South Florida Million-Dollar Home Sales Surge to an All-Time High, and This Celeb-Studded County is Leading the Way
South Florida luxury real estate is booming, with million dollar home sales rising at the fastest pace in nearly two decades and Palm Beach County leading the way.
Year-to-date sales of million-dollar homes in South Florida rose to the highest level since 2008, with 2,040 sales through February 2026, according to the Miami Association of Realtors.
In February, million-dollar single-family home sales rose 17.8% year-over-year, while condo and townhome sales grew 21.6%, leading to an overall increase of 18.8% in the luxury market.
Analyzing the million dollar segment by price, sales this year reached their highest levels since 2008 with 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 leads the market
According to the latest December 2025 data from Realtor.com®, million dollar properties account for 89% of all home sales in Palm Beach County, compared to 68% in Miami-Dade County.
Although 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 or more made up 32% of sales in Palm Beach County and 29% in Miami-Dade County, according to the Miami Association of Realtors.
“Palm Beach County attracts affluent buyers with a high standard of living, world-class amenities, and access to private golf clubs and beaches,” said a senior economist at Realtor.com. Anthony Smith. “Strict design restrictions and conservation restrictions limit new development and expansion, keeping supply constrained and prices high.”
Celebrities who reportedly live in Palm Beach are listedSerena Williams,Sylvester Stallone,Howard Stern,Tiger Woods,Jon Bon JoviagainTommy Hilfiger.
Smith says Palm Beach County has grown significantly beyond the resort market.
“In the following years [COVID-19] The pandemic, a wave of hedge funds, private equity firms, and wealth management operations have moved to West Palm Beach, creating a financial center,” he said.
This has earned the area the nickname “Wall Street South,” according to a Palm Beach real estate agentJeff LichtensteinCEO of Echo Fine Properties.
“‘Wall Street South’ was born in the city of West Palm Beach, which attracted high-net-worth players,” he said. “Vanderbilt [University] build a feeder school for the financial market there. There are many developments going on – one machine after another.”
Smith notes that business growth shortens the commute for executives who would otherwise have to return to New York.
“Then you have Mar-a-Lago in Palm Beach, and even bigger money wants to be there to make an impact,” Lichtenstein said.
In addition, on a broader level, Florida offers significant tax benefits and wealth preservation benefits to very large consumers.
“This does not include federal income tax and estate or inheritance tax,” Smith explained.
He’s so rich he’s running away from California’s ‘wealth tax’
Dear Ameerreal estate agent with Coldwell Banker in Florida, tells Realtor.com that many billionaires are fleeing California because of a proposed “wealth tax” that would effectively impose a one-time 5% tax on their assets.
“The ultrarich are flocking to South Florida to escape the threat of a potential wealth tax, and huge tax credits already placed on their income,” he said.
“California’s proposed income and wealth tax has already halted the high-level migration or potential exodus of billionaires. Larry Page, Sergey Brin, Peter Thielagain Mark Zuckerberg who bought properties in Florida and/or moved their companies,” Gay Corortonchief economist for Miami Realtors, writes.
“If the property tax measure passes, this will be a great thing for Florida real estate,” Lichtenstein said. “Like Florida [agent] and the seller, I’m drooling.”
Florida may attract wealthy residents from New York City and Washington state, too.
The Mayor of New York Zohran Mamdani proposed raising the city’s top tax from 3.9% to 5.9%, which, combined with state taxes, could raise the rate for the wealthiest 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 been booming since the pandemic
Since the pandemic, prices for luxury homes in South Florida have increased, with high-end properties seeing historic jumps in value.
“Prices for the top 10% in Palm Beach County started at $1,786,489 in February 2019,” according to Smith. “February 2026 prices are now $2,997,207. This is a 67.8% increase.
In Miami-Dade County, it’s the same story.
“Prices for the top 10% started at $1,996,919 there in February 2019. In February 2026, they are now $2,991,394,” Smith said. “This is an increase of 49.8%.
“This pandemic has increased demand because people have realized that they can live anywhere,” added Lichtenstein. “They come to Palm Beach for the weather, the beach, the shopping, the arts, the restaurants, the airports, the golf, the tennis, the pickleball, the boating, the horseshoes, and the 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 many cultures, great restaurants, luxury experiences and events,” she said. “Miami-Dade has become a hot spot for the wealthy, athletes, musicians, models, financiers, entrepreneurs, and a wide range of prominent professionals. Like-minded people want to be like-minded people.”
Cash is king
Most of the million dollar home sales year to date have been all-cash deals, especially in Palm Beach County (74%) and Miami-Dade County (59%). At the $10 million-plus level, the income is almost universal: 87% in Palm Beach County and 81% in Miami-Dade.
As a senior analyst of economic research Hannah Jones As Realtor.com notes in its October report “Cash Is King: Trends in Cash Home Sales,” paying in cash offers clear advantages, including avoiding high borrowing costs and financial emergencies, as well as allowing for a faster closing.
“When you have all the money, it doesn’t make a lot of sense for uber-wealthy buyers to get a loan on the open market when rates are high,” Lichtenstein said. “We realtors love cash. Emergency financing, roof replacements, and insurance issues are all out of the question.”
