By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Dollar sales volume rose 6.5% in 2025 in South Florida’s 25 vacation home markets, outperforming the 0.2% increase in non-vacation markets.
- The median sales price in South Florida’s vacation markets rose 6.7% while the median price decreased 8.3% in non-vacation markets.
- Cash buyers accounted for 75% of sales in the 25 vacation home markets.
Download the 2025 South Florida Vacation Homes Market Report HERE.
As you plan for a summer vacation, you might just be thinking of buying a vacation home in South Florida that could be enjoyed whenever you want year-round.
According to Miami Association of Realtors® analysis, South Florida has 25 markets that can be considered vacation home markets where vacant housing for seasonal or occasional use accounts for at least 20% of the housing stock.
Ocean City, Maryland is the #1 largest vacation home market, with 24,600 units that account for 82% of housing stock. Miami Beach, Florida is the #2 largest vacation home market with 13,817 vacation homes that account for 22% of the housing stock. Other South Florida markets that made it to the top 1% largest vacation home markets are Aventura (#13), Sunny Isles Beach (#14), and Hallandale Beach (#19).
Dollar Sales Rose 7% in 2025 in South Florida Vacation Home Markets
Dollar sales volume in the 25 South Florida vacation markets rose 6.5% in 2025, outperforming the overall growth of 0.2% in non-vacation home markets. This is the second consecutive year of higher sales volume since volume fell in 2022-2023. Dollar volume rose due to higher sales prices that offset the decline in sales.
By property type, dollar volume of condominium/townhome sales in vacation home markets rose 8.4% while sales volume continued to decline in non-vacation home markets by fell 8.7%. In the single-family market, sales volume in vacation home markets rose 4.4%, a faster pace compared to the sales volume in non-vacation home markets of 3.8%.
The three largest vacation home markets by sales volume all sale an increase in sales: Miami Beach ($3.4 B, +6.7%), Palm Beach ($2.0 B, +9.0%), and Sunny Isles Beach ($1.1 B, +9.0%). Only 9 of the 25 vacation home markets saw a sales volume increase but overall sales increased as these top three areas accounted for 61% of sales volume.
Median Condo/Townhome Prices Rose 7% in South Florida Vacation Home Markets
The median condominium/townhome sales price in the 25 South Florida vacation home markets rose 6.7% in 2025 while the median sales price fell 8.3% in non-vacation home markets. The overall median price in the 25 vacation home markets is calculated as the median of the median sales prices of the 25 markets.
In the three largest vacation home markets, the median condominium/townhome sales price rose in Miami Beach ($500,000, +7.5%) and Palm Beach ($1.8 million, +36.7%) but fell in Sunny Isles Beach ($741,250, -11.7%). Median sales prices rose in 8 of the 25 vacation home markets.
The rising median sales prices in vacation home markets is indicative of a rising share of upper-end buyers in vacation home markets. This trend is is also evident in rising luxury price thresholds, which rose to $3.0 million for condos in Miami-Dade in 2025 ($1.3 million in 2019). South Florida Ultra-Luxury and Luxury Home Thresholds Rise to Record Highs – MIAMI REALTORS®
75% of Sales in South Florida Florida Vacation Home Markets Were All-Cash
Buyers in vacation home markets tend to pay all-cash. In 2025, 75% of closed sales in the 25 vacation home markets were all cash compared to 32% in non-vacation home markets. The median cash sales share in the 25 vacation home markets is estimated as the median of the cash sales share across markets.
The cash sales share in the 25 vacation home markets has risen since 2019 when the median cash sales share was just 61%. By property type, 76% of condo/townhome sales were all-cash (66% in 2019) while 75% of single-family sales were all-cash (55% in 2019). The higher share of cash buyers and rising median sales prices are indicative of the sustained wealth migration into South Florida and a rising share of high-end buyers.
Vacation Home Market Outlook is Resilient Amid Geopolitical Tensions
Given the underlying demand characteristics of South Florida’s vacation home market, vacation home markets are likely to be less impacted by the current geopolitical turmoil than non-vacation markets. The long-term outlook is strong amid sustained wealth migration and the attractiveness of South Florida as a place to live, work, and play.
The Miami Association of Realtors latest outlook (March 2026 Update) expects that under a scenario where the Middle East conflict continues through the summer, mortgage rates could hit 7% in mid-2026. Geopolitical Tensions Could Push Mortgage Rates to Near 7% in 2026 – MIAMI REALTORS®
However, higher mortgage rates will have less impact on high-end cash buyers in vacation home markets. The luxury real estate segment and vacation home markets could also benefit as high-net-worth individuals reallocate some of their assets from the stock market to the real estate market for portfolio diversification. Increased oil production from Venezuela could also benefit South Florida’s real estate market. Venezuela is one of South Florida’s top five buyers. Fifty-two percent of new condominium buyers are also foreign buyers, 86% of which are from Latin America. Foreign Buyers & Market Update – MIAMI REALTORS®
The long-term outlook (past the geopolitical turmoil) is even more sanguine. South Florida continues to attract high net-worth people and corporate relocations, driven by potential higher income and corporate taxes in states like New York City, California, and the state of Washington. The proposed income and wealth taxes in California have already set off high-profile relocations (or potential exits) from billionaires like Larry Page, Sergei Brin, Peter Thiel, and Mark Zuckerberg who purchased properties in Florida and/or relocated their companies (e.g., Thiel moved the Palantir HQ to Miami). Business moguls Stephen Ross and Ken Griffin, who relocated from New York and Illinois, are behind a $10 million campaign to attract other CEOs to follow suit.
