By Gay Cororaton, MIAMI REALTORS Chief Economist
Million-dollar homes continued to gain ground in 2024 in Southeast Florida with demand driven by wealthy buyers coming from other states and internationally and as rising mortgage rates that hit 7% by year-end sidelined the typical buyer.
Million-Dollar Sales Made Up Higher Share of Sales in 2024
In the single-family market, the share of million-dollar sales rose in all counties, with the highest share in Palm Beach County (24%) followed by Miami-Dade (23%), Martin (20%), Broward (18%) and St. Lucie (1%). Million-dollar sales rose 12.6% while overall sales fell 1.7%
In the condominium/townhome segment, the share of million-dollar homes to total sales rose in Miami-Dade (14%), Palm Beach County (9%), and St. Lucie (3%). The share was unchanged in Broward (3%) and fell in Martin (3%). Total million-dollar condominium/townhome sales fell 1.5%, but this is a smaller decline than the overall 13% decline in condominium sales.
Million-dollar buyers are naturally wealthier, and a higher fraction tends to pay all-cash, which gives buyers a competitive edge over mortgage borrowers especially in a rising interest rate environment. Over half of the million-dollar home sales were cash sales, with the highest cash share in Palm Beach County, at 71%.
Single-family Luxury Price Threshold Rises to $3.3M and Ultra-Luxury to $10M in Miami-Dade County in 2024
In Miami-Dade County, the single-family luxury homes threshold (top 5% of sales) rose 22% to $3.3 million in 2024 among homes sold on the MIAMI MLS sales. The “ultra-luxury” homes (top 1%) rose 38% to $10 million.
In the condominium market, the luxury threshold rose 21% to $2.3 million. The ultra luxury threshold rose 15% to $6.3 million.
Miami-Dade Top Million-Dollar Markets
Using county-level data, MIAMI Realtors® also identified the largest million-dollar sales market and the top tier luxury areas based on the median sales price.
In Miami-Dade County, the largest million-dollar markets were Miami, Miami Beach, Coral Gables, Sunny Isles Beach, Key Biscayne, Aventura, Palmetto Bay, Pinecrest, Doral, and Miami Shores.
The highest median million-dollar sales prices in markets with at least 15 sales were in Golden Beach ($8.7 M), Bal Harbour ($3.1 M), Pinecrest ($2.6 M), Miami Beach ($2.5 M), Key Biscayne ($2.2 M), and North Miami ($2.1 M).
Broward County Top Million-Dollar Markets
The largest million-dollar markets were Fort Lauderdale, Parkland, Weston, Davie, Hollywood, Pompano Beach, and Lighthouse Point.
The highest median million-dollar sales prices in markets with at least 15 sales were in Southwest Ranches ($1.9 M), Lighthouse Point ($1.7 M), Fort Lauderdale ($1.7 M), and Davie ($1.7 M).
Palm Beach County Top Million-Dollar Markets
The largest million-dollar markets were in Boca Raton, Delray Beach, Palm Beach Gardens, Jupiter, West Palm Beach, Palm Beach, Riviera Beach, and North Palm Beach.
The highest median million-dollar sales prices in markets with at least 15 sales were in Manalapan ($5.4 M), Ocean Ridge ($3.1 M), Palm Beach ($2.8 M), and North Palm Beach ($2.5 M).
Martin County Top Million-Dollar Markets
The largest million-dollar markets were Palm City, Jupiter, Stuart, and Hobe Sound were Martin County’s largest million-dollar markets in 2024.
The highest median million-dollar sales prices in markets with at least 15 sales were Jupiter Island ($7.5 M), Tequesta ($2.7 M), Hutchinson Island ($2.6 M), and Jupiter ($2.3 M).
St. Lucie County Top Million-Dollar Markets
In St. Lucie County, Port St. Lucie and Jensen Beach were the largest million-dollar markets. In St. Lucie County, Fort Pierce was the most expensive ($2.1 M).
Download the Southeasts Florida Luxury Market 2024 Report HERE.