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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
Jan 31, 2023Index 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
1st Quarter 2023

1Q
2023

$899,000

3.33%

4th Quarter 2022

4Q
2022

$930,000

6.53%

3rd Quarter 2022

3Q
2022

$995,000

4.07%

2nd Quarter 2022

2Q
2022

$954,500

21.42%

$699 per sq.ft. ( $7,522 per M2)

Total Active Listings
1st Quarter 2023

1Q
2023

3,792

43.06%

4th Quarter 2022

4Q
2022

2,159

39.83%

3rd Quarter 2022

3Q
2022

1,299

38.41%

2nd Quarter 2022

2Q
2022

800

22.63%

Total Value $7,246,274,491

Occupancy Rate
1st Quarter 2023

1Q
2023

96.78%

1%

4th Quarter 2022

4Q
2022

98.17%

1%

3rd Quarter 2022

3Q
2022

98.9%

1%

2nd Quarter 2022

2Q
2022

99.32%

1%

Max $45,000,000 $40,000,000 11%
Min $33,711 $4,100 88%
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
1st Quarter 2023

1Q
2023

$980,960

9.72%

4th Quarter 2022

4Q
2022

$885,571

12.85%

3rd Quarter 2022

3Q
2022

$1,016,169

5.49%

2nd Quarter 2022

2Q
2022

$960,344

21.24%

$639 per sq.ft. ( $6,874 per M2)

Recorded closed sales
1st Quarter 2023

1Q
2023

87

36%

4th Quarter 2022

4Q
2022

135

33%

3rd Quarter 2022

3Q
2022

201

2%

2nd Quarter 2022

2Q
2022

197

3%

Price Reduction
1st Quarter 2023

1Q
2023

6.29%

0.8%

4th Quarter 2022

4Q
2022

5.53%

2.35%

3rd Quarter 2022

3Q
2022

3.25%

0.97%

2nd Quarter 2022

2Q
2022

4.19%

0.59%

days on market
1st Quarter 2023

1Q
2023

171

88days

4th Quarter 2022

4Q
2022

259

105days

3rd Quarter 2022

3Q
2022

364

87days

2nd Quarter 2022

2Q
2022

451

119days

Max Rent $125,000 $65,000 48%
Min Rent $1,750 $1,400 20%
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
1st Quarter 2023

1Q
2023

$8,526/month

8%

4th Quarter 2022

4Q
2022

$9,304/month

3%

3rd Quarter 2022

3Q
2022

$9,606/month

2%

2nd Quarter 2022

2Q
2022

$9,829/month

1%

$6 per sq.ft. ( $65 per M2)

Total Units
1st Quarter 2023

1Q
2023

2,620

51%

4th Quarter 2022

4Q
2022

1,283

40%

3rd Quarter 2022

3Q
2022

767

37%

2nd Quarter 2022

2Q
2022

486

20%

AVGUnit Size 1,358 sq.ft. (126 M2)

Days on Market
1st Quarter 2023

1Q
2023

156

84days

4th Quarter 2022

4Q
2022

240

77days

3rd Quarter 2022

3Q
2022

317

91days

2nd Quarter 2022

2Q
2022

408

106days

Max $125,000 $66,000 47%
Min $1,750 $1,675 4%
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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