Spring was supposed to be Miami's big moment. It wasn't — at least not the way the market expected. But here's the thing: the numbers are actually stronger than the headlines suggest.
The luxury median hit $1,920,000 — up 10.1% year-over-year and 7.1% from Q1. In a "soft" quarter. Even more telling: days on market dropped 12.9%. Properties are selling faster, not slower.
Q2 by the Numbers
Luxury median price: $1,920,000, +10.1% YoY
Price per sq ft: $1,027, +3.1% YoY, down from Q1's record
Days on market: down 12.9% QoQ
Coral Gables/Coconut Grove: $1,825,000, +14.1% YoY
Winners and Resets
Coral Gables and Coconut Grove are outperforming everything — 14.1% growth feels like the market's best-kept secret. Brickell pulled back to $884/sqft from Q1's record $937 — a healthy reset, not a warning sign. South Beach logged 84 solid closings but the Q1 frenzy cooled. Fisher Island was the quarter's dark horse, leading all neighborhoods in inquiry and showing activity.
Why Spring Underwhelmed
International visitors came to look but didn't commit at the rate we expected. Macro uncertainty and elevated inventory created hesitation. Buyers who closed in Q1 exited, and replacement demand didn't fully materialize.
What's Next
Summer is always quiet in Miami, but fall looks promising. Q2 absorbed inventory, meaning September listings will hit a cleaner market. Rate clarity is coming. International buyers reset travel schedules in September.
The market isn't racing in 2025. It's walking. And a steady walk beats a sprint that ends in exhaustion.
Data: Miami Association of Realtors, Douglas Elliman, CondoBlackBook. Luxury segment ($1M+), Q2 2025.