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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
Oct 02, 2022Index 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 2022

3Q
2022

$880,000

9.17%

2nd Quarter 2022

2Q
2022

$968,800

2.83%

1st Quarter 2022

1Q
2022

$997,000

14.39%

4th Quarter 2021

4Q
2021

$853,500

16.23%

$696 per sq.ft. ( $7,494 per M2)

Total Active Listings
3rd Quarter 2022

3Q
2022

3,977

45.13%

2nd Quarter 2022

2Q
2022

2,182

50.5%

1st Quarter 2022

1Q
2022

1,080

31.3%

4th Quarter 2021

4Q
2021

742

9.16%

Total Value $7,227,502,881

Occupancy Rate
3rd Quarter 2022

3Q
2022

96.43%

1%

2nd Quarter 2022

2Q
2022

98.04%

1%

1st Quarter 2022

1Q
2022

99.03%

1%

4th Quarter 2021

4Q
2021

99.33%

1%

Max $40,000,000 $40,000,000 0%
Min $35,000 $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
3rd Quarter 2022

3Q
2022

$884,262

14.96%

2nd Quarter 2022

2Q
2022

$1,039,861

1.45%

1st Quarter 2022

1Q
2022

$1,024,748

25.29%

4th Quarter 2021

4Q
2021

$765,590

3.1%

$640 per sq.ft. ( $6,890 per M2)

Recorded closed sales
3rd Quarter 2022

3Q
2022

106

45%

2nd Quarter 2022

2Q
2022

192

0%

1st Quarter 2022

1Q
2022

192

2%

4th Quarter 2021

4Q
2021

196

3%

Price Reduction
3rd Quarter 2022

3Q
2022

5.48%

2.26%

2nd Quarter 2022

2Q
2022

3.3%

0.73%

1st Quarter 2022

1Q
2022

4.01%

0.79%

4th Quarter 2021

4Q
2021

4.77%

0.39%

days on market
3rd Quarter 2022

3Q
2022

150

95days

2nd Quarter 2022

2Q
2022

245

85days

1st Quarter 2022

1Q
2022

330

108days

4th Quarter 2021

4Q
2021

438

149days

Max Rent $130,000 $60,000 54%
Min Rent $1,675 $1,350 19%
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 2022

3Q
2022

$7,836/month

17%

2nd Quarter 2022

2Q
2022

$9,406/month

6%

1st Quarter 2022

1Q
2022

$9,963/month

1%

4th Quarter 2021

4Q
2021

$9,879/month

17%

$4 per sq.ft. ( $43 per M2)

Total Units
3rd Quarter 2022

3Q
2022

3,956

63%

2nd Quarter 2022

2Q
2022

1,482

51%

1st Quarter 2022

1Q
2022

724

28%

4th Quarter 2021

4Q
2021

519

24%

AVGUnit Size 1,824 sq.ft. (169 M2)

Days on Market
3rd Quarter 2022

3Q
2022

125

73days

2nd Quarter 2022

2Q
2022

198

92days

1st Quarter 2022

1Q
2022

290

106days

4th Quarter 2021

4Q
2021

396

88days

Max $130,000 $130,000 0%
Min $1,675 $1,800 7%
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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