Miami’s real estate market is experiencing a significant boom, particularly in the luxury segment. January 2026 data reveals a substantial increase in million-dollar home sales across Miami-Dade and Broward counties, outpacing previous years. This surge is attracting high-net-worth individuals and driving development in key urban areas, solidifying South Florida’s status as a premier destination for wealth and investment.
Key Takeaways
- Million-dollar-plus home sales saw a 21% increase in Miami-Dade and a 14% rise in Broward in January 2026 compared to the previous year.
- South Florida is recognized as the nation’s top ultra-luxury market, with record-breaking sales of high-end condos.
- Wealthy individuals, including tech moguls, are relocating to South Florida, drawn by its tax advantages and lifestyle.
- Developers are focusing on urban core areas like Downtown Miami and Brickell, emphasizing proximity to commerce and quality of life.
- While the luxury market thrives, the broader South Florida home market shows more modest growth, with a buyer’s market for existing condos.
Luxury Market Dominance
January 2026 data from the Miami Association of Realtors indicates a robust performance in the high-end real estate sector. Miami-Dade County experienced a 21% increase in sales for homes priced at $1 million and above, while Broward County saw a 14% rise in the same category. This trend extends to the condominium market, with Miami-Dade reporting a 21% increase and Broward a 26% jump in $1 million-plus condo sales.
This upward trajectory has been consistent in recent months. December 2025 saw a 12% increase in $1 million-and-up single-family sales in Miami-Dade and a 16% increase in Broward. The Miami Association of Realtors has declared South Florida the number one ultra-luxury market in the country, noting record sales for condos priced at $20 million and above, and the second-highest number of total home sales exceeding $10 million in its history.
Influx of High-Net-Worth Buyers
South Florida is increasingly becoming a magnet for the ultra-wealthy. Notable figures such as Google co-founders Larry Page and Sergey Brin have made significant real estate investments in the area, reportedly seeking to avoid potential wealth taxes in other states. Page acquired over $170 million in waterfront property in Coconut Grove, while Brin reportedly spent $50 million on a Miami Beach home. Meta founder Mark Zuckerberg also purchased a property in Indian Creek Village, an exclusive enclave known as the "Billionaire Bunker."
The Miami metro area also leads the nation in cash purchases, a common characteristic of the luxury market. This prevalence of cash buyers helps to insulate the market from fluctuations in mortgage rates.
Development Focus and Market Dynamics
Real estate developers are strategically focusing their investments on areas proximate to Miami’s urban core, including Downtown and Brickell. These areas are being developed with Class-A office spaces and mixed-use projects, such as the Miami World Center. Developers are prioritizing locations that offer high quality of life, walkability, and a vibrant food and beverage scene.
While the luxury market is booming, the broader South Florida housing market presents a more mixed picture. In January 2026, total home sales in Miami-Dade saw a modest 1.2% increase, with single-family transactions up by 2.8%. However, existing condo sales remained steady, declining by 0.1%. Broward County experienced a slight decline in total home sales (-1.9%).
For potential buyers, the existing condo market in both Miami-Dade and Broward counties can be considered a buyer’s market, with ample inventory suggesting opportunities for negotiation. The single-family home market in both counties is more balanced.
Sources
- January housing data: High-end home sales are up, Miami Herald.
- Where South Florida real estate developers are placing their bets for 2026 – NBC 6 South Florida, NBC 6 South Florida.
- Palm Beach leads Florida home values with 118.2% five-year growth, Fox Business.