Miami-Dade County logged 194 home sales of $10 million or more through August, already 14.1% above the 170 such deals closed in all of 2025, according to MIAMI Realtors. At that pace, the county is projected to finish 2026 with about 291 sales at that price level, which would shatter the previous annual record of 230 set in 2021.

The surge is not confined to Miami-Dade. Across the state, luxury markets are pulling away from the pack. Luxury home prices in the Miami metro rose 18% year over year during the three months ending in July, the largest increase among the 50 most populous U.S. metros, according to a Redfin analysis. Tampa followed at 15.4%. Nationally, luxury prices rose 5.3% over the same period.

Redfin defines luxury homes as those in the top 5% of a metro area's price range. The analysis covers a rolling three-month period ending in July 2026.

Cash buyers fuel the boom

Wealthy buyers paying cash have helped insulate the high end from elevated mortgage rates. Cash sales represented 37.8% of all Miami closed sales in August, compared with about 27% nationally, according to the National Association of Realtors (NAR). In the condo market, 50.5% of Miami sales were all-cash deals, MIAMI Realtors data shows.

MIAMI Realtors Chief Economist Gay Cororaton said in a Sept. 16 statement that with mortgage rates expected to stay above 6.7% through year-end, cash and high-end buyers would continue to drive the South Florida market.

On the Miami Beaches specifically, single-family sales above $10 million nearly tripled year over year in the second quarter, pushing the median single-family sale price up 77% to $4.9 million, according to Corcoran's Q2 2026 market report. Condo sales on the Beaches rose 15% to 808 closings during the same period.

Inventory kept shrinking. Miami Beaches single-family listings fell to 303 homes in Q2, down 24% year over year, the lowest second-quarter count in three years, Corcoran reported. Condo listings on the Beaches dropped 17% to 3,548.

Gains in other Florida markets holds

The trend extends well beyond South Florida. In Sarasota County on the Gulf Coast, nine single-family homes sold for $10 million or more during the third quarter, up from one a year earlier, according to the Realtor Association of Sarasota and Manatee (RASM). Ten condos and townhomes also crossed that threshold, compared with zero in the same quarter of 2025, the Business Observer first reported.

The biggest Sarasota deal: a newly built estate on Siesta Key that closed Sept. 28 for $26 million, an all-cash purchase that was the county’s highest-priced home sale so far in 2026, the Herald-Tribune reported. Luxury agent Adnan Dedic of Compass, who represented the seller, told the paper that out-of-state buyers from markets like New York and California are investing in the area.

West Palm Beach luxury sales jumped 43.9% year over year during May–July 2026, the biggest increase in the country, Redfin reported. Pending luxury sales there have risen by double digits since October 2025.

Two-speed market

The luxury boom sits alongside a softer picture for everyday buyers. Non-luxury home prices in the Miami metro fell 1.3% year over year during the same Redfin period, and CNBC reported that inflation-adjusted Miami home prices fell 1.6% as elevated borrowing costs weighed on non-luxury demand.

Miami-Dade's overall condo market carried 12.1 months of supply in August, a buyer's market, MIAMI Realtors data shows. The single-family side was tighter at 4.9 months, a seller's market.

NAR Chief Economist Lawrence Yun said on a call with reporters in August that Florida showed "a strong increase in home sales with price recovering," according to Realtor.com. In Miami, existing single-family prices climbed 3.3% in the third quarter, nearly twice the national average of 1.7%.

The number of luxury homes for sale in the Miami metro fell 18.1% year over year in the three months ending in July, the third-largest decline among major U.S. metros, according to Redfin. That tightening inventory continues to support pricing at the top of the market heading into the final months of 2026.