The Short Answer
At the same price, a Miami house gives you more interior space and land. A Miami condo costs more per square foot and gives you height, water views and services.
In MLS closings above $10 million from January 2025 to September 2026, condominiums closed at a median of $3,138 per square foot. Single-family homes closed at $2,472. Compared with waterfront houses only, the condo premium was 27% in the $10 million to $15 million band.
The gap almost disappears at the top. Above $25 million, waterfront houses closed at $4,143 per square foot and condos at $4,467, a difference of 8%.
I call this the Vertical Premium. It is what a buyer pays to own air instead of ground at the same budget.
The Key Numbers
| Closed sales above $10M, Jan 2025 to Sep 2026 | Condominiums | Single-family homes |
|---|---|---|
| Closed sales in the data | 118 | 250 |
| Median sold price | $13,612,500 | $15,900,000 |
| Median sold $/SF | $3,138 | $2,472 |
| Median interior size | 4,740 SF | 6,762 SF |
| Median lot size | None | 20,860 SF |
| Median year built | 2016 | 2008 |
| Median days on market | 198 | 148 |
| Median sold price as % of list | 92.0% | 91.3% |
| Share closed 10% or more below list | 38% | 39% |
| Active listings above $10M | 126 | 175 |
| Months of inventory at this sales pace | About 21 | About 14 |
| Share of sales with an MLS waterfront flag | 91% | 72% |
Two numbers in that table matter more than the rest. Houses sold at a lower price per square foot, and houses sold faster. Penthouses account for 19 of the 118 condominium closings above $10 million, so the condominium column describes the whole high-floor market, not the penthouse tier alone.
The Vertical Premium, Band by Band
A blended comparison mixes a Fisher Island condominium with an inland Pinecrest estate. So I split the closings into price bands, and I split the houses into waterfront and non-waterfront.
| Price band | Property type | Closed sales | Median interior SF | Median lot SF | Median sold $/SF |
|---|---|---|---|---|---|
| $10M to $15M | Condominium | 73 | 4,185 | None | $2,751 |
| $10M to $15M | Waterfront house | 60 | 5,463 | 15,092 | $2,161 |
| $10M to $15M | Non-waterfront house | 54 | 7,174 | 35,936 | $1,638 |
| $15M to $25M | Condominium | 34 | 4,781 | None | $3,842 |
| $15M to $25M | Waterfront house | 63 | 6,771 | 18,600 | $2,841 |
| $15M to $25M | Non-waterfront house | 16 | 9,764 | 43,255 | $2,083 |
| Above $25M | Condominium | 11 | 7,387 | None | $4,467 |
| Above $25M | Waterfront house | 55 | 9,209 | 22,685 | $4,143 |
| Above $25M | Non-waterfront house | 0 | None | None | None |
The Vertical Premium, measured against waterfront houses in the same band, was 27% from $10 million to $15 million, 35% from $15 million to $25 million, and 8% above $25 million.
Read the interior column next to it. In the $10 million to $15 million band, a waterfront house delivered about 31% more interior space than a condominium, plus about 15,000 square feet of land. A non-waterfront house delivered about 71% more interior space and about 36,000 square feet of land.
That is the trade in plain terms. The same $12 million buys a 4,200-square-foot residence in the air, a 5,500-square-foot house on the water, or a 7,200-square-foot house on a dry lot.
The $25 Million Line
Above $25 million, the market changes shape.
Every single-family closing above $25 million in this data was on the water. Of 56 sales, 55 carry an MLS waterfront flag. The one exception is a North Bay Road property with a blank waterfront field, on a street where almost every lot is waterfront.
The Vertical Premium also narrows to 8%. Trophy houses in this band closed at $4,143 per square foot, which is condominium pricing. The reason is scarcity, not construction cost. A buyer at this level is paying for an irreplaceable position: Indian Creek Island, La Gorce Circle, Bal Bay Drive, North Bay Road, Gables Estates. There are only so many of those lots, and no one is making more.
My Irreplaceability Premium framework explains why those positions behave differently from finishes, amenities and newness, which can all be bought or outbuilt. The Seawall Premium analysis measures the same effect on the Miami Beach islands.
Liquidity: Houses Moved Faster
The trophy house market cleared faster than the trophy condo market in this period.
Houses above $10 million took a median of 148 days on market. Condominiums took 198 days. At the sales pace of the last 20 months, active house inventory above $10 million represents about 14 months of supply. Active condominium inventory above $10 million represents about 21 months.
Negotiation was almost identical. Houses closed at a median of 91.3% of list price and condominiums at 92.0%. About 39% of house sales and 38% of condominium sales closed 10% or more below list. At this level of the market, a 10% discount is not a distressed sale. It is the normal result of a price that started above the market.
What the Extra Money Per Square Foot Buys in a Condominium
The premium is not irrational. A buyer who pays it receives:
- Height, and a view that a neighbor cannot block by building a bigger house next door
- Water views in almost every case. 91% of condominium closings above $10 million carried a waterfront flag, against 72% of houses
- Newer construction. The median condominium sold was built in 2016. The median house was built in 2008
- Staff, security and no responsibility for a roof, a seawall, a pool or a generator
- A lock-and-leave property, which matters to buyers who spend part of the year elsewhere
And what the house buyer receives instead:
- Land, and the right to rebuild, expand or sell the lot to a builder
- More interior space for the same money, by about 31% against waterfront houses in the $10M to $15M band
- Dockage in most waterfront cases, which a condominium cannot replicate
- No association, no board approval and no shared assessment for structural work
- Full control of privacy, which is the main reason many buyers at this level stop looking at towers
Neither is better. They are different assets that happen to cost the same.
The Dry-Lot Market Is a Separate Market
The 70 non-waterfront closings above $10 million deserve their own reading. They closed at a median of $1,657 per square foot, with a median of 7,983 interior square feet on a 37,897-square-foot lot. The waterfront closings ran $2,804 per square foot, with less interior space on a smaller lot.
So the inland estate buyer is paying for volume: house size, acreage, gates and trees. The waterfront buyer is paying for the water line itself. Those two buyers rarely compete for the same property, even at the same price.
This is why a single “Miami luxury home” average is useless. It averages two markets that price on different attributes.
What This Means for Buyers
Decide the asset class before you compare prices. A condominium at $3,100 per square foot is not expensive relative to a house at $2,500 per square foot. They are different products. Compare each against its own set.
If you want water and space, price the waterfront house first. In the $10 million to $15 million band it delivered about 31% more interior space than a condominium, plus land, at 27% less per square foot.
If you want height, services and a locked door, accept the premium and test the view. Pay for a view corridor that cannot be built in front of, not for a label. I analyzed what each view designation is actually worth in Miami’s Most Valuable Condo Views 2026.
If you are looking at a penthouse, run the same-building test first. Penthouses closed about 15% to 20% above regular residences in the same building, and 47% closed 10% or more below list. The numbers are in Is a Miami Penthouse Worth It?
Budget the carrying cost, not just the price. A waterfront house carries a seawall, a dock, insurance and maintenance. A condominium carries association dues and the risk of a special assessment. The two costs are not equal, and neither shows up in price per square foot.
What This Means for Sellers
Your competition is not only your property type. A buyer with $14 million is looking at towers and at houses. If your condominium is priced at a 40% premium per square foot over waterfront houses in the same band, you need a reason that survives a side-by-side comparison.
Expect a negotiation. Nearly four in ten closings above $10 million, in both property types, closed 10% or more below list.
Above $25 million, position is the whole argument. In this band the market paid house sellers condominium pricing, but only on the water. Inland estates recorded no closings above $25 million in this period. My Miami trophy home market analysis covers the $20 million to $100 million tiers in detail.
For current waterfront estate inventory, see Miami Beach luxury homes on Miami Penthouses & Estates.
Frequently Asked Questions
What does $10 million buy in Miami, a house or a condo?
Both, but not the same amount of space. In closings from January 2025 to September 2026, a $10 million to $15 million condominium was a median of 4,185 interior square feet. A waterfront house in the same band was 5,463 interior square feet on a 15,092-square-foot lot. A non-waterfront house was 7,174 interior square feet on a 35,936-square-foot lot.
Do Miami condos cost more per square foot than houses?
Yes. Above $10 million, condominiums closed at a median of $3,138 per square foot and single-family homes at $2,472. Measured only against waterfront houses, the condominium premium was 27% from $10 million to $15 million and 35% from $15 million to $25 million.
Is a Miami waterfront house a better investment than a luxury condo?
The data shows two differences that matter. Houses sold faster, with a median of 148 days on market against 198 for condominiums, and house inventory above $10 million was about 14 months of supply against about 21 months for condominiums. That is not a forecast. It measures how each market cleared over the last 20 months.
How much is a non-waterfront luxury home in Miami?
The 70 non-waterfront closings above $10 million had a median price of $12,575,000, a median of 7,983 interior square feet, a median lot of 37,897 square feet, and a median of $1,657 per square foot. No non-waterfront single-family home closed above $25 million in this data.
Why do Miami trophy houses sell for the same price per square foot as luxury condos?
Above $25 million, they nearly do. Waterfront houses closed at $4,143 per square foot and condominiums at $4,467, a gap of 8%. At that level the buyer is paying for a position that cannot be reproduced, such as Indian Creek Island or La Gorce Circle, rather than for the building.
How much below asking price do Miami luxury homes sell?
Above $10 million, single-family homes closed at a median of 91.3% of list price, and 39% of sales closed 10% or more below list. Condominiums closed at a median of 92.0%, with 38% closing 10% or more below list.
Buying or Selling a Miami Waterfront Home or Luxury Condominium?
Value at this level cannot be reduced to a property type or an average price per square foot. It depends on the exact position, the water frontage and depth, the seawall, the lot’s rebuild potential, the view corridor, the age of the structure, the carrying cost, and how many genuinely comparable properties a future buyer will be able to choose from.
If you’re evaluating a property on Indian Creek Island, North Bay Road, the Venetian Islands, Sunset Islands, Gables Estates, Fisher Island or in any Miami Beach or Brickell tower, contact Ashton Coleman for a property-specific comparison using recent closed sales and current competing inventory.
Explore current listings on Miami Penthouses & Estates.
📞 305.978.7704
📧 AColeman@onesothebysrealty.com
About the Market Data
This analysis uses two Southeast Florida MLS (SEFMLS) exports.
The single-family export covers Miami-Dade single-family closings above $10 million from January 6, 2025 to September 4, 2026. It contains 250 closed sales and 175 active listings. Lot size, waterfront flag and year built come from the same records. Of the closed sales, 236 report a sold price per square foot.
The condominium export covers Miami-Dade condominium closings above $5 million from January 2024 to September 2026. For this comparison I used only the 118 closings above $10 million that closed in 2025 or 2026, so that both datasets cover the same period, and the 126 active listings above $10 million.
Months of inventory divides active listings above $10 million by the average monthly closings over the 20 months of the sales data. Sold-to-list ratios use the list price reported on the closed record, which may be a reduced price rather than the original asking price. The waterfront flag is the MLS field, and two records in the single-family data leave it blank.
Condominium price per square foot counts interior space only. It does not include terraces, which are a significant part of the value of a high-floor residence. Single-family price per square foot also counts interior space only, so the land is not in the denominator for either property type. MLS information is believed accurate but is not guaranteed.
Disclaimer
Information is provided for informational purposes only and is subject to change without notice. Real estate statistics, listings and sales information should be independently verified. Nothing contained herein constitutes legal, tax, financial or investment advice. Buyers and sellers should consult appropriate professional advisors before making real estate decisions.
