How Wealthy Buyers Are Shifting the Landscape

MIAMI — High-end home sales were up dramatically in Miami-Dade and Broward counties in January compared to the previous year.

According to new data released by the Miami Association of Realtors, total $1 million-and-up home sales were up 21% in Miami-Dade and 14% in Broward compared to January 2025.

Miami-Dade’s $1 million-and-up condo sales were also up about 21%; in Broward, they were up 26%.

Sales in the $1 million-and-up segment in South Florida have been strong in recent months.

In December, for instance, $1 million-and-up single-family sales were up 12% in Miami-Dade and 16% in Broward. In November, total $1 million-and-up transactions in Miami-Dade rose about 13% compared to the previous year. In Broward, they rose more than 5%.

As more wealthy people from California and New York move to Florida, the Miami Association of Realtors has declared South Florida the No. 1 ultra-luxury market in the country. The association reported that last year, South Florida had the most $20 million-and-up condo sales and the second-most $10 million-and-up total home sales in its history.

In recent months, some high-profile ultra-luxury buyers have been making big real estate purchases in South Florida.

Google co-founders Larry Page and Sergey Brin have purchased homes in South Florida, in what looks like an attempt to escape a proposed wealth tax on California billionaires. Page purchased more than $170 million in waterfront real estate in Coconut Grove, and Brin reportedly spent $50 million for a home on a double lot on Miami Beach’s Allison Island.

The Wall Street Journal reported earlier this month that Meta founder Mark Zuckerberg bought a home in Indian Creek Village, known locally as the “Billionaire Bunker.”

The Miami metro area also led the nation in cash purchases, which are more common on the luxury market. Having more cash buyers helps insulate the market from the effects of changing mortgage rates.

How did the rest of the South Florida home market fare?

Home sales in the non-luxury market were also up in January in Miami-Dade, but not as markedly. The Miami Association of Realtors’ data showed total home sales were up by 1.2% last month, and single-family transactions were up by 2.8%.

Total existing condo sales remained steady compared to the previous year, declining by just 0.1%. And sales for condos priced between $500,000 and $600,000 were up by 1.5%.

In Broward, total home sales were down by 1.9%, with single-family home sales declining by about 1%, and existing condo sales declining by 2.8%.

It’s a buyer’s market for existing condos in both counties, with nearly 14 months of supply available in Miami-Dade and more than 11 months in Broward. A balanced market usually has between six and nine months of inventory.

That means it could be a good time to score a deal on a condo, as the surplus of units on the market may make sellers more willing to negotiate or drop their asking prices.

The single-family market in both counties is more balanced, with about five months of supply in Broward and more than six months in Miami-Dade.

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