Miami-Dade County $5 Million+ Condominium Market Report — July 2026

Miami-Dade County’s $5 million-plus condominium market remained stable with mixed indicators through July 2026.

Sales activity has increased during the most recent six months compared with the prior seven-to-12-month period. Median sale prices have also increased compared with that earlier period.

At the same time, active inventory has continued to expand, months of housing supply has increased, and marketing periods remain extended.

Market at a Glance

During the current three-month period:

  • 59 settled sales

  • 19.67 sales per month absorption rate

  • 309 active listings

  • 15.71 months of housing supply

  • $8,175,000 median sale price

  • 187 median sales days on market

  • $7,800,000 median list price

  • 169 median active-listing days on market

The market continues to produce sales, but buyers also have substantial inventory from which to choose.

Appraiser’s Perspective

Thomas J. Dunphy III, State-Certified Residential Real Estate Appraiser RD8755

The Miami-Dade County $5 million-plus condominium market is best characterized as stable with mixed indicators.

The absorption rate increased from 17.00 sales per month during the prior seven-to-12-month period to 21.33 during months four through six before settling at 19.67 during the current three months.

Although the current absorption rate is slightly below the preceding period, it remains above the prior seven-to-12-month period.

Active inventory increased from 235 listings to 282 and then to 309, continuing an increasing trend.

Months of housing supply initially declined from 13.82 months to 13.22 months before increasing to 15.71 months during the current three months.

Median sale prices increased from $7.06 million during the prior seven-to-12-month period to $8.25 million during months four through six and $8.175 million during the current three months. Although the current median is slightly below the preceding period, it remains above the earlier six-month period.

Marketing time is another important consideration. Median sales days on market were 187 days, 161 days and 187 days during the three respective periods.

Current sales marketing time is therefore slightly more than six months at the median.

The overall market is producing sales at a greater monthly rate than during the prior seven-to-12-month period, while buyers also have more inventory available. These opposing indicators support an overall conclusion of a stable market with mixed indicators.

As with any upper-tier condominium analysis, countywide statistics provide market context but do not establish the competitive market for an individual unit. The condominium project, location, floor level, view, living area, condition, amenities and other characteristics can substantially influence how a particular unit competes.

Tom the Realtor’s Perspective — For Buyers

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

For buyers, this is a market where I would emphasize patience, research and preparation.

There are currently 309 active listings, and median sales marketing time is slightly more than six months. That generally provides time to understand what you are buying rather than simply reacting to an asking price.

The first step is determining exactly what you want.

Once we identify the location, condominium project, view, floor level, living area, amenities and other characteristics that matter to you, I would narrow the analysis to that specific competitive market.

I would also pay particular attention to properties that have been available for an extended period. We would review their listing histories, including available information regarding prior price changes, and determine how the property is currently positioned.

When you find a unit you want, I would perform a detailed analysis of the most relevant competing sales and listings.

For a specialized property, that analysis may include older sales when necessary. I may examine several years of market activity when it provides meaningful evidence, while also considering changes in market conditions over time.

The objective is to develop a competitive, market-supported offer and help you make an informed decision.

The Building Matters, Too

At this price level, we're not just analyzing the condominium unit.

We're investigating the project.

I would want to understand available information regarding special assessments, completed or anticipated inspections, reserve funding, association finances, building improvements and other issues that could affect ownership.

If an applicable milestone or structural inspection has been completed, we would want to review the available information and determine whether additional work or assessments are anticipated.

We would also want to understand the financial position of the condominium association. If significant work is anticipated, how is it expected to be funded?

The condominium itself may be spectacular, but the financial and physical condition of the project remains an important part of the purchase decision.

That due diligence can be every bit as important as negotiating the purchase price.

Tom the Realtor’s Perspective — For Sellers

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

For sellers, the increase in inventory and extended marketing time make pricing, positioning and marketing strategy particularly important.

I would begin with the individual condominium project and the unit’s specific competitive market rather than relying on the overall $5 million-plus Miami-Dade County condominium category.

I would analyze relevant sales within the project and other properties competing for similar buyers, considering living area, floor level, view, condition, improvements, amenities and other characteristics.

For a specialized unit, I may also examine older sales when necessary and consider changes in market conditions over time.

The objective is to develop a market-supported pricing strategy for that particular property.

Current market conditions make this especially important. Active inventory has increased to 309 listings, months of housing supply has increased to 15.71 months, and median sales marketing time is 187 days.

Properties are selling, but buyers have choices.

Appropriate pricing and positioning from the beginning can therefore make a meaningful difference.

Marketing—and Privacy

Before developing the marketing strategy, I would want to know exactly what the seller wants.

Some owners want broad exposure.

If that's the goal, we can develop a comprehensive marketing approach utilizing appropriate online exposure, professional presentation, photography and video, social media, direct outreach and other methods of presenting the property to prospective buyers and real estate professionals.

Other owners at this price level may place greater importance on privacy and discretion.

If an owner does not want the property broadly publicized, the strategy changes.

I would focus more heavily on direct outreach to real estate professionals active in the upper-tier market, agents who have previously represented buyers or sellers within the building, and other appropriate professional contacts.

I would be proactive about getting the word out while respecting the owner's desired level of privacy.

An Additional Marketing Advantage

One advantage I bring to that strategy is TomDunphySellsRealEstate.com.

The website is designed to reach buyers and sellers researching Southeast Florida real estate through Tom’s Market Updates, property searches and local real estate information.

Even when an owner prefers a more private approach to marketing an individual property, the website provides an additional way for prospective clients and buyers to discover my real estate services without requiring the seller's property to be broadly publicized.

Combined with direct outreach to real estate professionals active in the upper-tier market, agents who have participated in transactions within the building, and other appropriate contacts, this allows me to tailor the marketing strategy around the seller's desired level of exposure.

I would also want to understand the condominium project's current situation before bringing the property to market.

Are there special assessments? Have they been paid? Are additional assessments anticipated? What inspections have been completed? Are significant building projects planned? How are they expected to be funded?

Those are questions prospective buyers may ask, and I would want to understand the available information before we begin marketing the property.

Ultimately, the objective is straightforward:

Understand the property, establish a market-supported strategy, market it according to the seller's objectives, and work to achieve a marketing period that compares favorably with the broader market.

One of Southeast Florida Real Estate’s Best-Kept Secrets

Miami-Dade County's $5 million-plus condominium market encompasses some of Southeast Florida's most distinctive residential buildings, waterfront settings, views and individually designed residences.

The diversity of this market is also why individual project and unit analysis matters. Countywide statistics tell us what the broader market is doing; they do not tell us how an individual condominium will compete.

Follow Tom’s Market Updates at TomDunphySellsRealEstate.com for ongoing real estate market reports covering Miami-Dade County, Broward County, Palm Beach County, Martin County, St. Lucie County and communities throughout Southeast Florida.

Explore More Southeast Florida Real Estate Market Reports

Explore additional Tom’s Market Updates covering detached homes, condominiums and specialized upper-tier market segments throughout Southeast Florida.

Market conditions can vary substantially by county, city, condominium project, waterfront influence, property type and price range. Looking at the appropriate competitive market provides more meaningful context than relying on broad countywide statistics alone.

Thinking About Buying or Selling?

For buyers, the process involves identifying the right property, understanding the individual condominium project, performing appropriate due diligence and analyzing the unit's specific competitive market before developing an offer.

For sellers, it means understanding how the unit competes, establishing a market-supported pricing strategy and determining the appropriate level of marketing exposure or privacy based on the owner's objectives.

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

Important Disclosures & Disclaimer

Appraisal Services: Market commentary identified as the Appraiser’s Perspective represents general market analysis by Thomas J. Dunphy III, State-Certified Residential Real Estate Appraiser RD8755. It is provided for informational purposes only and is not an appraisal, appraisal review, restricted appraisal report, broker price opinion, comparative market analysis or opinion of value for any specific property. An appraisal assignment requires property-specific research and analysis, identification of the intended use and intended user, and compliance with applicable appraisal standards and assignment requirements.

Real Estate Brokerage Services: Commentary identified as Tom the Realtor’s Perspective is provided in the capacity of a Florida licensed real estate sales associate with Fulton Grace Realty and is separate from appraisal services. Buyer and seller strategies discussed in this report are general in nature and may not apply to a particular property or transaction.

Condominium Due Diligence: References to condominium inspections, reserves, assessments, association finances and project information are general considerations only. Buyers should review applicable condominium documents and available inspection, reserve and financial information and consult appropriate qualified professionals regarding legal, structural, financial or other specialized matters.

Market Data: Market statistics presented in this report are based on MLS data analyzed with an effective date of July 31, 2026. Market conditions and available inventory can change, and individual condominium projects and units may perform differently from broader countywide statistics.

No Property-Specific Valuation: Nothing contained in this market report should be interpreted as an appraisal or as an opinion of the market value, listing price, offering price or anticipated sale price of any specific property.

Equal Housing Opportunity.