By MIAMI REALTORS Chief Economist Gay Cororaton
Key Takeaways
- South Florida home sales rose for the second consecutive month in February 2026, up 5.4% overall.
- Sales of million-dollar single-family sales rose at a robust year-over-year pace of 17.8%, while condominium/townhome sales rose 21.6%, for an overall increase of 18.8%.
3.Year-to-date million-dollar sales through February rose to an all-time high level, as well as for breakout groups of $3 million and over, $5 million and over, and $10 million and over.
Download the February 2026 South Florida Housing Report HERE.
Million-dollar sales rose 18.9% in February 2026 , with year-to-date sales at an all-time high
Million-dollar homebuyers continue to drive the growth momentum in South Florida, outperforming the overall market. Geopolitical tensions could hold back the overall recovery, but the million-dollar segment is poised to hold up remarkably well because of the acceleration in wealth migration from high-tax states, the high cash transactions in this segment, and increased asset diversification that can include real estate amid heightened macroeconomic uncertainty and stock market volatility.
South Florida’s million-dollar sales momentum held in February 2026, with combined sales of sales of single-family and condominiums/townhomes up 18.9% year-over-year overall in the five South Florida counties. The robust growth in the million-dollar segment far outpaced the 5.4% growth across all price points.
Year-to-date sales of million-dollar homes rose to an all-time high since 2008 (2,040 sales). Breaking down the million-dollar market by price points, sales are also at the highest levels since 2008 for $3 million and over properties (488 sales), for $5 million and over properties (237 sales), and $10 million and over properties (76 sales).
Over half of all million-dollar sales year-to-date were all cash in Miami-Dade County (59%), Broward County (51%), Palm Beach County (74%), Martin County (72%), and St. Lucie County (67%). Among $10 million and over sales, nearly all buyers tend to pay cash: Miami-Dade County (81%), Broward County (100%), Palm Beach County (87%), Martin County (100%).
Million-dollar homes inventory is being drawn down faster than is being replenished, supporting sustained price growth
Inventory conditions in the million-dollar market are tighter at the end of February 2026 compared to one year ago. The combined single-family and condominium/townhome active listings declined year-over-year in Maimi-Dade County (-5.3%), Broward County (-5.9%), Palm Beach County (-2.2%), and Martin County (-15.7%). However, in St. Lucie, active listings increased (+4.5%). Declining inventory means demand (new pending sales) is outpacing supply (new listings). Tighter demand-supply conditions tend to bolster prices.
In the single-family market, the months’ supply of million-dollar homes tightened in February 2026 compared to one year ago (9.5 months vs. 10.2 months), Broward County (7.8 months vs. 9.3 months), Palm Beach County (7.7 months vs. 18.0 months), Martin County (8.2 months vs. 15.7 months), and St. Lucie County (17.1 months vs. 19.2 months).
In the condominium/townhomes market, month’s supply is at about the same level or lower in Miami-Dade County (18.4 months vs. 46.9 months), Broward County (20.3 months vs. 20.2 months), Palm Beach County (13.6 months vs. 15.2 months), and Martin County (14.2 months vs. 46.7 months). However, in St, Lucie County, active inventory is higher (22.6 months vs. 4.5 months).
With tightening inventory, the median single-family sales price climbed up in February 2026 compared to one year ago in Miami-Dade County (+4.6%), Broward County (+1.6%) and Palm Beach County (+4.3%), However, the median sales prices fell in Martin County (-16.2%) and St. Lucie County (-0.1%). Median prices tend to be more volatile in small markets with a large share of million-dollar properties like Martin County.
However, the median condominium sales prices fell in all counites: Miami-Dade (-9.9%), Broward County (-1.8%), Palm Beach County (-0.6%), Martin County (-4.1%), and St. Lucie County (-2.3%).
Demand for million-dollar homes is likely to hold up well amid geopolitical tension
If the geopolitical tension in the Middle East persists in the summer, mortgage rates could hit 7% in mid-2026, according to MIAMI’s latest March 2026 Outlook. Geopolitical Tensions Could Push Mortgage Rates to Near 7% in 2026 – MIAMI REALTORS®
However, higher mortgage rates will have less impact on the million-dollar market where most sales are all-cash. The million-dollar 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.
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 have relocated from New York and Illinois, are behind a $10 million campaign to attract other CEOs to follow suit.
