“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
While most of South Florida’s residential market faces an assortment of challenges, the luxury segment is soaring across the region. Billionaire homebuyers are pushing out the millionaires, creating a ripple effect of shattered price records and new identities for key population centers, placing Miami in direct competition with the world’s elite luxury destinations. Is all this just a lingering offshoot of the pandemic phenomenon or a “new normal” we should get used to? We explore the latest luxury real estate trends in this edition of “South Florida by the numbers.”
1
Miami’s ranking among the world’s top locations where those with over $100 million in liquid investable wealth own primary or secondary homes. (With more than 650 $100 million-millionaires owning homes in this market and 164 residents, the next closest market in terms of residents is France’s Nice to Ese region, with 95 residents at this wealth level.) Palm Beach (ranked 5th), Boca Raton (14th), and Fort Lauderdale (18th) also ranked high on this list. [NextMiami]
363
Percentage increase in annual sales of Miami properties priced at $10 million or more from 2019 (41 homes) to June 2024 (149 homes). Palm Beach also saw a remarkable 276 percent increase during this timeframe, from 50 to 138. [WorldPropertyJournal]
102
Miami residential deals priced over $10 million for the first half of 2024, up 32 percent from 77 during the first six months of 2023. (Last year’s total record was 124 deals in this price range.) [MiamiHerald]
6
Percentage increase in the number of Miami million-dollar condo sales from July 2023 to July 2024. (During this same timeframe, Miami led the nation in home price appreciation at 10 percent.) [NBCMiami]
9
From July 2023 to July 2024, the increase in Miami luxury ($1 million-plus) single-family home contracts (from 141 to 150). During that same period, the number of homes priced from $3 million to $4.99 million also increased by nine, rising from eight to 17. [MansionGlobal]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.