Even as national housing metrics point to a moderating high-end market, South Florida’s ultra-luxury condominium sector is entering 2025 in a pronounced expansion phase, characterized by brisk absorption, rising median prices, and a deep pool of affluent buyers transacting at the very top of the price spectrum.
While the headline narrative often focuses on eye‑catching claims of $6,000‑per‑square‑foot benchmarks, available transactional data do not yet confirm closings at that level, instead depicting a market defined by steadily rising but disciplined pricing, deep liquidity, and unusually strong absorption relative to new supply. This strength is underpinned by Miami’s status as a global financial center, which continues to attract both international and domestic high‑net‑worth buyers.
Headline‑grabbing $6,000‑per‑square‑foot claims remain unproven as disciplined pricing and strong absorption define reality
In Miami’s luxury condominium segment, the median price per square foot reached $995 in the third quarter of 2025, with a median sales price of $1.8 million, up 4.3% year over year, indicating measured price appreciation rather than speculative spikes. Unlike many ultra‑luxury markets where homes can sit for nearly a year on average and sell at steep discounts, South Florida’s velocity highlights the importance of accurate pricing and robust buyer demand.
The $2 million‑and‑above condo cohort has maintained a stable price‑per‑square‑foot profile, underscoring that volume gains are being driven by genuine demand expansion rather than rapid price inflation, even as marketing narratives reference aspirational per‑square‑foot targets.
Sales performance has been decisive. In Q3 2025, $2 million‑plus Miami condo sales totaled 152 closed transactions, a 15.2% annual increase, contributing to 333 overall luxury condo closings in the quarter.
Ultra‑luxury product at $10 million and above is projected to reach 426 sales across South Florida by year‑end 2025, approaching the near‑record 444 deals logged in 2021.
Miami‑Dade, Broward, and Palm Beach counties account for the bulk of volume.
The absorption rate for ultra‑luxury condominiums stands at a tight 4.2 months.
New development is reinforcing the segment’s depth. Over the past year, 320 new ultra‑luxury residential units have been launched, up 10% year over year.
These new units are concentrated in Miami Beach, Brickell, Sunny Isles, West Palm Beach, and Fort Lauderdale, with branded coastal towers reporting strong pre‑sales and rapid sell‑outs.
International buyers acquired 49% of new construction units in the 18 months through June 2025.
Meanwhile, cash‑rich domestic purchasers, supported by a 48.7% cash share in existing Miami condo sales, have helped South Florida’s ultra‑luxury market diverge from national patterns of extended marketing times and price cuts. Similarly, investors seeking stability have turned to markets with transparent regulatory frameworks, where predictable governance models support sustained market resilience.
Even as inventory levels and days on market normalize, these factors have contributed to the market’s resilience and ongoing strength.
