By Gay Cororaton, MIAMI REALTORS Chief Economist
Sales of million-dollar homes purchased by cash buyers continued to gain market share in 2024. Million-dollar sales accounted for the largest share of sales in Palm Beach County, at 24%, and in Miami-Dade County, at 23%. Back in 2019, million-dollar sales accounted for just 7% of sales in Palm Beach County and 8% of sales in Miami-Dade County.
In the condominium/townhomes market, Miami-Dade County has the largest share of million-dollar condos/townhomes, at 14%, followed by Palm Beach County, at 9%.
Cash buyers are a driving force in Southeast Florida’s housing market, making up the majority in Palm Beach County (65%) and Martin County (64%) and a near majority in Miami-Dade County (46%) and Broward County (47%). Nationally, cash buyers accounted for about 25% of sales in November.
Cash buyers make up an even larger share of sales in the million-dollar market, accounting for 80% of million-dollar sales in Palm Beach County and Martin County and about 70% in Miami-Dade County and Broward County. The fraction of cash buyers in the million-dollar market has remained stable amid the booms and busts in the housing market.
Where are the largest cash buyers? These tend to be in the pricey coastal areas where wealthy buyers typically purchase homes for vacation use .
In Miami-Dade County’s condominium market, high cash sales markets include Surfside (77%), Sunny Isles (72%), and Miami Beach (65%).
In Broward County’s condominium market, high cash-sales markets included Lauderdale-by-the-Sea (73%), Hallandale Beach (69%) and Fort Lauderdale (64%)
In Palm Beach County, the town of Palm Beach had all-cash buyers of single-family homes (94%) and of condominium homes (85%). Other high cash sales in the condominium market were Juno Beach (89%), Tequesta (71%), and Boca Raton (66%).
In Martin County, high-cash areas included Jupiter Island (90%) and Hobe Sound (62%).
Cash buyers are wealthier out-of-state buyers and foreign buyers. According to MIAMI’s analysis of IRS data, Households who moved to a Southeast Florida county in 2022 from another Florida county, another state, or from abroad had higher income on average than households who moved out of the county or lived in the same county. Households who moved to Palm Beach County had the highest average income at $260,100 followed by Martin County at $209,600. In Miami-Dade County, the average adjusted gross income of households who moved to the county was $175,600. In Broward County, the average adjusted gross income of households who moved to the county was $115,500.
Download the Southeast Florida Sales by Price Tier data here.
