Miami’s luxury real estate market had a strong start to 2026. Despite predictions that the boom the area saw after the pandemic would fade, buyers keep snapping up the waterfront towers and beachfront estates that have made South Florida synonymous with resort living.
A Strong Start
South Florida had 3,382 million-dollar transactions, a 22% jump over the same period last year. Single-family home sales above $1 million shot up 21%, while million-dollar condo and townhome sales climbed 24%, making this the third-strongest first quarter for the luxury condo segment. Pre-construction pricing was similar, with luxury units appreciating 12% to 18% year-over-year, thanks in large part to record foreign buyer purchases and less new inventory. Prices did soften a little on a per-square-foot basis for existing condos, but that's a sign of a buyer-friendly market.
Lower Rates but More Inventory
Mortgage rates have dropped somewhat, with forecasts putting the 30-year fixed rate somewhere between 5.25% and 5.8% by the end of the year, and that’s drawing more buyers. At the same time, there are more condos than single-family homes, giving buyers room to negotiate without bidding wars. Days on market have stayed stable.
The Ultra-Luxury Tier Keeps Climbing
Miami's luxury real estate landscape has split in two: scarcity-driven, waterfront, trophy addresses are holding or gaining value, while oversupplied mid-tier condos are flat. Buyers are gravitating toward newer construction with strong reserves, full-service amenities, and direct beach access, and cash buyers from Latin America and Europe are a driving force. Anticipated deliveries like Bentley Residences, with its 62-story profile and signature sky garages, and the twin-tower St. Regis Sunny Isles are keeping the trophy inventory fresh and buyer interest high.
What's Coming in 2027?
Everything points to continued (but measured) growth. Analysts expect luxury prices across South Florida to rise around 3% annually through 2027, with condo supply expected to shrink from 11.6 at the end of 2026 to 9.6 by the end of 2027. When there are fewer units available and prices are rising, it usually means that buyers will make stronger offers to outcompete each other, especially for waterfront property.
Watch the Market
Miami's luxury market has always been strong, and 2026 is showing much of the same, even as short-term conditions make it more of a buyers’ market in some respects. If you’re thinking about a move into this market, the next 18 months may offer a window of leverage before supply tightens again.
Curious what these trends mean for a planned purchase in Sunny Isles Beach or elsewhere in South Florida? Contact Lana at lanabell@elliman.com or call 305-336-0457 to get started.
