle between high-to-low and low-to-high column sort.
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