South Florida’s luxury real estate is booming, with million-dollar home sales climbing at their fastest pace in nearly two decades and Palm Beach County leading the way.
Year-to-date sales of million-dollar homes in South Florida have risen to an all-time high since 2008, with 2,040 sales as of February 2026, according to the Miami Association of Realtors.
In February, million-dollar single-family home sales climbed a strong 17.8% year over year, while condominium and townhome sales grew 21.6%, resulting in an overall increase of 18.8% across the luxury market.
Analyzing the million-dollar segment by price tier, sales this year have reached their highest levels since 2008 for properties priced at $3 million and above (488 sales), $5 million and above (237 sales), and $10 million and above (76 sales).
Palm Beach County tops the market
According to the latest December 2025 data from Realtor.com®, million-dollar properties made up a striking 89% of all home sales in Palm Beach County, compared with 68% in Miami-Dade County.
Even though the median listing price is $500,000 in Palm Beach County and $599,450 in Miami-Dade, high-end homes clearly dominate the market.
Year-to-date, single-family homes priced at $1 million and above accounted for 32% of sales in Palm Beach County and 29% in Miami-Dade County, according to the Miami Association of Realtors.
“Palm Beach County attracts wealthy buyers with upscale living, world-class amenities, and access to private golf and beach clubs,” says Realtor.com senior economist Anthony Smith. “Strict zoning and preservation restrictions limit new development and expansion, keeping supply constrained and prices at a premium.”
Celebrities who reportedly live in Palm Beach include Serena Williams, Sylvester Stallone, Howard Stern, Tiger Woods, Jon Bon Jovi, and Tommy Hilfiger.
Smith says the Palm Beach region has evolved well beyond a leisure market.
“In the years following the [COVID-19] pandemic, a wave of hedge funds, private equity firms, and wealth management operations has relocated to West Palm Beach, creating a financial hub,” he says.
This has earned the area the nickname “Wall Street South,” according to Palm Beach real estate broker Jeff Lichtenstein, CEO of Echo Fine Properties.
“‘Wall Street South’ was born in downtown West Palm Beach, which attracted big-money players,” he says. “Vanderbilt [University] is building a feeder school for the financial market there. There’s lots of development going on—with one construction crane after another.”
Smith notes that the growing corporate presence shortens the commute for executives who would otherwise need to travel back to New York.
“Then you also have Mar-a-Lago in Palm Beach, and the even bigger money wants to be there for influence,” Lichtenstein adds.
In addition, on a broader level, Florida offers significant tax advantages and wealth-preservation benefits for ultraluxury buyers
“This includes no state income tax and no state estate or inheritance tax,” explains Smith.
Ultrawealthy escaping California’s ‘wealth tax’
Cara Ameer, real estate agent with Coldwell Banker in Florida, tells Realtor.com that many billionaires are fleeing California due to a proposed “wealth tax” that would effectively levy a one-time 5% tax on their assets.
“The ultrarich are flocking to South Florida to flee the threat of the wealth tax that could be imposed, and the huge tax liabilities that are already imposed on their income,” she says.
“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,” Gay Cororaton, Miami Realtors chief economist, writes.
“If the wealth tax measure passes, this will be a very good thing for luxury Florida real estate,” Lichtenstein says. “As a Florida [agent] and broker, I’m salivating.”
Florida may soon attract wealthy residents from New York City and Washington state, as well.
New York Mayor Zohran Mamdani has proposed raising the city’s top tax from 3.9% to 5.9%, which, combined with state taxes, could push the rate for the richest residents to nearly 17%.
Washington recently passed a 9.9% income tax on households earning over $1 million, effective January 2028.
The luxury market has boomed since the pandemic
Since the pandemic, luxury home prices in South Florida have soared, with top-tier properties seeing historic jumps in value.
“Prices for the top 10% in Palm Beach County began at $1,786,489 in February 2019,” according to Smith. “Prices for February 2026 are now at $2,997,207. This is a 67.8% increase.”
In Miami-Dade County, it’s a similar story.
“Prices for the top 10% began at $1,996,919 there in February 2019. In February 2026, they are now $2,991,394,” says Smith. “This is a 49.8% increase.”
“The pandemic sped up more demand because people realized they could live anywhere,” adds Lichtenstein. “They come to Palm Beach for the weather, ocean, shopping, arts, restaurants, airports, golf, tennis, pickleball, boating, equestrian scene, plus shorts and flip-flops. And did I say weather?”
Ameer adds that Miami has evolved into the “Monte Carlo of the United States.”
“People are drawn to Miami-Dade County because it’s a diverse area that offers a tremendous amount of culture, fine dining, luxury experiences, and events,” she says. “Miami-Dade has become a hot spot for the uber-wealthy, athletes, entertainers, models, financiers, entrepreneurs, and a wide array of prominent professionals. Like-minded wants to be around like-minded.”
Cash is king
Most million-dollar home sales year to date have been all-cash deals, particularly in Palm Beach County (74%) and Miami-Dade County (59%). At the $10 million-plus level, cash is nearly universal: 87% in Palm Beach County and 81% in Miami-Dade.
As senior economic research analyst Hannah Jones of Realtor.com notes in the October report “Cash Is King: Trends in All-Cash Home Sales,” paying in cash offers clear advantages, including sidestepping high borrowing costs and financing contingencies, as well as enabling faster closings.
“If you have all cash, it doesn’t make much sense for uber-wealthy buyers to get a loan from the open market when rates are higher,” Lichtenstein says. “We real estate agents love cash. Financing contingencies, roof replacement, and insurance issues all become nonissues.”
