South Florida’s Million-Dollar Home Sales Are Soaring To A Record High, And This Celebrity-Studded County Is Leading The Way
Luxury real estate in South Florida is booming, with multimillion-dollar home sales rising at the fastest rate in nearly two decades, with Palm Beach County leading the way.
Sales of million-dollar homes in South Florida have risen to an all-time high since 2008, with 2,040 sales by February 2026, according to the Miami Association of Realtors.
In February, million-dollar single-family home sales rose 17.8% year over year, while condominium and townhome sales grew 21.6%, resulting in an overall 18.8% increase in the luxury market.
Analyzing the million dollar segment by price segment, sales this year have reached the highest level since 2008 for properties priced at $3 million and over (488 sales), $5 million and over (237 sales), and $10 million and over (76 sales).
Palm Beach County is the market leader
According to the latest data as of December 2025 from Realtor.com®In Palm Beach County, multimillion-dollar properties made up a notable 89% of all home sales, compared to 68% in Miami-Dade County.
Although the median sales price is $500,000 in Palm Beach County and $599,450 in Miami-Dade, luxury homes clearly dominate the market.
Single-family homes priced $1 million and up accounted for 32% of sales in Palm Beach County and 29% in Miami-Dade County so far, according to the Miami Association of Realtors.
“Palm Beach County attracts wealthy buyers with luxury homes, 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 limited and prices high.”
Celebrities reportedly living in Palm Beach include Serena Williams, Sylvester Stallone, Howard Stern, Tiger Forest, Jon Bon JoviAnd Tommy Hilfiger.
Smith says the Palm Beach region has evolved well beyond a leisure market.
‘In the years after the [COVID-19] pandemic, a wave of hedge funds, private equity firms and asset management operations have moved 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 agents Jeff LichtensteinCEO of Echo fine properties.
“‘Wall Street South’ was born in downtown West Palm Beach, which attracted major players,” he says. “Vanderbilt [University] is building a nutrition school for the financial market there. There are many developments going on, with one construction crane after another.”
Smith notes that the growing corporate presence is shortening the commute for executives who would otherwise have 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.
Additionally, on a broader level, Florida offers significant tax and wealth preservation benefits for ultra-luxury buyers
“This includes no income tax and no estate or inheritance tax,” Smith explains.
Ultra-wealthy escape California’s ‘wealth tax’
Cara Ameerbroker at Coldwell Banker in Florida, tells Realtor.com that many billionaires are fleeing California because of a proposed “wealth tax” that would essentially impose a one-time 5% tax on their assets.
“The ultra-wealthy are flocking to South Florida to flee the threat of wealth taxes that could be imposed and the enormous tax liabilities already imposed on their incomes,” she says.
“California’s proposed income and wealth taxes have already led to high-profile moves or potential exits from billionaires like Larry Page, Sergei Brin, Peter ThielAnd Mark Zuckerberg who have purchased properties in Florida and/or relocated their businesses,” Homo Cororaton, Miami real estate agents chief economist, writes.
“If the property tax measure passes, it will be a very good thing for luxury real estate in Florida,” Lichtenstein said. “Like Florida [agent] and broker, I’m drooling.”
Florida could also soon attract wealthy residents from New York City and Washington state.
Mayor of New York 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 wealthiest residents to nearly 17%.
Washington recently adopted one 9.9% income tax for households earns over $1 million, as of January 2028.
The luxury market has grown tremendously since the pandemic
Since the pandemic, luxury home prices in South Florida have soared, with prime homes seeing historic increases in value.
“Prices for the top 10% in Palm Beach County started at $1,786,489 in February 2019,” Smith said. “Prices for February 2026 are now $2,997,207. This is an increase of 67.8%.”
It’s a similar story in Miami-Dade County.
“Prices for the top 10% there started at $1,996,919 in February 2019. In February 2026, they are now $2,991,394,” says Smith. “This is an increase of 49.8%.”
“The pandemic accelerated demand as people realized they could live anywhere,” Lichtenstein added. “They come to Palm Beach for the weather, the ocean, shopping, art, restaurants, airports, golf, tennis, pickleball, boating, equestrian, plus shorts and flip-flops. And did I mention the weather?”
Ameer adds that Miami has evolved into the “Monte Carlo of the United States.”
“People are drawn to Miami-Dade County because it is a diverse area that offers a tremendous amount of culture, fine dining, luxury experiences and events,” she says. “Miami-Dade has become a hotspot for the super-wealthy, athletes, entertainers, models, financiers, entrepreneurs and a wide range of high-profile professionals. Like-minded people want to be around like-minded people.”
Cash is king
Most million-dollar home sales to date have been all-cash deals, especially 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 a senior economic research analyst Hannah Jones from Realtor.com notes in the October report “Cash Is King: Trends in All-Cash Home Sales” that paying cash offers clear benefits, including avoiding high financing costs and financing risks, and enabling faster closings.
“If you have all the money, it makes little sense for very wealthy buyers to get a loan on the open market when interest rates are higher,” says Lichtenstein. “We realtors like cash. Financing contingencies, roof replacements and insurance issues all become non-issues.”
