By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Forty Southeast Florida areas now have a median sales price of $1 million or more, up from 17 areas in 2019, with Boca Raton as the largest million-dollar market.
- Year-to-date million-dollar sales accounted for 25% of sales in Miami-Dade, up from 8% during the same period in 2019.
- Lower mortgage rates and robust demand in the million-dollar market segment drove Southeast Florida’s closed sales up 10.3% year-over-year and pending sales surging 19% year-over-year in October 2025.
Download the October 2025 Southeast Florida Housing Market Report HERE.
As of October 2025, Southeast Florida has 40 markets where the median sales price is $1 million or more, up from 17 markets in 2019.
Cash buyers typically account for 64% of buyers in these million-dollar markets, with months’ supply typically at 11 months, and with properties typically on the market for 75 days.
Below is the top 10 list of the 40 million-dollar markets based on sales count (all prices). Of these 10 markets, only Miami Beach and Pinecrest were million-dollar markets in 2019 (marked with an asterisk).
- Boca Raton : $1.13 million, 54% cash, 5 months’ supply, 41 days on market
- Palm Beach Gardens: $1.00 million, 55% cash, 6 months’ supply, 65 days
- Parkland: $1.15 million, 29% cash, 4 months’ supply, 52 days
- Coral Gables: $2.29 million, 54% cash, 7 months’ supply, 67 days
- Kendall: $1.02 million, 36% cash, 5 months’ supply, 49 days
- Palmetto Bay: $1.15 million, 27% cash, 7 months’ supply, 58 days
- Miami Beach*: $3.12 million, 67% cash, 13 months’ supply, 93 days
- Doral: $1.00 million, 24% cash, 6 months’ supply, 68 days
- Pinecrest*: $2.62 million, 61% cash, 10 months’ supply, 88 days
- Lighthouse Point: $1.36 million, 56% cash, 9 months’ supply, 66 days
Year-to-date sales of single-family million-dollar homes continued to gain market share compared to the same period in 2019: Miami-Dade (25% vs. 8%), Broward (18% vs. 5%), Palm Beach (25% vs. 8%), Martin (20% vs. 7%), and St. Lucie (2% vs. nearly 0%.
Year-to-date sales of million-dollar condominiums/townhomes also gained market share compared to the same period in 2019 in Miami-Dade (16% vs. 6%), Broward (4% vs. 1%), Palm Beach (10% vs. 3%, Martin (3% vs. 1%), and St. Lucie (2% vs. nearly 0%).
MIAMI Realtors New Construction Global Sales Report released in November shows a strong foreign buyer demand for new construction, with foreign buyers taking up 52% of sales, of which 86% are from Latin America. Foreign Buyers & Market Update – MIAMI REALTORS®
Southeast Florida’s coastal lifestyle, low corporate taxes (e.g., 5.5% compared to New York’s 7.5%) and zero income tax (e.g., compared to New York’s 4% to 10.9%) continue to attract a pool of wealthy buyers and high-paying tech, finance, professional, and health workers.
Southeast Florida closed sales rose 10.3% and pending sales surged 18.9% in October 2025
For the second straight month, closed sales of single-family homes rose 12.4% on a combined basis in the Southeast Florida counties in October 2025 from one year ago: Miami-Dade (6.9%), Broward (3.6%), Palm Beach (19.1%), Martin (30.6%), and St. Lucie (22.3%). Single-family closed sales spiked in cities like Miami (16%), Hialeah (14%), Coral Gables (52%), Miam Beach (24%), and North Miami (63%).
Pending sales of single-family homes surged 24.3% overall, also the second consecutive month of increase: Miami-Dade (16.3%), Broward (18.4%), Palm Beach (29.3%), Martin (47.6%), and St. Lucie (35.4%).
In the condominium/townhomes market, closed sales rose 7.8% on a combined basis: Miami-Dade (6.8%), Broward (10.6%), Palm Beach (3.5%), Martin (11.5%), and St. Lucie (28.1%). Condominium/townhome closed sales surged in cities like Miami (12%), Miami Beach (27%), Sunny Isles Beach (40%), Coral Gables (69%), and North Miami Beach (100%).
Pending sales of condominiums/townhomes also rose 12.7% in all five counties: Miami-Dade (9.8%), Broward (5.0%), Palm Beach (24.2%), Martin (5.4%), and St. Lucie (66.0%).
Lower mortgage rates coaxed buyers to come out of the sidelines. In Broward County, buyers saved $86 monthly on a mortgage payment for a single-family home in October ($3,387) compared to one year ago ($3,473). In Martin County, buyers saved $148 ($3,325 from $3,473). In St. Lucie County, buyers saved $131 monthly ($2,161 from $2,292). However, in Miami-Dade County, the savings were modest at $9 ($3,779 from $3,788). In Palm Beach, mortgage payments even rose $53 from one year ago ($3,563 from $3,510).
In the condominium market, recently passed regulation (HB 913) intended to ease the sudden financial burden for condominium homeowners and associations appears to be buoying the market. HB 913 that took effect on July 1, 2025 increased the replacement cost of repairs required to be reserved and considered in the Structural Integrity Reserve Study (SIRS) from $10,000 to $25,000 and allows a unit-owner-controlled association to fund reserves by a line of credit or a loan.
