Luxury Reaches New Milestones

• $15MMiami-Dade single-family top 1% threshold
• $10.7MSouth Florida single-family top 1%, up from $7.8M
• $10MMiami-Dade condo top 1% threshold
• 10%Out-of-state share of domestic buyers, up from 7%

"Luxury" is a moving target in South Florida, and in 2026 it moved a lot. A mid-year report from MIAMI REALTORS® + RWorld, published July 23, 2026, shows the price of entry into the region's top tier rising sharply for both houses and condos.

The report defines luxury as the top 5% of sales by price and ultra-luxury as the top 1%, so the thresholds below are the minimum price needed to land in each group.

How much does a luxury home cost in South Florida in 2026?

For single-family homes across South Florida, the luxury threshold rose to $3.3 million in the first half of 2026, from $2.7 million in 2025. The ultra-luxury threshold rose to $10.7 million, from $7.8 million.

• Miami-Dade: $4.3 million for luxury and $15.0 million for ultra-luxury, the highest top-1% threshold in the region.
• Palm Beach: $4.4 million for luxury, $14 million for ultra-luxury.
• Martin: $3.9 million for luxury, $10.5 million for ultra-luxury.

Condos: Miami-Dade leads by a wide margin

Condo thresholds climbed too. Across South Florida, luxury condos now start at $2.3 million (from $2.0 million) and ultra-luxury at $6.0 million (from $5.4 million).

Miami-Dade stands apart. Its luxury condo threshold is $3.4 million, and its ultra-luxury threshold is $10 million, compared with $5.4 million in Palm Beach and $2.8 million in Broward. That gap reflects the trophy penthouses and oceanfront towers concentrated in Miami Beach, Surfside, Brickell and Edgewater.

In Miami-Dade, a $10 million condo is no longer an outlier. It's the line where the top 1% begins.

Who is buying: the out-of-state shift

Out-of-state buyers made up 10% of domestic buyers in the first half of 2026, up from 7% in both 2024 and 2025, based on sales where the buyer's home state was reported. The top origin states were:

1. New York, 34%
2. New Jersey, 13%
3. California, 8%
4. Illinois and Massachusetts, 5% each

These buyers also spend more. The luxury threshold for California buyers of single-family homes was $8.5 million and for New York buyers $5.9 million, compared with $2.4 million for Florida residents.

What it means for Miami real estate

Here's my read. These are price thresholds, not average prices, so they describe the top of the market rather than every neighborhood.

For sellers at the high end

Rising thresholds signal deep demand at the top. Well-presented waterfront homes and full-floor condos with views are competing in a market where buyers have shown they will pay for quality. Pricing still has to match the product; the best homes set the records, not every home.

For buyers

If you are moving from New York, New Jersey or California, you are not alone, and you are likely competing with buyers who also have northeastern or West Coast budgets. Move quickly on well-located inventory, but get a clear view of insurance, HOA and tax costs before you commit.

For investors

No one can promise appreciation. What the data does show is that wealth migration into South Florida continued in 2026, and Miami-Dade keeps setting the region's ceiling.

Frequently asked questions

What is the luxury home price threshold in South Florida in 2026?

In the first half of 2026, single-family homes needed to sell for at least $3.3 million to rank in South Florida's top 5%, and $10.7 million to rank in the top 1%, according to MIAMI REALTORS® + RWorld.

How much does an ultra-luxury home cost in Miami-Dade?

Miami-Dade's ultra-luxury threshold for single-family homes, the top 1% of sales, was $15.0 million in the first half of 2026, the highest in South Florida.

What is the luxury condo threshold in Miami-Dade?

In the first half of 2026, Miami-Dade condos needed to sell for $3.4 million to rank in the top 5% and $10 million to rank in the top 1%.

Where are out-of-state buyers moving to South Florida from?

Among out-of-state buyers in the first half of 2026, 34% came from New York, 13% from New Jersey, 8% from California, and 5% each from Illinois and Massachusetts.

Are more out-of-state buyers moving to South Florida?

Yes. Out-of-state buyers made up 10% of domestic buyers in the first half of 2026, up from 7% in 2024 and 2025.