By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- South Florida’s housing market started off strong in January 2026, with single-family and condominium sales up 5.2% overall.
- Sales of million-dollar single-family and condominium/townhomes sales surged 23.8%.
- South Florida million-dollar market is poised to continue to grow in 2026 due to favorable market fundamentals and economic forces.
Download the January 2026 South Florida Housing Market Report HERE.
Bolstered by falling mortgage rates in late 2025 and vigorous demand from high-end buyers, South Florida’s housing market started off strongly in 2026. In January, sales rose 5.2% overall in the single-family and condominium/townhomes market. The million-dollar market continues to outperform the overall market, with sales up 23.8% . Momentum is likely to strengthen in the months ahead as mortgage rates fall further and as wealth migration from New York and California accelerate amid tax policy changes in these states.
Million-dollar single-family sales rose 20.7% outpacing 6.8% overall increase for single-family sales
In January, overall single-family home sales rose 6.8% overall in the South Florida counties: Miami-Dade County (2.8%), Broward County (-1.0%), Palm Beach County (+10.2%), Martin County (28.7%), and St. Lucie County (+17.1%).
Single-family million-dollar sales rose a robust 20.7%, with the fastest pace in Palm Beach County (27.2%), followed by Miami-Dade County (21.3%) and Broward County (10.7% ). In St. Lucie County, sales rose strongly (133.3%) while sales were the same one year ago in Martin County (0%).
In the $10 million -plus price tier, sales rose to their highest levels for the month of January, with 32 sales (27 in January 2025).
Million-dollar home sales continued to gain market share compared to one year ago and in 2019 in the Tri-County area, with the largest share in Palm Beach County (35%), followed by Miami-Dade County (30%) and Broward County (22%).
Cash buyers accounted for a large fraction of million-dollar sales, with the largest share in Martin County (70%), followed by Palm Beach County (69%), St. Lucie County (57%), Miami-Dade County (49%), and Broward County (43%). Cash buyers tend to dominate at the higher the price points. In the $10 million+ sales, 100% of sales were all-cash in Broward County ( 3 sales) and Martin County ( 1 sale).
With a higher share of million-dollar sales, the median single-family sales price increased in Palm Beach County (+7.7%) to an all-time high of $700,000 and in Miami-Dade County (+3.7%) to an all-time high of $699,990. However, the median sales price decreased in Broward County (-3.1%), Martin County (-18.0%), and St. Lucie County (-1.3%).
Million-dollar condominium/townhome sales rose 32.3% outpacing 3.2% overall increase for condo/townhome sales
In the condominium/townhome market, sales rose 3.2% overall in the five counties: Miami-Dade County (-0.1%), Broward County (-2.8%), Palm Beach County (+8.7%), Martin County (+75%), and St. Lucie County (-8.8%).
Million-dollar sales again outperformed the overall market, with sales up 32.3% year-over-year as sales surged in Miami-Dade County (21.4%), Broward County (25.7%), Palm Beach County (42.9%), and Martin County (300%). There were no million-dollar condominium/townhome sales in St. Lucie County.
In the $10 million-plus price tier, there were 6 sales in Miami-Dade County, the second highest number of sales for the month of January.
Million-dollar condominium sales accounted for a larger share of the market compared to one year ago, with the highest share in Miami-Dade County (17%) followed by Palm Beach County (16%), Martin County (8%), and Broward County (6%). There were no million-dollar condo/townhome sales in St. Lucie County in January 2026.
Cash buyers predominate in the condominium/townhomes market with the highest cash sales share in Palm Beach County (90%) followed by Miami-Dade County (78%), Martin County (75%), and Broward County (68%). There were no million-dollar sales in St. Lucie County .
In the condominium/townhomes market, Miami-Dade County was the only county that saw a year-over-year increase in the median sales price (+1.2%) as prices fell in Broward County (-8.1%), Palm Beach County (-1.5%), Martin County (-5.4%), and Lucie County (-1.0%).
Million-dollar market poised to continue to grow in 2026
The million-dollar market is expected to remain vibrant in 2026 driven by favorable housing market fundamentals and economic and demographic forces.
While active inventory of single-family homes has increased compared to 2022-2023, the balance of demand and supply measured by months’ supply is tighter as of the end of January 2026 at below 12 months compared to 2019 in most counties:Miami-Dade County (10 vs. 22), Broward County (8 vs. 19), Palm Beach County (8 vs. 17), and Martin County (10 vs. 15), St. Lucie County (20 vs. 18).
In the condominium/townhomes market, months’ supply of inventory in the million-dollar segment is tighter as of the end of January 2026 compared to January 2019 in Miami-Dade County (19 vs. 46) and Martin County (17 vs. 47). Months’ supply is just slightly higher in Broward County (21 vs. 20) and in Palm Beach County (16 vs. 15), although much higher in St. Lucie County (18 vs. 3).
Out-of-state migration from retirees and corporate and job relocation could accelerate as corporations and wealthier individuals (millionaires and billionaires) face higher corporate and income taxes in New York and California. In 2024, there were 55,000 out-of-state job switchers to the Miami Metro Area. Out-of-state job switchers tend to have higher earnings than in-state job movers of over $100,000, according to MIAMI Realtors analysis. New York, Texas, and California: Top States Switching Jobs to South Florida – MIAMI REALTORS®
