Miami-Dade Poised to Set New Record in $10M+ Home Sales
Miami-Dade County is on track to surpass its annual record for home sales priced at $10 million or more by the end of 2026. As of August, there have been 194 such transactions—already exceeding last year’s total and projecting a final count near 291 if current trends continue. This would significantly beat the previous high set in 2021 during the pandemic real estate boom. The surge reflects continued wealth migration into South Florida despite elevated mortgage rates, with Miami REALTORS® + RWorld noting strong performance across various market segments. Condo sales near median price points have seen notable growth year-over-year, and international buyers are playing a significant role in new construction projects. However, the lack of Federal Housing Administration (FHA) loan approvals for most condo buildings is limiting broader market expansion. The region also leads the U.S. in home equity gains and cash-based transactions at higher price points, reinforcing its appeal to affluent investors.
Topics: $10M+ home sales record condo market Miami real estate wealth migration