Price per square foot just hit $1,080 — the highest in Miami's history. But here's what most reports won't tell you: the median price actually dropped 4.7%. So what's really going on?

Buyers are getting pickier. They're paying more per foot for better locations and better finishes, but choosing smaller, smarter units. A corner penthouse in Miami Beach now commands more per foot than a sprawling unit two blocks inland. Quality is winning. Size is not.

The Numbers That Matter

364 luxury sales ($1M+), up 2% YoY. $1,080/sqft — all-time record, +9.2% YoY. 43% of deals closed all-cash. 49% of new construction sold to international buyers.

Where the Action Is

Miami Beach leads at $1,375/sqft (+14.9%). South Beach is on fire with 35% sales growth. Sunny Isles quietly posted +35% per-sqft gains — the sleeper pick for 2025. Fisher Island holds steady at $2,004/sqft (only 700 residences on the island, so it doesn't follow normal rules). Brickell hit $937/sqft, a new record for the financial district.

Coral Gables and Coconut Grove remain the smartest play for buyers who want character over flash — $859/sqft with a $1.8M median and the lowest days on market in the city.

What It Means for You

This is a buyer's market by the numbers (9–12 months of inventory), but not in every pocket. South Beach and Fisher Island are tight. Secondary locations are sitting. If you're selling, Q2 is your window — price it right and you'll find a buyer. If you're buying, you have leverage. Don't waste it.

Data: Miami Association of Realtors, Douglas Elliman, CondoBlackBook. Luxury segment ($1M+), Q1 2025.