Miami-Dade County recorded 194 home sales of $10 million or more through August, already topping the 170 such sales closed in all of 2025, the Miami Herald reported. At that pace, the county is projected to reach 291 ultra-luxury sales by year's end, smashing the previous record of 230 set in 2021.

The boom is not confined to waterfront mansions on Indian Creek Island. Palmetto Bay's median sale price stands at about $1,042,500, up 2.3% year over year, according to MLS data compiled by Move With Momentum. The village has 27 active listings in Momentum Realty’s October 28 snapshot.

The trend stretches across Florida's luxury tier. Luxury home prices in Miami rose 18% year over year during the three months ending in July, the largest increase among the 50 most populous U.S. metros, according to a Redfin analysis. Tampa followed at 15.4%. Nationally, luxury prices rose 5.3% over the same period. Redfin defines luxury homes as those in the top 5% of a metro area's price range.

Cash buyers drive the high end

Wealthy buyers paying cash have helped insulate the luxury segment from elevated mortgage rates. Cash purchases represented 37.8% of all closed Miami-Dade sales in August, including 50.5% of condo transactions, according to data cited by The Capitolist.

Alfredo Pujol, chairman of the board of Miami Realtors + RWorld, said in a statement that 2026 has been "a banner year even with elevated mortgage rates."

In Palmetto Bay, single-family homes sold for an average of $519 per square foot between Jan. 1 and Oct. 20, up 5.5% from the same stretch in 2025, according to Rua Realty listing data. Condos and townhomes averaged $410 per square foot, up 6.5%.

Sarasota sees an 800% spike

The luxury wave is hitting Florida's Gulf Coast, too. Sarasota County recorded nine single-family home sales of $10 million or more in the third quarter, up from one a year earlier, according to the Realtor Association of Sarasota and Manatee (RASM). Ten condos and townhomes also crossed the $10 million mark during the quarter, compared with zero in the same period of 2025, RASM's Q3 report shows.

The biggest Sarasota deal: a newly built estate on Siesta Key that closed Sept. 28 for $26 million, an all-cash purchase that was the county’s highest-priced home sale so far in 2026, the Herald-Tribune reported.

The Business Observer first reported the Sarasota County spike.

What it means closer to home

Luxury home sales in West Palm Beach jumped 43.9% year over year during May–July 2026, the biggest increase in the country, according to Redfin. Luxury pending sales there have risen by double digits for nearly a year.

Redfin Principal Economist Sheharyar Bokhari attributed the demand to Florida's tax environment, climate and waterfront lifestyle, saying in a Redfin report that "Florida's tax advantages remain an important part of the equation for ultra-wealthy households."

Miami-Dade's countywide preliminary taxable value for 2026 reached $540.1 billion, a 5.4% increase over 2025, according to Property Appraiser Tomás Regalado's office. Regalado said in a statement that the county's real estate market "has begun to stabilize after several years of extraordinary growth," though he noted older, non-luxury condos have slowed.

The local figures cover a broader range of homes than the ultra-luxury sales. Homes in the village are selling for about 92.9% of their original asking price and going under contract in roughly 50 days, according to Move With Momentum data in its October 28 snapshot.