Florida’s luxury housing market is on track to surpass a record set during the COVID-19-era buying boom—and local real estate agents say the surge comes as no surprise.
So far in 2026, Miami-Dade County has recorded 194 home sales priced at $10 million or more. That is already more than 14 percent above the 170 transactions completed during all of 2025, signaling a major shift in the region’s high-end real estate market.
The Miami Association of Realtors projects that Miami-Dade will finish 2026 with approximately 291 sales of homes priced at $10 million or more. That would easily exceed the previous annual record of 230 transactions, set in 2021 during the pandemic-fueled buying surge.
Ross Hardy, a local realtor, told Our News Outlet that Miami-Dade’s performance reflects a much wider trend across Florida.
“Florida has transitioned from a seasonal vacation destination into a permanent wealth hub,” Hardy said. “The volume of out-of-state capital flowing in is unprecedented.”
Hardy said his clients typically include corporate executives, technology entrepreneurs and investors. Some are relocating from expensive metropolitan areas in New York and California, while others are arriving from overseas.
International buyers accounted for 49 percent of sales involving new South Florida construction, pre-construction projects and condo conversions during the 18-month period ending in July last year, according to Miami Realtors’ global sales report.
Realtor.com reports that the median listing price in Miami-Dade County is about $589,000. Homes typically remain on the market for approximately 88 days, longer than the national average of roughly 60 days.
If Miami’s luxury sales momentum continues, the market could reach levels last seen during the area’s COVID-era buying frenzy.
Miami-Dade County also offers many homes priced between $500,000 and $600,000, giving non-luxury buyers more options.
Mick Duchon of The Corcoran Group said the projected record highlights “how dramatically Miami’s buyer pool has expanded.”
For some buyers, that means the balance of power is shifting in their favor.
Overall condo sales rose just 1 percent year over year, but properties near the median price range of $500,000 to $600,000 saw sales jump 32 percent—from 78 transactions to 103.
“It is also important to point out our condo market, the entry-market for first-time buyers, continues to see a rise in total year-over-year transactions, particularly near the median price point,” Miami Realtors’ Alfredo Pujol said in a statement. “Miami offers opportunities for buyers across a range of price points.”
Mick Duchon of The Corcoran Group emphasized that Miami and its surrounding communities do not form a single, uniform market. Even within the same neighborhood, waterfront properties can differ sharply from non-waterfront homes, while new construction may command very different prices from older residences.
That variety means Miami-Dade remains accessible—and attractive—to non-luxury buyers relocating from areas with higher living costs.
“Affordability has certainly become more of a consideration, particularly in some of Miami’s most established neighborhoods,” Duchon told Our News Outlet. “But there is still tremendous opportunity throughout Miami-Dade.”
“Miami is constantly evolving, and one of the advantages of this market is that there are still neighborhoods with room for growth, as well as opportunities for buyers at a wider range of price points.”
Even so, luxury condos and single-family homes are recording the strongest growth. Earlier this month, Cipriani Residences Miami announced two ultra-luxury penthouses priced at $33 million and $19.8 million.
Cipriani Residences Miami announced two penthouses scheduled for completion in 2027, priced at $33 million and $19.8 million.
These ultra-luxury residences will have outdoor features as well as sweeping views of the coastal area
The larger penthouse spans three levels, complete with a rooftop infinity-edge swimming pool, summer kitchen and wraparound entertaining terrace overlooking Biscayne Bay.
These two additions mark the final offering at the 85 percent sold development already housing ritzy residents from more than 30 countries.
Part of the appeal of this county is luxury buyers can typically get more bang for their buck.
A million dollars in Miami buys 58 square meters of prime property, far surpassing other global cities like Monaco (16 square meters,) New York (34 square meters) and London (33 square meters).
For some wealthy buyers, however, the appeal stems from the Miami culture and lifestyle.
Lourdes Alatriste of Douglas Elliman, who works with high net worth clients, told Our News Outlet that oftentimes her buyers’ decisions are less about relocating and more about choosing where they want to spend time ‘and raise their families.’
‘The $10 million-plus market is really its own ecosystem, so I would be careful about drawing a direct connection between record-breaking luxury sales and affordability for the average buyer,’ she explained.
‘What we are seeing more broadly is the result of Miami becoming a much more desirable place to live year-round,’ Alatriste added.
‘That has increased competition and values across many parts of the county, but it has also encouraged development and investment in areas that historically received less attention.’
