By Gay Cororaton, MIAMI REALTORS® + RWorld Chief Economist
KEY TAKEAWAYS
- Year-to-date sales through May rose 5.7% from one year ago, the strongest YTD pace since 2021 and higher than the 0.7% increase nationally.
- Year-to-date sales of million-dollar homes rose at an even stronger YTD pace of 18.4%, the strongest pace since 2021, with $10 million -plus sales at an all-time high.
- Active inventory was down 16.8% from one year ago, with tighter inventory providing support for further price appreciation.
Download the May 2026 South Florida Housing Market Report HERE.
South Florida $1M and up home sales are up nearly 20% year-over-year in 2026. Active inventory of homes for sale in South Florida (Miami-Dade, Broward, Palm Beach, Martin and St. Lucie counties) continues to decline, providing support for future albeit modest price appreciation. Job growth that is outpacing the nation and strong wealth migration underpin South Florida’s resilient housing market.
South Florida Year-to-date sales through May 2026 rose 5.7% year-over-year, the strongest YTD pace since 2021
Closed sales of single-family and condominium/townhome sales in January-May 2026 rose 5.7% from one year ago. In May alone, total closed sales rose 5.1% while sales were flat nationally.
Year-to-date sales are up from one year ago in 73% of South Florida’s 111 submarkets with at least 5 sales in May, including some of the largest cities like Port St. Lucie (6%), Miami (10%), Miami Gardens (+17%), Coral Gables (14%), Miami Beach (+3%), Fort Lauderdale (24%), Hollywood (1%), Miramar (+11%), Plantation (+2%), West Palm Beach (22%), Palm Beach Gardens (+11%), Boca Raton (+12%), Delray Beach (+10%), Jupiter (7%), and Wellington (1%).
In the condominiums/townhomes market, year-to-date sales rose 4.7% and increased in nearly all counties: Miami-Dade County (4.8%), Broward County (0.9%), Palm Beach County (8.5%), Martin County (25.2%), and St. Lucie County (6.5%).
Year-to-date sales are up from one year ago in 68% of South Florida’s 84 condominium/townhome submarkets with at least 5 sales in May, including the largest cities of Miami (+14%), Miami Beach (+11%), Fort Lauderdale (+5%), Aventura (+12%), Deerfield Beach (+3%), West Palm Beach (+19%), Delray Beach (+12%), Palm Beach town (+53%), Jupiter (+24%), and Palm Beach Gardens (+13%).
Closed sales are poised to increase in June with May pending sales up 11.4%. Single-family pending sales rose 12.6% year-over-year while condominium/townhome sales rose 9.9%.
Year-to-date million-dollar sales through May rose 18.4%, the strongest pace since 2021, with $10 million home sales hitting an all-time high
Million-dollar sales continue to increase at a phenomenal pace, hitting an all-time high of . Year-to-date through May 2026, million-dollar sales rose 18.4%, or thrice the overall rate of growth (5.7%).
In the single-family market, million-dollar sales rose 18.0% across all markets: Miami-Dade County (20.0%). Broward County (10.6%), Palm Beach County (22.2%), Martin County (10.9%), and St. Lucie County (2.3%).
In the condominium/townhomes market, year-to-date million-dollar sales rose 19.2% with sales up in Miami-Dade County ( (11.7%), Broward County (29.1%), Palm Beach County (27.7%), Martin County (11.8%), but down in St. Lucie County (-33.3%).
Million-dollar sales continue to gain market share. In the single-family market, Palm Beach County had the highest share at 31%, followed by Miami-Dade County at 28%, Broward County and Martin County each at 20%, and a still a modest share in St. Lucie County at 2%. Nationally, million-dollar sales account for less than 10% of sales.
Year-to-date closed sales of $10 million and over homes rose to an all-time high of 235 sales with 37 more sales from one year ago and 6x the level of sales in 2019 when there were only 42 such sales. On average, 88% of $10 million or more sales were all cash.
Martin County and Palm Beach County led the price growth in May bolstered by cash buyers
Martin County saw the largest year-over-year gain in the median single-family home sales price, up 6.4%, the third consecutive month of increase. Palm Beach County saw the next largest price growth, at 5.5%. Affluent buyers comprise a higher share of buyers in these counties. All cash sales accounted for 47% of single-family sales in Palm Beach County and 40% of sales in Martin County.
The median single-family prices were stable or rose in 55% of submarkets, including in some of the largest cities like Miami (+2%), Fort Lauderdale (+2%), Coral Springs (+8%), Pembroke Pines (+3%), Palm Beach Gardens (+7%), Boca Raton (+5%), and Jupiter (+2%). Nationally, the median single-family sales price rose 1.3%.
The median condominium/townhomes sales prices were stable or rose in 44% of submarkets, including in some of the largest coastal cities of Miami Beach 13%), Pompano Beach (+5%), Hollywood (5%), Delray Beach (+14%), and Jupiter (+16%). Cash buyers make up over half of buyers in these submarkets. Nationally, the median condominium/townhome sales price rose 1.7%.
Active inventory declined 16.8% from one year ago, providing support for further price appreciation
The months’ supply of single-family inventory continued to decline in May: Miami-Dade County (5.2 ), Broward County (4.5), Palm Beach County (4.1), Martin County (4.1), and St. Lucie County (5.0).
In the condominium/townhomes market, months’ supply also continued to decline in May: Miami-Dade County (12.9), Broward County (10.6), Palm Beach County (7.7), Martin County (6.5), and St. Lucie County (8.6).
Tighter inventory conditions will tend to boost prices, but affordability conditions will keep the price appreciation at a modest level. The MIAMI REALTORS + RWorld Housing Outlook (June Update) projects single-family home prices to increase 2%-3% in 2026-2027. Condominium/townhome prices are projected to continue to decrease by 0.4% in 2026 and to increase modestly by 1.3% in 2027 due to more elevated inventory levels compared to the single-family market. See South Florida 2026-2027 Housing Outlook: Resilience Amid Elevated Mortgage Rates – MIAMI REALTORS® + RWorld
