MIAMI— Miami-Dade County has surpassed its annual record for residential property sales priced at $30 million or more in just the first nine months of 2026, underscoring the continued strength of South Florida’s ultra-luxury real estate market even as rising mortgage rates weigh on broader housing activity.
The county recorded 24 sales of single-family homes and condominiums at $30 million or above through September, exceeding the previous full-year record of 21 transactions set in 2025 by 14.3%, according to September 2026 market statistics released by MIAMI REALTORS® + RWorld.
At the current pace, Miami-Dade could record 32 such transactions by the end of the year, the organization said.
“South Florida ultra luxury real estate is booming, and the numbers are impressive,” said Alfredo Pujol, chairman of the board of MIAMI REALTORS® + RWorld.
However, Pujol emphasized that opportunities remain available across a wide range of price points, with properties starting around $400,000 in markets stretching from Miami to St. Lucie County.
In Miami, condominium sales in the $300,000-to-$400,000 range increased 14.5% year-over-year in September, rising from 159 to 182 transactions.
Overall Sales Decline as Mortgage Rates Rise
Despite the record performance at the top end of the market, Miami-Dade’s overall residential sales declined in September.
The county recorded 1,733 total home sales, down 2% from 1,769 a year earlier. Single-family home transactions fell 4.7%, from 865 to 824, while condominium sales increased 1%, from 904 to 909.
MIAMI REALTORS® attributed the slowdown partly to mortgage rates rising nearly 0.6 percentage points since September 1, reaching 7.46% as of October 13.
Limited inventory in certain price ranges and uncertainty surrounding Florida’s October 6 state of emergency ahead of Hurricane Isaias also contributed to the softer activity, according to the report. Although South Florida was not among the 29 affected counties, hurricane threats can delay mortgage approvals, loan funding and closings.
Gay Cororaton, chief economist at MIAMI REALTORS® + RWorld, said elevated borrowing costs continued to affect homebuyers, while wealthier purchasers remained active.
“We are continuing to see the negative impact of soaring mortgage rates on homebuyers, but upper-end buyers have remained active, with this trend likely to continue through next year as mortgage rates remain elevated,” Cororaton said.
Home Prices Continue to Rise Over the Long Term
Miami-Dade’s median single-family home sale price increased 4.06% year-over-year in September to $692,000, compared with $665,000 a year earlier.
The median condominium price, meanwhile, declined 0.69% to $417,090 from $420,000.
Despite the monthly pressure on condominium prices, long-term appreciation remains substantial. Miami-Dade condo prices have risen 267% since 2011, from $113,800 to $417,090. Single-family home prices have climbed 300.7% over the same period, from $172,700 to $692,000.
According to MIAMI REALTORS® + RWorld, single-family median prices have increased in 175 of the past 179 months, while condominium median prices have remained flat or risen in 166 of the past 184 months.
The organization said declining condominium inventory could put upward pressure on prices in the coming months.
Housing Inventory Falls for Eighth Consecutive Month
Active residential listings in Miami-Dade totaled 16,242 at the end of September, down 10.1% from 18,057 a year earlier.
Single-family home inventory fell 16.6% year-over-year to 4,536 listings, while condominium inventory declined 7.24% to 11,706 listings. The decrease in condo inventory marked the eighth consecutive month of year-over-year declines.
The supply figures point to different conditions across market segments. Single-family homes had 5.1 months of inventory, indicating a seller’s market, while existing condominiums had 12.3 months of supply, indicating a buyer’s market.
A balanced market generally has between six and nine months of available inventory, according to the report.
Nationally, housing inventory stood at 1.60 million units in September, up 4.6% from a year earlier, with a 4.8-month supply.
Cash Buyers and International Demand Support Luxury Market
Cash transactions remain a significant feature of Miami’s real estate market, particularly among affluent and international purchasers.
Cash sales accounted for 38.3% of Miami-Dade’s closed residential transactions in September, compared with approximately 27% of US home sales nationally, based on the latest National Association of Realtors figures cited in the report.
Cash purchases represented 49.4% of existing condominium sales and 26.2% of single-family transactions.
In 2025, 82% of Miami-area condominium sales priced at $1 million or more were all-cash transactions, according to MIAMI REALTORS® + RWorld.
International buyers also remain important to the region’s new development market. The organization’s New Construction Global Sales Report found that international purchasers accounted for 49% of new-construction, pre-construction and condominium-conversion sales across South Florida during the 18-month period ending in July 2025.
The report also highlighted Miami’s relative value compared with other global luxury property markets. Citing the 2026 Knight Frank Wealth Report, it said $1 million could purchase approximately 58 square meters of prime property in Miami, compared with 16 square meters in Monaco, 34 in New York and 33 in London.
Sales Generate $1.8 Billion in Dollar Volume
Although the number of transactions declined, the total dollar volume of Miami-Dade residential sales increased 15.41% year-over-year in September to $1.8 billion.
Single-family home sales accounted for approximately $1.2 billion, up 21.31% from a year earlier. Condominium sales generated $724 million, an increase of 7.13%.
Based on the National Association of Realtors’ estimate that a typical Florida home sale generates $129,000 in economic activity through real estate services, moving, furnishing, remodeling and related spending, MIAMI REALTORS® + RWorld estimated that the county’s 1,733 September home sales generated approximately $223 million in local economic impact.
Distressed sales remained rare, accounting for just 0.5% of closed residential transactions in September. By comparison, distressed properties represented 70% of Miami sales in 2009, according to the report.
Affordability Remains a Challenge
Despite strong luxury demand and long-term appreciation, housing affordability remains a concern across South Florida.
MIAMI REALTORS® + RWorld noted that only 21 of the 2,397 condominium buildings across Miami-Dade, Broward and Palm Beach counties were approved for Federal Housing Administration loans, according to US Department of Housing and Urban Development statistics.
The limited availability of FHA-approved condominium buildings can restrict financing options for prospective buyers.
To help address affordability, the RWorld Community Foundation offers eligible first-time homebuyers purchasing a residence in Broward, Palm Beach or St. Lucie counties grants of up to $2,500 toward closing costs. The foundation said it has contributed $180,000 toward closing costs for low-income homebuyers over the past five years.
The organization also pointed to Florida’s Live Local Act, which encourages affordable housing development by offering qualifying projects greater density when they reserve at least 40% of units for affordable housing.
The September figures highlight a divided market: record-setting activity among ultra-high-end buyers, continued long-term price appreciation and substantial cash purchasing, alongside slower overall transactions, elevated borrowing costs and persistent affordability challenges.
For Miami-Dade, the central question is whether sustained wealth inflows and limited housing supply can continue supporting property values while making homeownership more accessible to a broader range of residents.
