August 2023 Home & Condo Trends • Miami Beach Real Estate Blog

August 2023 Home & Condo Trends • Miami Beach Real Estate Blog


August 2023 Home & Condo Trends • Miami Beach Real Estate Blog
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog 1

Luxury Living in Miami: What’s New in Home & Condo Trends for August 2023? Gain invaluable insights into Miami’s luxury real estate market priced over $1,000,000 with our comprehensive review of the latest home and condo trends. Our analysis delivers monthly and year-over-year updates for each property type, empowering you to make informed decisions and stay ahead of the curve. Uncover the pulse of Miami’s prestigious real estate scene and seize the opportunities it offers. Join us as we delve into the world of Miami’s coastal homes and condos, offering a professional perspective on the industry’s current trends.

Miami is a world-class destination that captivates individuals from across the globe with its sun-kissed climate, picturesque beaches, and vibrant cultural scene. However, the city’s allure stretches beyond its natural beauty, extending into its thriving real estate market. Miami’s collection of luxury homes and condominiums presents a level of comfort and refinement that few other cities can rival. The real estate landscape in Miami encompasses an impressive range of offerings, from awe-inspiring oceanfront residences to extravagant properties with resort-style amenities.

Miami’s dynamic arts and culture scene and internationally acclaimed culinary delights elevate the city into a coastal haven for those seeking a sophisticated lifestyle in South Florida. With these enticing elements combined, it becomes apparent why Miami holds its esteemed position as one of the most desirable destinations worldwide for luxury real estate. Here are the latest housing trends for August 2023 in our monthly review.

Today’s Miami coastal homes for sale offer a great array and selection, sustaining different preferences and lifestyles. With various single-family living options, whether you’re looking for a waterfront home, a historic home, or a modern mansion, numerous home options are available in Miami. These luxury homes offer the ultimate privacy, comfort, and lifestyle, making them a top choice for those seeking the best in Miami.

August 2023 Home & Condo Trends • Miami Beach Real Estate Blog
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog 2

August 2023 was a Buyer’s market*

Homes for Sale in August 2023: 463 homes.

Up 4% compared to last month
Down 1.1% compared to last year

Homes Closed in August 2023: 56 homes.

Up 9.8% compared to last month
Down 11.1% compared to last year

Homes Placed under Contract in August 2023: 50 homes.

Down 10.7% compared to last month
Down 2% compared to last year
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog 3

August 2023 Average Sold Price per Square Footage was Appreciating*

Average Sold Price per Square Footage in August 2023: $1444

Up 24.6% compared to last month
Up 32.8% compared to last year

Miami Luxury Homes

Miami Luxury Homes are in demand – these exceptional properties boast high-end touches, generous floor plans, and bespoke detail and design. Meticulously curated with an unwavering commitment to perfection, these residences promise an unmatched living experience. Peruse the remarkable array of Miami luxury homes for sale, presenting the awe-inspiring skyline and waterfront panoramas complemented by beautiful pools, outdoor kitchens, and exceptional privacy.

*A buyer’s market has more than 6 months of inventory based on closed sales.

Experience the condo lifestyle with Miami luxury condos priced at $1 million and above. Renowned as some of the most prestigious properties in the world, these Miami condominiums redefine the meaning of sophistication and comfort. Impeccable craftsmanship and exquisite attention to detail are evident throughout, showcasing high-end finishes, top-tier appliances, and cutting-edge technology throughout each condo. Indulge in the Miami lifestyle as you immerse yourself in the incredible skyline views of the city, Biscayne Bay, and the Atlantic Ocean these condos provide. Unparalleled amenities await, including beachfront & rooftop swimming pools, rejuvenating spas, wellness & fitness centers, and round-the-clock security, ensuring peace of mind in every aspect of your experience.

August 2023 Home & Condo Trends • Miami Beach Real Estate Blog
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog 4

August 2023 was a Buyer’s market*

Condos for Sale in August 2023: 1131 condos.

Down 1.1% compared to last month
Up 3.6% compared to last year

Condos Closed in August 2023: 87 condos.

Up 8.8% compared to last month
Down 1.1% compared to last year

Condos Placed under Contract in August 2023: 88 condos.

Up 10% compared to last month
Down 5.4% compared to last year
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog
August 2023 Home & Condo Trends • Miami Beach Real Estate Blog 5

August 2023 Average Sold Price per Square Footage was Neutral*

Average Sold Price per Square Footage in August 2023: $1215

Up 7.2% compared to last month
Up 4.5% compared to last year

Miami Luxury Condos

Explore an impressive selection of Miami Luxury Condos for sale, offering an array of sizes and styles to suit diverse preferences and lifestyles. From unique loft studios to expansive Miami penthouses, Miami presents a multitude of options for today’s buyers. These exceptional condominiums redefine luxury living with seamless convenience, comfort, and style. Indulge in modern functionality, as these condos provide a sanctuary that will exceed expectations. Whether you seek a new condo with direct ocean views or a penthouse palace, Miami Luxury Condos offers an awesome choice for those ready to embrace a healthy lifestyle in South Florida.

*A buyer’s market has more than 6 months of inventory based on closed sales

The Miami Lifestyle

The Miami lifestyle offers residents health, comfort, elegance, and sophistication. Discover our exceptional collection of meticulously designed condos, Miami coastal homes, and trophy penthouses, where every detail is thoughtfully considered to offer residents an unparalleled lavish lifestyle. Miami’s luxury real estate market boasts an impressive diversity of options, catering to various preferences and lifestyles.

Whether you’re seeking an oceanfront condo or an expansive waterfront mansion, Miami delivers the best luxury living. Contact me today for more information about South Florida’s robust residential real estate market, including additional trends not shown here. Your dream home in Miami awaits!

Stop Searching. Start Living.

An expert in South Florida coastal properties, my specialty areas include South BeachMiami BeachSunny Isles BeachAventuraBal HarbourBay Harbor IslandsSurfsideMiami ShoresBrickellDowntownWynwood-Edgewater-MidtownKey BiscayneBay Harbour IslandsCoconut Grove, and Coral Gables. For Broward County, specialty areas include PlantationSouthwest RanchesDavieHollywoodDania BeachHallandale, and Fort Lauderdale (East of US1).

When researching South Florida homesluxury condosMiami penthousesoff-market properties, investment opportunities, or relocation assistance for your family and team, I’ll have it customized and ready for you. Contact me today for a curated list of properties, and let’s discuss your ideas and vision for South Florida.

Let’s Connect

ONE Sotheby's International Realty

At Sotheby’s, Your Vision is Our Inspiration.

You have ONE life to live. You should expect the most from it. At ONE Sotheby’s International Realty, we are inspired by giving extraordinary lives a home to thrive. Many know Sotheby’s International for its brand heritage, prestige, propensity for perfection, and, quite simply, immense global reach. As curator of luxury real estate, it’s my pleasure to connect you with the world’s best real estate brand. We have a vast global network of friends & colleagues who offer a bespoke experience wherever you reside. Locally, I offer exceptional real estate and client services with the leading firm, ONE Sotheby’s International Realty.

Technology & Resources

The Miami Beach Real Estate Blog is an excellent resource for South Florida residential real estate data and property information. Check back often to learn about Miami real estate opportunities & trends.

You are a client, not a customer. You can expect confidentiality and risk assessment with accurate information to build your net worth as a client. Knowledge is protection.

  • Clients are under the protection of a professional.
  • Customers purchase a commodity or service.



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