Annual & Q4 2024 Miami Beach Luxury Condo Market Report

Despite shifting toward a buyer's market, Miami Beach ended 2024 on a strong note. In Q4, sales momentum surpassed projections, with both annual and quarterly volumes increasing. While some segments saw slight price pressure, there were no signs of a major downturn.

Highlights on this report include Fisher Island emerging as the strongest market in Miami Beach with the highest year-over-year sales growth in Q4, while Mid-North Beach topped annual sales trends. Fisher Island remained South Florida's most expensive zip code for luxury condos, both quarterly and annually. Meanwhile, the modest Mid-North Beach market was the fastest-moving in Q4.

Dive into our in-depth analysis for year-over-year insights on how each Miami Beach neighborhood performed against one another and the broader Miami luxury condo market in Q4 and throughout 2024.

For this report, Miami Beach sub-neighborhoods include South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island. Also, this luxury condo submarket report only features properties priced at $1 million and above.

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2024 Annual Miami Beach Luxury Condo Market Highlights

• Sales: Down 3.5% compared to 2023.
• Top Performer: Mid-North was the most resilient market, leading sales growth with an 8% increase.
• Price per Square Foot: Down 9.1% to $1,087
• Price Growth Leader: Mid-North Beach saw the highest percentage increase in Price per Square Foot (15%), offering the best value for luxury condo sellers. South Beach followed closely with a 14% gain.
• Days on Market: Dropped to 76 days in 2024.
• Most Expensive Zip Code: Fisher Island retained its spot as Miami's priciest, with a median price of $2,216 per square foot.
• Market Trend: Miami Beach, like the broader market, ended 2024 as a buyer's market.

Q4 2024 – Miami Beach Luxury Condo Market Highlights

• Sales: Up 7.5% year-over-year.
• Top Selling Area: Sunny Isles Beach remained a buyer favorite, leading with the highest quarterly sales volume.
• 12-month Sales Trendline: Continued on a downward trajectory from Q3 to Q4.
• Price per Square Foot: Stayed flat at $1,157 YoY.
• Days on Market: Increased 7% to 75 days.
• Inventory: Jumped 42% year-over-year to 27 months.

Q4 2024 – Miami Beach Sub-neighborhood Highlights:

• Top Market Performer: Fisher Island led Miami Beach with the highest year-over-year sales growth (60%).
• Sales Trendline: The 12-month sales trendline remained negative across the board, except Fisher Island.
• Best Value for Sellers: Fisher Island saw the highest year-over-year Price per Square Foot increase (38%).
• Most Expensive Zip Code: Fisher Island retained its top spot in Miami, with luxury condos reaching a median price of $2,552 per square foot.
• Highest Median Sales Price: Fisher Island led again, with a quarterly median sales price of $7.1 million, maintaining its status as Miami and South Florida's most premium zip code.
• Biggest Price Surge: Fisher Island also recorded the highest year-over-year Median Sales Price increase (65%).
• Fastest-Moving Market: Mid-North Beach had the shortest Days on Market (54 days) in Q4.
• Lowest Inventory: Fisher Island ended the year with Miami Beach's tightest supply (16 months of inventory).
• Highest Inventory: Mid-North Beach reported the largest inventory levels (30 months).

Miami Beach Luxury Condo Markets at a Glance - Q4 2024 YoY (Number of sales)

Miami Beach Overall Luxury Condo Markets at a Glance - Q4 2024 YoY (Median Sale Price)

Miami Beach Luxury Condo Markets at a Glance - Q4 2024 YoY (Median Sales Price / SqFt)

Table of Contents

1. Annual & Q4 2024 Overall Miami Beach Luxury Condo Market Trends
2. Annual & Q4 2024 South Beach Luxury Condo Market Trends
3. Annual & Q4 2024 Mid and North Beach Luxury Condo Market Trends
4. Annual & Q4 2024 Surfside & Bal Harbour Luxury Condo Market Trends
5. Annual & Q4 2024 Sunny Isles Beach Luxury Condo Market Trends
6. Annual & Q4 2024 Fisher Island Luxury Condo Market Trends
7. Conclusion - Annual & Q4 2024 Miami Beach Luxury Condo Market Report

1. Annual & Q4 2024 Overall Miami Beach Luxury Condo Market Trends

Q4 2024 vs Q3 2024 Miami Beach Miami Luxury Condo Market Summary - Fig. 1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	173	16.9%	$1,850,000	0.0%	$1,157	3.1%	75
Q3 2024	148		$1,850,000		$1,122		84

Q4 2024 vs Q4 2023 Miami Beach Miami Luxury Condo Market Summary - Fig. 1.1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	173	7.5%	$1,850,000	-10.7%	$1,157	2.8%	75
Q4 2023	161		$2,072,000		$1,125		70

Annual 2024-over-2023 Miami Beach Miami Luxury Condo Market Summary - Fig. 1a
Year	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
2024	801	-3.5%	$2,000,000	-4.8%	$1,087	-9.1%	76
2023	830		$2,100,000		$1,196		85

1.1. Overall Miami Beach Luxury Condo Sales

Despite the typical winter slowdown, Miami Beach exceeded expectations with both quarterly and annual sales growth in Q4 2024. This trend mirrored the broader Miami market, where sales remained strong. Additionally, Miami Beach continued shifting away from seasonal fluctuations, seeing more consistent, year-round demand.

Key Q4 2024 Sales Statistics – Miami Beach:

• Year-over-Year Growth: Sales increased 7.5%, rising from 161 in Q4 2023 to 173 in Q4 2024. (Fig.1.1)
• Quarter-over-Quarter Growth: Sales jumped 16.9%, up from 148 in Q3 to 173 in Q4 2024 (Fig. 1).
• Note: Miami Beach closed the year on a strong note, reinforcing the lasting appeal of its luxury real estate (Fig. 2.1).
• Top-Selling Area: Sunny Isles Beach led Miami Beach in sales volume for the ninth consecutive quarter, with 61 transactions in Q4.
• Fastest-Growing Market: Fisher Island recorded the highest year-over-year sales growth (60%), making it the standout performer of Q4.

Monthly Sales Trends – Miami Beach (Fig. 2.2):

• October 2024: 51 sales, down from 58 in October 2023.
• November 2024: 51 sales, nearly matching the 52 recorded in November 2023.
• December 2024: 71 sales, a significant increase from 51 in December 2023.

Annual Sales down 3.5% – Negative Trendline

Unlike the overall Miami market's positive sales trend, Miami Beach ended 2024 on a softer note compared to 2023, reporting the following key annual sales statistics:

• Annual Sales Decline: Sales fell 3.5%, dropping from 830 in 2023 to 801 in 2024 (Fig. 1a).

Despite strong momentum in Q4, the 12-month sales trend (Fig. 2.3) continued on a downward trajectory from Q3 to Q4 2024. As luxury market experts, and based on our client interactions, we anticipate a softer start to Q1 2025 in Miami Beach compared to mainland neighborhoods analyzed in our Q4 2024 and annual luxury housing report.

Miami Beach Luxury Condo Quarterly Sales 2015-2024 - Fig. 2.1

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2024 - Fig. 2.2

Miami Beach Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

1.2. Overall Miami Beach Luxury Condo Prices

Annual Price/Square Foot down 9.1% to $1,087 – Median Sales Price also down

Unlike the overall Miami market, which saw higher year-over-year prices, Miami Beach luxury condos experienced declines in 2024. Below are the key annual price statistics (Fig. 1.a):

• Price per Square Foot: Down 9.1%, from $1,196 in 2023 to $1,087 in 2024.
• Median Sales Price: Decreased 4.8%, from $2.1M in 2023 to $2M in 2024.

Q4 2024 Price per Sq. Ft. flat at $1,157 – Median Price down year-over-year

Unlike the overall Miami market, which saw higher year-over-year prices and a flat Median Price, Miami Beach luxury condos reported the following key price trends in Q4 2024:

• Year-over-Year Price per Square Foot: Increased 2.8%, from $1,125 in Q4 2023 to $1,157 in Q4 2024 (Fig. 1.1).
• Quarter-over-Quarter Price per Square Foot: Rose 3.1%, from $1,122 in Q3 to $1,157 in Q4 2024 (Fig. 1).
• Year-over-Year Median Sales Price: Dropped 10.7%, from $2,072,000 in Q4 2023 to $1,850,000 in Q4 2024 (Fig. 1.1).

An 8-year snapshot of quarterly luxury condo prices (Fig. 3) shows that Miami Beach's Price per Square Foot closed in the higher range for Q4 2024, reflecting steady gains and strong value for sellers. 

Looking ahead, as luxury market veterans, we anticipate moderate price increases or slight corrections in 2025, but do not foresee a major downturn in this buyer's market.

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2024 - Fig. 3

1.3. Overall Miami Beach Luxury Condo Days on Market

Days on Market down 10.6% on annual basis, up 7% 4Q24-over-4Q23

While the overall Miami market saw an increase in Days on Market (DOM) in both annual and Q4 year-over-year comparisons, Miami Beach reported mixed trends:

• Annual (2024 vs 2023): Luxury condos spent 9 fewer days on the market, a 10.6% decrease year-over-year (Fig. 1a).
• Q4 2024 vs Q4 2023: DOM increased by 5 days, a 7% rise compared to Q4 2023 (Fig. 1.1).
• Q4 2024 vs Q3 2024. DOM declined by 9 days, a 10.7% drop compared to Q3 (Fig. 1).

On average, luxury condos in Miami Beach sold in about 2.5 months, with a DOM of 75 days in Q4 2024 and 76 days for the year. This steady pace reflects strong buyer-seller engagement and a resilient luxury market.

Miami Beach Quarterly Days on Market 2018-2024 – Fig. 4

1.4. Overall Miami Beach Luxury Condo Inventory

Q4 2024 closed with 27 months of Inventory

Mirroring the overall Miami trend, Miami Beach luxury condo inventory saw a significant increase in both quarterly and annual comparisons (Fig. 5):

• Quarter-over-Quarter: Inventory rose 50%, from 18 months in September 2024 to 27 months in December 2024.
• Year-over-Year: Inventory increased 42%, from 19 months in December 2023 to 27 months by year-end.

With inventory at 27 months, well above the 9-12 months considered ideal, Miami Beach has fully transitioned into a buyer's market. 

As luxury housing experts and given the current sales pace and incoming pre-construction supply, we expect this trend to continue through 2025. Buyers will have more leverage in negotiations, while sellers may need to adjust pricing strategies to align with market conditions.

Miami Beach Months of Inventory from Mar. 2019 to Dec. 2024 - Fig. 5

A balanced market has 9-12 months of inventory. The months of inventory are calculated as the number of active listings + number of pending listings, divided by the average number of deals in the last six months.

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2. Annual & Q4 2024 South Beach Luxury Condo Market Trends (ZIP 33139)

Q4 2024 vs Q3 2024 South Beach Luxury Condo Market Summary - Fig. 6
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	53	29.3%	$1,800,000	6.8%	$1,265	12.7%	56
Q3 2024	41		$1,685,000		$1,123		83

Q4 2024 vs Q4 2023 South Beach Luxury Condo Market Summary – Fig. 6.1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	53	0.0%	$1,800,000	9.1%	$1,265	6.9%	56
Q4 2023	53		$1,650,000		$1,183		69

Annual 2024-over-2023 South Beach Luxury Condo Market Summary - Fig. 6a
Year	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
2024	224	-8.2%	$2,221,875	34.7%	$1,367	14.1%	79
2023	244		$1,650,000		$1,198		76

2.1. South Beach Luxury Condo Sales Trends

Q4 2024 Sales flat year-over-year

South Beach's Q4 2024 sales closely followed the overall Miami market trend of higher year-over-year activity, with the following key statistics:

• Q4 2024 vs Q4 2023. Sales remained unchanged, holding steady at 53 transactions (Fig. 6.1).
• Q4 2024 vs Q3 2024. Sales jumped 29.3%, rising from 41 in Q3 to 53 in Q4 2024 (Fig. 6).

Annual Sales down 8.2% – Negative trendline

Unlike the overall Miami market's positive sales trend, South Beach saw a decline in annual sales for 2024:

• 2024 vs 2023. Sales fell 8.2%, dropping from 244 in 2023 to 224 in 2024 (Fig. 6a).

Despite stronger quarterly momentum, the 12-month Sales Trendline (Fig. 7.2) continued on a downward trajectory from Q3 to Q4 2024.

 

South Beach Luxury Condo Quarterly Sales 2015-2024 - Fig. 7.1

 

South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

2.2. South Beach Luxury Condo Price Trends

Annual Price per Sq. Ft. up 14.1% to $1,367 – Median Price also up

Luxury condos in South Beach followed Miami's overall trend of rising prices in 2024, reporting the following key annual price stats (Fig. 6a):

• Price per Square Foot: Up 14.1%, from $1,198 in 2023 to $1,367 in 2024.
• Median Sales Price: Increased 34.7%, from $1,650,000 in 2023 to $2,221,875 in 2024.

South Beach delivered strong value for luxury condo sellers, recording the second-highest price growth (14%) in both Miami Beach and the overall Miami market—trailing only Mid-North Beach (15%).

Q4 2024 Price per Sq. Ft. up 6.9% to $1,265 – Median Price also up year-over-year

Luxury condos in South Beach outperformed the overall Miami market, posting notable price growth in Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot increased 6.9%, rising from $1,183 to $1,265 (Fig. 6.1).
• Long-Term Price Strength: An 8-year snapshot of quarterly prices (Fig. 8) shows that South Beach's Price per Square Foot remained in the upper range in Q4 2024, reflecting strong value retention in this sought-after vacation and second-home market.

• Q4 2024 vs Q4 2023. Median Sales Price, too, increased 9.1%, from $1,650,000 to $1,800,000 (Fig. 6.1).

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2024 - Fig. 8

2.3. South Beach Luxury Condo Days on Market

Days on Market up 5% on annual basis, down 19% 4Q24-over-4Q23

South Beach's Days on Market (DOM) trends only partially aligned with the broader Miami market, showing mixed results:

• 2024 vs 2023. DOM increased by 3 days, a 5% year-over-year rise (Fig. 6a).
• Q4 2024 vs Q4 2023. DOM decreased by 13 days, a 19% drop compared to Q4 2023 (Fig. 6.1).

South Beach Luxury Condo Quarterly Days on Market 2018-2024 - Fig. 9

2.4. South Beach Luxury Condo Inventory

Q4 2024 closed with 26 months of Inventory

Following the overall Miami market trend, South Beach saw a significant rise in inventory, solidifying its shift into a buyer's market:

• Quarter-over-Quarter: Inventory increased from 16 months in September 2024 to 26 months in December 2024, reporting a 62.5% jump. (Fig. 10)
• Year-over-Year: Inventory went up from 17 months in December last year to 26 months in December 2024, reporting a 53% uptick.

South Beach Months of Inventory from Mar. 2019 to Dec. 2024 - Fig. 10

3. Mid-North Beach Luxury Condo Market Trends (ZIP 33140 & 33141)

Q4 2024 vs Q3 2024 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	23	-23.3%	$1,500,000	7.7%	$914	-20.0%	54
Q3 2024	30		$1,392,500		$1,143		122

Q4 2024 vs Q4 2023 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11.1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	23	0.0%	$1,500,000	-2.0%	$914	-0.4%	54
Q4 2023	23		$1,530,000		$918		53

Annual 2024-over-2023 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11a
Year	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
2024	153	7.7%	$1,800,000	8.1%	$1,181	14.8%	100
2023	142		$1,665,000		$1,029		69

3.1. Mid-North Beach Luxury Condo Sales 

Q4 2023 2024 Sales flat year-over-year

Mid-North Beach's Q4 2024 sales trends partially diverged from the overall Miami market, showing stable year-over-year volumes but a quarterly decline:

• Q4 2024 vs Q4 2023. Sales remained unchanged at 23 transactions (Fig. 11.1)
• Q4 2024 vs Q3 2024. Sales dropped 23.3%, falling from 30 in Q3 to 23 in Q4 2024 (Fig. 11)
• Annual Growth Leader: Despite the Q4 decline, Mid-North Beach led annual sales growth within Miami Beach, posting an 8% increase in 2024-over-2023 volumes

Annual Sales up 7.7% – Negative Trendline

Mid-North Beach outperformed the overall Miami market in 2024, posting strong annual sales growth:

• 2024 vs 2023. Sales rose 7.7%, increasing from 142 in 2023 to 153 in 2024 (Fig. 11a)

Despite this momentum, the 12-month Sales Trendline (Fig. 12.2) shifted downward in Q4 2024, moving from a positive trajectory in Q3 to a declining trend.

Mid-Beach and North-Beach Quarterly Sales 2015-2024 - Fig. 12.1

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

3.2. Mid-North Beach Luxury Condo Price Trends

Annual $/Square Foot up 14.8% to $1,181 – Median Price also up

Mid-North Beach followed the broader Miami trend of rising prices in 2024, posting strong annual gains (Fig. 11a):

• Price per Square Foot: Up 14.8%, from $1,029 in 2023 to $1,181 in 2024
• Median Sales Price: Increased 8.1%, from $1,665,000 in 2023 to $1,800,000 in 2024
• Market to Watch: Mid-North Beach led all Miami neighborhoods in annual price per square foot growth, making it a prime market for investors

Q4 2024 Price per Sq. Ft. flat at $914 – Median Price also flat year-over-year

Mid-North Beach partially followed Miami's broader pricing trend in Q4 2024, with stable price per square foot and median sales prices (Fig. 11.1):

• Q4 2024 vs Q4 2023. Price per Square Foot remained nearly flat, down 0.4% from $918 to $914
• An 8-year snapshot (Fig. 13) shows that Mid-North Beach's price per square foot remained in the mid-range, indicating sellers received fair value in Q4 2024
• Most Affordable Luxury Market: Mid-North Beach had the lowest price per square foot in Miami Beach, offering buyers the most accessible entry point into the luxury condo market
• Q4 2024 vs Q4 2023. Median Sales Price stayed mostly flat, adjusting by -2%, from $1,530,000 to $1,500,000 (Fig. 11.1)

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2024 - Fig. 13

3.3. Mid-North Beach Luxury Condo Days on Market

Days on Market up 44% on annual basis and flat 4Q24-over-4Q23

Mid-North Beach's Days on Market (DOM) trends partially aligned with the broader Miami market, showing an annual increase but stable year-over-year figures in Q4 2024:

• 2024 vs 2023. DOM rose by 31 days, a 44% year-over-year increase (Fig. 11a)
• Q4 2024 vs Q4 2023. DOM remained mostly unchanged, increasing by just 1 day (Fig. 11.1)
• Fastest-Moving Market: With an average DOM of 54 days, Mid-North Beach was the fastest-selling luxury condo market in Miami in Q4 2024

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2024 – Fig. 14

3.4. Mid-North Beach Luxury Condo Inventory

Q4 2024 closed with 30 months of Inventory.

Mid-North Beach followed Miami's overall trend of rising inventory, further solidifying its position as a buyer's market:

• Quarter-over-Quarter: Inventory Inventory surged 87.5%, from 16 months in September 2024 to 30 months in December 2024 (Fig. 15)
• Year-over-Year: Inventory rose 30.4%, from 23 months in December 2023 to 30 months in December 2024
• Market Advantage: With the highest inventory levels in Miami Beach, buyers and investors have the upper hand. They can negotiate more aggressively and choose from a wider selection of luxury condos across various price points

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2024 - Fig. 15

A balanced market has 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

4. Surfside & Bal Harbour Luxury Condo Market Trends
 

Q4 2024 vs Q3 2024 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	28	47.4%	$2,525,000	-21.7%	$1,195	11.6%	143
Q3 2024	19		$3,225,000		$1,071		67

Q4 2024 vs Q4 2023 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16.1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	28	27.3%	$2,525,000	0.3%	$1,195	-24.9%	143
Q4 2023	22		$2,518,500		$1,592		85

Annual 2024-over-2023 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16a
Year	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
2024	101	-11.4%	$3,000,000	9.6%	$1,186	-11.3%	80
2023	114		$2,737,500		$1,337		77

4.1. Surfside & Bal Harbour Luxury Condo Sales

Q4 2024 Sales up 27.3% year-over-year

Surfside & Bal Harbour followed Miami's broader trend of higher year-over-year sales, posting strong growth in Q4 2024:

• Q4 2024 vs Q4 2023. Sales rose 27.3%, increasing from 22 to 28 transactions (Fig. 16.1)
• Q4 2024 vs Q3 2024. Sales surged 47.4%, up from 19 to 28 transactions (Fig. 16)

Annual Sales down 11.4% – Negative trendline

Unlike the overall Miami market's positive sales trend, Surfside & Bal Harbour experienced a decline in annual sales for 2024:

• 2024 vs 2023. Sales fell 26.3%, dropping from 80 in 2023 to 59 in 2024 (Fig. 16a)

A slower Q1, Q2, and Q3 in 2024 contributed to the ongoing decline, keeping the 12-month Sales Trendline (Fig. 17.2) on a negative trajectory for the fifth consecutive quarter, from Q4 2023 through Q4 2024.

Surfside & Bal Harbour Quarterly Sales 2015-2024 - Fig. 17.1

Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2

4.2. Surfside & Bal Harbour Luxury Condo Price Trends

Annual Price per Sq. Ft. down 11.3% to $1,186 – Median Price up

Unlike the broader Miami market trend of rising prices, luxury condos in Surfside & Bal Harbour showed mixed annual pricing trends in 2024 (Fig. 16a):

• 2024 vs 2023. Price per Square Foot decreased 11.3%, from $1,337 in 2023 to $1,186 in 2024
• Median Sales Price increased 9.6%, from $2,737,500 in 2023 to $3,000,000 in 2024

Q4 2024 Price per Sq. Ft. down 24.9% to $1,195 – Median Price flat year-over-year

Luxury condos in Surfside & Bal Harbour showed mixed pricing trends in Q4 2024, partially diverging from Miami's overall market pattern (Fig. 16.1):

• Q4 2024 vs Q4 2023. Price per Square Foot dropped 24.9%, from $1,592 to $1,195 (Fig. 16.1)
• Long-Term Price Trend: An 8-year snapshot (Fig. 18) indicates that Price per Square Foot remained in the mid-range in Q2 2024, reflecting fair value for sellers in this high-end market
• Q4 2024 vs Q4 2023. Remained essentially flat, ticking up 0.3%, from $2,518,500 to $2,525,000 (Fig. 16.1)

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2024 - Fig. 18

4.3. Surfside & Bal Harbour Luxury Condo Days on Market

Days on Market up 3% on an annual basis and 69% 4Q24-over-4Q23

Surfside & Bal Harbour followed Miami's overall trend of rising Days on Market (DOM) in 2024, with notable increases both annually and in Q4:

• 2024 vs 2023. Luxury condos spent 3 extra days on the market, a 3% increase in year-over-year DOM. (Fig. 16a)
• Q4 2024 vs Q4 2023. DOM jumped 69%, increasing by 58 days (Fig. 16.1). This spike may be due to paused or inactive listings re-entering the market in anticipation of a stronger 2025

Surfside & Bal Harbour Quarterly Days on Market 2018-2024 – Fig. 19

4.4. Surfside & Bal Harbour Luxury Condo Inventory

Q4 2024 closed with 24 months of Inventory

Surfside & Bal Harbour followed Miami's overall trend of rising inventory, cementing its shift into a buyer's market:

• Quarter-over-quarter, inventory rose 14.3% from 21 months in September 2024 to 24 months in December 2024 (Fig. 20)
• Year-over-year, inventory jumped 41.2% from 17 months in December 2023 to 24 months in December 2024

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2024 - Fig. 20

A balanced market has 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

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5. Sunny Isles Beach Luxury Condo Market Trends

Q4 2024 vs Q3 2024 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	61	17.3%	$1,900,000	-9.5%	$954	-5.8%	67
Q3 2024	52		$2,100,000		$1,012		77

Q4 2024 vs Q4 2023 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21.1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	61	5.2%	$1,900,000	-16.5%	$954	1.4%	67
Q4 2023	58		$2,275,000		$941		68

Annual 2024-over-2023 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21a
Year	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
2024	295	-2.0%	$2,000,000	1.3%	$986	8.0%	83
2023	301		$1,975,000		$913		78

5.1. Sunny Isles Luxury Condo Sales

Q4 2024 Sales up 5.2% year-over-year

Sunny Isles Beach followed Miami's overall trend of rising year-over-year sales, posting strong growth in Q4 2024:

• Q4 2024 vs Q4 2023. Sales rose 5.2%, increasing from 58 to 61 transactions (Fig. 21.1)
• Q4 2024 vs Q3 2024. Sales climbed 17.3%, up from 52 to 61 transactions (Fig. 21)

Annual Sales flat – Negative Trendline

Unlike the overall Miami market's positive sales trend, luxury condos in Sunny Isles Beach saw a slight decline in annual sales for 2024:

• 2024 vs 2023. Sales decreased 2%, dropping from 301 in 2023 to 295 in 2024 (Fig. 21a)

Despite improved sales activity in Q4, the 12-month Sales Trendline (Fig. 22.2) remained on a negative trajectory between Q3 and Q4 2024.

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2024 - Fig. 22.1

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

5.2. Sunny Isles Luxury Condo Price Trends

Annual Price per Sq. Ft. up 8% to $986 – Median Price flat

Luxury condos in Sunny Isles Beach followed Miami's broader pricing trend, with a notable increase in price per square foot but a relatively flat median sales price in 2024 (Fig. 21a):

• Price per Square Foot: Increased 8%, rising from $913 in 2023 to $986 in 2024
• Median Sales Price: Remained mostly flat, edging up 1.3%, from $1,975,000 to $2,000,000

Q4 2024 Price per Sq. Ft. flat at $954 – Median Price down year-over-year

Luxury condos in Sunny Isles Beach diverged from the overall Miami market trend, with a stable price per square foot but a decline in median sales price in Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot stayed mostly flat, adjusting by 1.4%, marginally rising from $941 to $954 (Fig. 21.1)
• Long-Term Pricing Trend: An 8-year snapshot (Fig. 23) shows that Price per Square Foot remained in the upper range, confirming that sellers consistently achieved strong value for their luxury condo investments in this oceanfront market.
• Q4 2024 vs Q4 2023. Median Sales Price declined 16.5%, dropping from $2,275,000 to $1,900,000 (Fig. 21.1)

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2024 - Fig. 23

5.3. Sunny Isles Luxury Condo Days on Market

Days on Market up 6% on an annual basis and flat 4Q24-over-4Q23

Sunny Isles Beach's Days on Market (DOM) trends partially aligned with Miami's overall market, showing a slight annual increase but minimal year-over-year change in Q4 2024:

• 2024 vs 2023. Luxury condos spent 5 more days on the market, a 6% increase in year-over-year DOM (Fig. 21a)
• Q4 2024 vs Q4 2023. Luxury condos spent just 1 less day on the market, reflecting a negligible change (Fig. 21.1)

Sunny Isles Beach Quarterly Days on Market 2018-2024 – Fig. 24

5.4. Sunny Isles Luxury Condo Inventory

Q4 2024 closed with 27 months of Inventory

In line with Miami's overall trend of rising inventory, Sunny Isles Beach continued shifting into a buyer's market with the following changes:

• Quarter-over-quarter, inventory rose 42%, increasing from 19 months in September 2024 to 27 months in December 2024 (Fig. 25)
• Year-over-year, inventory climbed 28.6% from 21 months in December 2023 to 27 months in December 2024

Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2024 - Fig. 25

A balanced market has 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

6. Fisher Island Luxury Condo Market Trends

Q4 2024 vs Q3 2024 Fisher Island Luxury Condo Market Summary - Fig. 26
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	8	33.3%	$7,082,500	-14.8%	$2,552	20.5%	180
Q3 2024	6		$8,309,670		$2,119		88

 

Q4 2024 vs Q4 2023 Fisher Island Luxury Condo Market Summary - Fig. 26.1
Quarters	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
Q4 2024	8	60.0%	$7,082,500	64.7%	$2,552	37.6%	180
Q4 2023	5		$4,300,000		$1,854		259

 

Annual 2024-over-2023 Fisher Island Luxury Condo Market Summary - Fig. 26a
Year	Number of Sales	% change in Sales	Median Sale Price	% change in Median Sale Price	Median Sp/Sqft	% change in Median Sp/Sqft	Median of DOM
2024	28	-3.4%	$6,109,670	11.1%	$2,216	12.5%	135
2023	29		$5,500,000		$1,970		153

6.1. Fisher Island Luxury Condo Sales

Q4 2024 Sales up 60% year-over-year

Echoing Miami's overall trend of rising year-over-year sales, Fisher Island reported the following sales statistics for Q4 2024:

• Q4 2024 vs Q4 2023. Sales jumped 60%, increasing from 5 to 8 transactions (Fig. 26.1)
• Q4 2024 vs Q3 2024. Sales rose 33.3%, from 6 to 8 transactions (Fig. 26)
• Market Leader: With the highest year-over-year sales growth (60%), Fisher Island topped Miami Beach's annual market growth trends.

Annual Sales down 3.4% – Positive Trendline

Fisher Island's annual sales trends partially aligned with Miami's overall positive market, showing only a slight decline in 2024:

• 2024 vs 2023. Sales decreased 3.4%, from 29 to 28 transactions (Fig. 26a). Given Fisher Island's small luxury condo market, even minor fluctuations can significantly impact statistics

Due to stable buyer demand, the 12-month Sales Trendline (Fig. 27.2) shifted from a flat trajectory in Q3 2024 to a positive curve in Q4 2024, signaling renewed momentum.

Fisher Island Luxury Condo Quarterly Sales 2015-2024 - Fig. 27.1

Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2

6.2. Fisher Island Luxury Condo Price Trends

Annual Price per Sq. Ft. up 12.5% to $2,216 – Median Price also up

Luxury condos in Fisher Island reinforced Miami's trend of rising prices in 2024, maintaining their status as the most exclusive market (Fig. 26a):

• Price per Square Foot: Increased 12.5%, rising from $1,970 in 2023 to $2,216 in 2024.
• Most Expensive Market: Fisher Island retained its position as Miami's priciest neighborhood, closing the year at $2,216 per square foot.
• Median Sales Price: Rose 11.1%, from $5,500,000 in 2023 to $6,109,670 in 2024, reaffirming Fisher Island as Miami's most premium zip code.

Q4 2024 Price per Sq. Ft. up 37.6% to $2,552 – Median Price also up year-over-year

Fisher Island closely followed Miami's broader trend of rising price-per-square foot and flat Media Price in Q4 2024:

• Q4 2024 vs Q4 2023. Price per Square Foot increased 37.6%, rising from $1,854 to $2,552 (Fig. 26.1) 
• Long-Term Pricing Trend: An 8-year snapshot (Fig. 28) shows that Fisher Island's price per square foot closed at its second-highest level, signaling strong seller gains and profitable transactions in Q4.
• Most Expensive Neighborhood: Fisher Island retained its title as Miami and South Florida's priciest luxury condo market, leading in both price per square foot and median sales price.
• Market Leader in Price Growth: Fisher Island recorded the highest percentage gains in price per square foot of any neighborhood, making it Miami's top performer in Q4 price growth trends.
• Q4 2024 vs Q4 2023. Median Sales Price also increased 64.7%, from $4,300,000 to $7,082,500 (Fig. 26.1)

Fisher Island Quarterly Price per Sq. Ft. 2017-2024 - Fig. 28

6.3. Fisher Island Luxury Condo Days on Market

Days on Market down 12% on an annual basis and 31% 4Q24-over-4Q23

Defying the broader Miami trend of rising Days on Market (DOM), Fisher Island saw notable improvements in 2024:

• 2024 vs 2023. Luxury condos spent 18 fewer days on the market, reflecting a 12% year-over-year decline in DOM (Fig. 26a)
• Q4 2024 vs Q4 2023. Luxury condos spent 79 fewer days on the market, marking a 31% reduction in DOM (Fig. 26.1)

Fisher Island Quarterly Days on Market 2018-2024 – Fig. 29

6.4. Fisher Island Luxury Condo Inventory

Q4 2024 closed with 16 months of Inventory

Unlike the broader Miami trend of rising inventory, Fisher Island saw a decline as it transitioned into a buyer's market:

• Quarter-over-quarter, inventory fell 11.1% from 18 months in September 2024 to 16 months in December 2024 (Fig. 30)
• Year-over-year, inventory declined 5.9% from 17 months in December 2023 to 16 months in December 2024
• At 16 months, Fisher Island reported the lowest levels of inventory in Miami Beach.
  
  

Fisher Island Months of Inventory from Mar. 2019 to Dec. 2024 - Fig. 30

A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

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7. Conclusion - Annual & Q4 2024 Miami Beach Luxury Condo Market Report

Despite the typical winter slowdown, historically a slower sales period for Miami real estate, Miami Beach defied expectations with increased year-over-year and quarter-over-quarter activity in Q4 2024. This trend aligned with the positive sentiment in Miami's overall luxury condo market for Q4 2024, as all Miami Beach neighborhoods reviewed in this report recorded year-over-year sales growth.

On an annual basis, Miami Beach's luxury condo market maintained stability, mirroring 2023's energy and reinforcing its steady growth trajectory.

Among the top-performing neighborhoods, Fisher Island stood out as the preferred choice for luxury condo buyers, recording the highest year-over-year sales growth (60%) in Q4 2024. Meanwhile, Mid-North Beach was the fastest-growing sub-market in annual sales, leading 2024-over-2023 growth.

Following the overall Miami trend, the 12-month sales trendline showed a negative curve across Miami Beach, except for Fisher Island. Based on this data and our daily market observations, as luxury real estate experts we anticipate Q1 2025 to open on a softer note in Miami Beach, compared to mainland neighborhoods like Greater Downtown and Coconut Grove & Coral Gables (combined).

In our price watch, Miami Beach showed signs of price saturation and correction, deviating from Miami's broader positive price trends. Annual prices declined, and Q4 2024-over-Q4 2023 Price per Square Foot remained flat, indicating a possible market adjustment going into 2025 following steady price increases since 2020.

Fisher Island continued as the undisputed market leader with the highest recorded price per square foot and sales prices in our 2024 vs. 2023 and Q4 2024 analysis, making it the most premium zip code for luxury condos in South Florida. The private island recorded the most expensive price per square foot in Q4 2024 at $2,552, along with an unmatched median sales price of $7.1 million.

Fisher Island also led Miami Beach's price appreciation in Q4 2024, delivering sellers a strong return on investment with a 38% year-over-year increase.

In Q4 2024, the Days on Market statistic reported an increase in year-over-year numbers, much like the overall Miami market. 

Regarding inventory, stats were notably higher across the board in Miami Beach, except for Fisher Island, as anticipated and in sync with the overall market trends. The exclusive island reported a decline with the lowest year-end inventory (16 months).

As seasoned luxury real estate experts, we anticipate several key factors shaping Miami Beach's luxury housing market in 2025:

• Miami's wealth migration trend—with incoming residents averaging an adjusted gross income of $175,600 and businesses relocating for tax advantages and a favorable climate— to further fuel luxury housing demand.
• Our economy will continue to thrive thanks to the ongoing global attention ahead of the FIFA 2026 World Cup, reinforcing its status as an international destination. 
• With Mar-a-Lago emerging as a gathering place for high-profile figures, Miami's political significance will keep rising. This heightened visibility will likely attract more high-net-worth buyers from around the world, further fueling demand for luxury condos.
• We also expect a steady influx of international buyers, centi-millionaires, and ex-pats drawn to Miami's booming pre-construction condo market, attracted by eco-friendly designs, wellness-focused amenities, and branded luxury developments, which continue to redefine Miami Beach's luxury real estate landscape.
• Despite economic pressures such as rising condo fees, insurance costs, and elevated mortgage rates, Miami's cash-driven real estate market is expected to outperform other major U.S. housing markets, providing market stability.
• We further expect the luxury condo market to remain buyer-friendly in 2025 as inventory levels stay elevated with completed pre-construction condo products joining the market.
  
  

Q4 2024 Trends	Overall Miami	Miami Beach	South Beach	Mid-North Beach	Surfside & Bal Harbour	Sunny Isles Beach	Fisher Island
Sales	Up	Up	Flat	Flat	Up	Up	Up
Trendline	Negative	Negative	Negative	Negative	Negative	Negative	Positive
Price per Sq. Ft	Up	Flat	Up	Flat	Down	Flat	Up
Days on Market	Up	Up	Down	Flat	Up	Flat	Down
Inventory	Up	Up	Up	Up	Up	Up	Down

2024 Annual Trends	Overall Miami	Miami Beach	South Beach	Mid-North Beach	Surfside & Bal Harbour	Sunny Isles Beach	Fisher Island
Sales	Flat	Down	Down	Up	Down	Flat	Down
Price per Sq. Ft	Up	Down	Up	Up	Down	Up	Up
Days on Market	Up	Down	Up	Up	Up	Up	Down

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