The Miami Beach condominium market has experienced notable fluctuations recently. In December 2024, the median sale price for condos reached $680,000, marking a 43.2% increase compared to the previous year. The median price per square foot also rose by 22.4%, standing at $674. Despite these price hikes, the market exhibited reduced activity, with 136 homes sold in December 2024, down from 154 in December 2023. Additionally, the average days on the market extended to 101 days, up from 81 days the prior year.
Contrastingly, data from Rocket Homes indicates a median sold price of $644,836 in December 2024, reflecting a 17.9% year-over-year increase. The median price per square foot was reported at $619. This source also highlighted an 11.7% month-over-month increase in the number of homes for sale, totaling 2,167 in December 2024.
The Miami Luxury Condo Price Index reported a median asking price of $795,000 in the first quarter of 2025, with an average of $772 per square foot. This represents a 12% decrease from the second quarter of 2024, which had a median asking price of $900,000. The total number of active listings as of January 20, 2025, was 417.
These variations across different data sources suggest a complex and evolving market landscape for Miami Beach condominiums. While some metrics indicate significant price increases, others point to a cooling trend with rising inventory and longer selling times.