South Florida has seen 262 sales of homes worth at least $10 million so far in 2025 as wealthy homebuyers snap up ultra-luxury real estate at a near-record pace.
The pace of $10+ million home sales thus far in Miami-Dade, Broward and Palm Beach counties puts the region on track to reach 426 such home sales by the end of the year, according to July data released by the Miami Association of Realtors and the Miami Southeast Florida Multiple Listing Service.
The projected total would be just shy of the record 444 sales chalked up during the home-buying frenzy of 2021. Meanwhile, Miami-Dade registered 28 single-family home sales over $3,000 per square foot from January-July 2025, soaring 115% from the same period last year. There were zero such sales in 2019.
“Miami is where ultra-high-net-worth individuals want to live,” said Eddie Blanco, chairman of the Miami Association of Realtors in a statement. “Miami real estate offers more bang for your millions, a business-friendly government, no state income tax, FinTech hub, 365-day sunny weather and more.”
Demand also remains for more affordable condos that would appeal to first-time homebuyers, Blanco noted. The median price for 30-year condo units in Miami-Dade was $294,000 in July 2025, virtually unchanged from $298,500 in July 2024.
Miami-Dade saw 59 sales of condos $2 million and up, remaining steady from the previous year. Total condo sales – including everything, not just luxury – slumped 17.3% year-over-year to 921 in July 2025. The Miami Association of Realtors attributes the decline to elevated mortgage rates, shortage of inventory at key price points, and a lack of Federal Housing Administration (FHA) loans for many existing Miami condo buildings.
Zooming out over the past decade, Miami’s real estate market has seen incredible appreciation. Median condo prices in Miami-Dade skyrocketed from $195,000 to $406,000 from July 2015 to July 2026, marking a 108.2% increase.
Despite the massive surge in home values, the Miami Association of Realtors points out that you can get more bang for your buck in Miami than in other global cities. Homebuyers can purchase 59 square meters (624.3 square feet) of prime property for $1 million in Miami, whereas the same sum will get you only 34 square meters in New York and London, according to the 2025 Knight Frank Wealth Report.
Whether that extra living space per dollar makes Miami a “bargain” compared to other urban hubs around the globe is an open question.