Market Reports · June 25, 2026

Miami Luxury Condo Market Q1 2026: Third-Strongest Quarter on Record

Miami's $1M+ condo market recorded its third-strongest first quarter ever in Q1 2026, with 424 closed sales — up 15.2% year-over-year. Here's what the data reveals about where the market is heading, which neighborhoods are outperforming, and what buyers and investors need to know for the rest of 2026.

By Condo Invest Miami Research · Editorial & market research · 9 min read

The Headline: Miami's Luxury Market Is Accelerating

Miami's $1 million-and-above condo market opened 2026 on a faster trajectory than many expected. Q1 2026 recorded 424 closed sales — the third-strongest first quarter in the market's history, behind only Q1 2022 (744 sales) and Q1 2021 (478 sales). Sales rose 15.2% year-over-year and jumped 25.4% quarter-over-quarter.

The median sale price hit $1.84 million, an increase of 2.3% year-over-year. The median price per square foot landed at $1,040, slightly below Q1 2025's $1,080 — a function of simultaneous new deliveries and older resales hitting the market.

These results aren’t a short-term pandemic distortion. They reflect structural demand: domestic migration from high-tax states, international buyers leveraging a weaker U.S. dollar, and a growing cohort of tech and finance professionals making Miami their primary residence.

The Key Statistics at a Glance

Metric · Q1 2026 · Q1 2025 · Change

--- · --- · --- · ---

Closed Sales · 424 · 368 · +15.2%

Median Sale Price · $1,841,000 · $1,800,000 · +2.3%

Median Price/Sq. Ft. · $1,040 · $1,080 · -3.7%

Median Days on Market · 93 · 82 · +13.4%

Inventory · 19 months · 22 months · -15.8%

*Source: CondoBlackBook Q1 2026 Miami Luxury Condo Market Summary*

The Bifurcated Market: New vs. Old

Miami’s luxury market split into two clear lanes in 2026.

New branded deliveries — Aston Martin Residences (delivered 2025), Five Park (delivered 2024), Aria Reserve South Tower (delivered 2025) — trade at price points that pull headline averages upward. These launches concentrate demand and skew aggregate statistics higher.

Older resale inventory, mostly product from the 2010s and earlier, faces measurable price pressure. Inventory in these segments runs 14 to 20 months — well above the 9 to 12 months that mark a balanced market. Sellers who cling to 2022 peak pricing accumulate listings. Sellers who adjusted expectations transact.

Bottom line: the 15.2% sales growth and 2.3% price appreciation are real — but concentrated in new deliveries and top-performing pockets. Buyers and sellers in older buildings operate in a different marketplace than the headlines suggest.

Neighborhood Breakdown: Who Is Leading the Market

Edgewater: The Breakout Performer

Edgewater produced the most striking Q1 2026 result: a 120% year-over-year increase in luxury condo sales (44 sales in Q1 2026 versus 20 in Q1 2025). This is not noise. It signals Edgewater’s emergence as Miami’s most compelling value play in the luxury tier.

Edgewater offers Biscayne Bay waterfront living at prices 20-30% below comparable Brickell units. New deliveries including Missoni Baia, Aria Reserve, and Edition Residences Edgewater have reset quality expectations. Proximity to Wynwood, the Design District, and Midtown gives the neighborhood strong appeal to tech and creative professionals driving Miami’s growth.

Is pre-construction exposure attractive? Yes. Westward expansion — reinforced by the Design District’s push — makes the price gap between Edgewater and Brickell likely to narrow.

Coconut Grove & Coral Gables: The Established Enclave Surge

Coconut Grove and Coral Gables together produced the highest year-over-year sales growth among Miami’s major submarkets: +44.6% (81 sales in Q1 2026 versus 56 in Q1 2025). These neighborhoods posted the fastest days on market (63 days, versus 93 for the overall market) and the strongest price appreciation (+9.2% year-over-year in price per square foot).

The Grove-Gables outperformance has been consistent since 2023. Buyers prefer prime, low-density enclaves with waterfront access, top-rated schools, and mature infrastructure. For buyers prioritizing family living over high-rise density, these neighborhoods present a clear alternative to Brickell.

Miami Beach: Premium Pricing, Longer Days on Market

Miami Beach recorded 231 luxury condo sales in Q1 2026, up 5% year-over-year — solid, but below the broader market’s 15.2% growth. The median price per square foot at $1,178 underscores Miami Beach’s premium positioning, though that figure represents a 14.8% year-over-year decline from $1,382 in Q1 2025.

A 99-day median days on market — the highest among major submarkets — shows Miami Beach’s luxury tier reacts sensitively to pricing. Buyers have choice and leverage. Sellers must price accurately from day one or listings stagnate.

Brickell: Record Price Per Square Foot, Stable Volume

Brickell reached a record-high $950 per square foot in Q1 2026 — proof of the neighborhood’s liquidity and pricing momentum. Greater Downtown Miami (which includes Brickell, Edgewater, and Downtown) recorded 112 luxury sales in Q1 2026, up 21.7% year-over-year.

That record price per square foot stems from new deliveries: 888 Brickell by Dolce & Gabbana, Cipriani Residences Miami, Baccarat Residences Brickell, and The Residences at 1428 Brickell are establishing fresh benchmarks. For buyers evaluating Brickell pre-construction, today’s prices may look conservative by 2027-2028 delivery.

The Buyer Profile: 82% Cash

A structurally significant stat: 82% of all condo sales at $1 million and above in 2025 were all-cash — the highest cash-buyer ratio of any major U.S. metropolitan market.

First implication: Miami’s luxury market is insulated from interest-rate gyrations. Where mortgage sensitivity shrinks buyer pools, Miami’s luxury buyers — four in five — act on lifestyle, brand, and investment thesis rather than monthly payment math.

Second implication: cash dominance concentrates sophistication. Extended days on market in the resale segment reflect pricing gaps, not buyer incapacity. Sellers who price accurately transact; those who don’t wait.

The Outlook: Q2 and Beyond

Q2 is historically Miami’s strongest quarter for luxury condo sales. Inventory has fallen from 22 months in Q1 2025 to 19 months in Q1 2026. Mortgage rates are easing and HOA fees are stabilizing across most buildings. Those conditions support continued sales growth.

CondoBlackBook analysts expect buyer-friendly conditions through the remainder of 2026, shifting gradually toward balance by early to mid-2027. Buyers keep negotiating leverage in the resale segment — especially in older buildings where sellers have adapted expectations. Sellers of new or recently delivered product remain in a strong market.

For pre-construction investors, the structural thesis holds: no state income tax, domestic migration, international buyer interest, and a growing tech and finance economy are durable drivers. The neighborhoods outperforming now — Edgewater, Coconut Grove, Brickell — are doing so for reasons unlikely to reverse in the near term.

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