Research & Data

Miami Luxury Condo Market Intelligence

Pipeline data, price trends, and the macro forces shaping Miami's luxury real estate market.

01 — The Pipeline

99 Projects.
21,111 Residences.

Every active pre-construction project we track in Miami, from announced to under construction.

99

Active Projects

21,111

Total Residences

24

Neighborhoods

2025–2031

Delivery Window

Projects by Status

Under Construction 54 projects · 12,246 units
Pre-Sales 31 projects · 6,101 units
Announced 4 projects · 942 units
Breaking Ground 3 projects · 534 units
Completed 2 projects · 384 units
Pre-Construction 2 projects · 339 units
Delivered 2 projects · 394 units
Now Open 1 projects · 171 units

Top Neighborhoods by Volume

Brickell 22 projects · 6,345 units
Edgewater 8 projects · 2,437 units
Downtown 8 projects · 3,417 units
Coconut Grove 7 projects · 423 units
Bay Harbor Islands 5 projects · 159 units
Wynwood 5 projects · 1,037 units
Coral Gables 5 projects · 440 units
North Bay Village 5 projects · 1,019 units

Delivery Pipeline by Year

249

2023

1 bldgs

338

2025

3 bldgs

3,190

2026

13 bldgs

4,964

2027

35 bldgs

6,945

2028

28 bldgs

3,635

2029

14 bldgs

1,369

2030

4 bldgs

421

2031

1 bldgs

Price Tier Breakdown by starting price

Entry

Under $1M

46 projects

46.5%

Prime

$1M – $3M

22 projects

22.2%

Luxury

$3M – $5M

14 projects

14.1%

Ultra

$5M – $10M

14 projects

14.1%

Trophy

$10M+

3 projects

3.0%

02 — The Market

Record Prices.
Resilient Demand.

Miami's luxury condo market closed 2025 at an all-time record median price per square foot — while posting nearly 1,500 transactions above $1 million.

$1,030

Median $/sqft — full year 2025 (record)

+53.9%

5-year price appreciation

1,464

$1M+ condo sales in 2025

~1/day

$10M+ sales pace in 2025

Median Price per Sqft by Neighborhood

Neighborhood$/sqftYoY
Fisher Island$2,523+14.0%
Surfside / Bal Harbour$1,297+4.5%
Miami Beach$1,289+7.4%
Sunny Isles Beach$977−3.5%
Greater Downtown$899−0.7%
Brickell$884−1.1%
Coconut Grove$856+0.3%

Source: CondoBlackBook Q4 2025 Annual Report

Median $/sqft — Quarterly Trend

$989

Q1 2024

$996

Q2 2024

$969

Q3 2024

$980

Q4 2024

$1080

Q1 2025

$1027

Q2 2025

$995

Q3 2025

$1030

2025 FY

Source: CondoBlackBook quarterly reports

International Buyer Activity

$3.1B

Foreign purchases in South Florida (2024)

10%

Share of dollar volume — 5× the U.S. average

73

Countries with active buyers in Miami new construction

66%

International transactions closed in all-cash

Top buyer countries by transaction share

Argentina
18%
Colombia
14%
Canada
8%
Brazil
6%
Mexico
6%
Venezuela
5%
Peru
4%
Chile
4%

Source: Miami REALTORS International Report, Feb 2025

All-Time Price Record

$1,080/sqft

Set Q1 2025 — up 9.2% year-over-year

Largest Single Sale (2024)

$48M

Surf Club penthouse — most expensive U.S. home sale Q1 2024

Pre-Construction Premium

20–40%

Branded residences command over comparable resale

03 — The Investment Case

$137 Billion Moved to Florida.
This Is Why.

The structural forces behind Miami's rise are not cyclical. They are the result of tax policy, institutional capital, and a permanent shift in where the world's wealthy choose to live.

$137B

Net income migrated to Florida since 2019

0%

Florida state income tax (vs. 10.9% NY · 13.3% CA)

18,000

UHNWIs resident in Miami ($30M+ net worth)

#1

City globally for UHNWI second homes

The Tax Advantage

StateIncome TaxEstate Tax
Florida0%None
New York10.9% + cityUp to 16%
California13.3%None
Illinois4.95%None

Annual savings for a $500K earner moving from California

$51,259 / year

$1,025,180 over 20 years, compounded

Source: Tax Foundation 2024

Institutional Anchors — "Wall Street South"

Citadel

Global HQ relocated from Chicago to Brickell (2022). Building $2.5B supertall HQ tower, groundbreaking 2026.

JPMorgan Chase

Doubled Miami office to 160,000 SF in 2024. Now 900+ employees in the city.

Goldman Sachs

Miami and West Palm Beach offices established as permanent Southeast hubs.

Blackstone · BlackRock · Elliott

Significant Miami operations established post-pandemic. 300+ hedge funds and PE firms now based in South Florida.

Source: Fortune, Yahoo Finance, South Florida Business Journal

Miami vs. Competing Markets

Miami New York Los Angeles Dubai
State income tax 0% 10.9% + city 13.3% 0%
Estate / inheritance tax None Up to 16% None None
UHNWI 2nd home rank #1 globally #2 globally Lower Emerging
Legal / political stability U.S. federal U.S. federal U.S. federal UAE — risk
New dev. pipeline Massive Constrained Constrained Large
Intl. buyer share 15% ~5% ~5% ~80%
2025 luxury price growth +3.9% +1.9% +1.5% Volatile

Sources: Altrata 2025, Knight Frank Wealth Report, Tax Foundation

Miami GDP (2023)

$533.7B

Growing at 3.5% — above the 2.9% national rate

Airport Expansion

$9B

MIA modernization — 56M passengers in 2024, targeting 77M by 2040

Miami-Dade Migration

#1

Highest international net migration of any U.S. county — 123,835 new residents in 2024

Ready to explore the pipeline?

Browse 99 active projects across 24 Miami neighborhoods.

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