A study by the Miami Downtown Development Authority concluded that it will be "unprecedented" to be able to find a condo in Downtown Miami for under $750,000 in 2025. The study found that the market reached an equilibrium in 2016, with new construction and supply matching an increasing demand for Downtown Miami. Although the Miami condo market has seen a softening and has entered into being in a state of being a "buyer's market," prices have remained somewhat stable and can even hint at trailing up in certain areas. That said, the resale market regressed 7%, seeing a drop after five years of gains above 10%. In Downtown, 2,202 condos were delivered in 2016, another 3,456 condos in 2017, 2,846 in 2018 and 1,960 in 2019.
Park West, Downtown Miami | Photo via One Thousand Museum