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Luxury homebuyers paying cash are driving South Florida’s housing market, pushing prices higher across Miami-Dade and Broward counties. Sales of $1 million-plus homes jumped 29% in Miami-Dade and 35% in Broward in June compared with a year earlier.
FULL STORY: Luxury sales, cash buyers fuel home market rebound in Miami-Dade and Broward
Here are key takeaways:
- Nearly 38% of Miami-Dade home purchases and 37% of Broward transactions were completed without financing, well above the national average of roughly 25%. Almost half of Miami-Dade condo purchases and more than half of Broward condo sales were all-cash deals.
- Miami Realtors Chief Economist Gay Cororaton said the million-dollar segment continued to outperform other price tiers, calling it “a clear indication of the acceleration in wealth migration to South Florida.”
- Miami-Dade total home sales climbed 14.3% year-over-year, marking 10 consecutive months of growth. Broward sales rose 21.1%, driven by a 26% jump in single-family sales.
- Median single-family home prices reached $695,000 in Miami-Dade (up 3.7%) and $645,000 in Broward (up 2.4%). Condo prices slipped slightly as inventory remains elevated following new state safety requirements after the Surfside collapse.
- June home sales generated an estimated $271 million in local economic activity in Miami-Dade and $302 million in Broward, according to National Association of Realtors estimates.
This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists.
