Sustained buyer demand fuels double-digit sales growth without reliance on price cuts
South Florida's luxury market enjoyed a surge of transaction activity across both the single-family and condominium sectors during the second quarter of 2026, according to The Keyes Company and Illustrated Properties' latest Luxury Market Report. The major increase in high-end sales did not rely on pricing reductions from sellers, a promising sign for the sector as the region enters the second half of 2026.
Across Miami-Dade, Broward, Palm Beach, the Treasure Coast and Southwest Florida, luxury single-family sales jumped 20.1% year-over-year to 8,013 in the second quarter of 2026. The high-end condominium sector enjoyed a 23.5% year-over-year gain in transactions, reaching 2,590.
Miami-Dade and Palm Beach counties again fueled the increase in single-family sales, though Broward County and Southwest Florida also posted notable year-over-year transaction growth. On the condo side, Broward and Palm Beach counties joined Southwest Florida in driving the year-over-year gains.
High-end pricing sustained positive year-over-year momentum as buyer demand remained strong. The region's average single-family sales price rose 7.2% year-over-year to $2.63 million. The average condo sales price posted a modest 0.3% year-over-year increase to $2.37 million, with Miami-Dade, Broward and Southwest Florida recording meaningful pricing gains.
"Much of the national conversation this year has centered on a new wave of California wealth fleeing to Florida over tax policy," said Keyes/Illustrated President Christina Pappas. "Our own transactions tell a different story. The top buyer-origin states behind our second-quarter closings were New York, Illinois, Michigan, New Jersey and Ohio, the same feeder markets that have driven this market for years, and California does not appear in our top five for a second consecutive quarter. Buyers are moving with confidence and sellers are finding a receptive market without needing to discount, but the underlying demand is a continuation of a decade-long pattern, not a new headline-driven rush."
Other key findings in the second-quarter luxury report include:
- Miami-Dade County's luxury single-family transactions jumped 32.5% year-over-year to 1,000, with the average sales price jumping 21.9% to $3.61 million. Its high-end condo sector rose 11.2% year-over-year to 607 transactions, with the average sales price increasing a more modest 4.9% to $2.83 million, a gap consistent with Florida's post-Surfside reserve funding requirements repricing older buildings against new construction.
- Broward County's luxury single-family market posted a 17.1% year-over-year jump in $1 million-and-up sales to 1,223, with the average sales price up 3.7% to $2.06 million. The county's high-end condo sector surged 27.8% year-over-year to 285 transactions, with the average sales price rising 5.6% to $1.94 million.
- Palm Beach County's high-end single-family sales jumped 24.2% year-over-year to 2,534, with the average sales price gaining 4.6% to $2.89 million. The county's luxury condominium market rose 26.6% year-over-year to 770 transactions, as its average sales price declined 7.1% to $2.39 million.
- The Treasure Coast/Martin County luxury residential market had a quieter second quarter, with single-family transactions down 6.5% year-over-year to 376, while the average sales price increased 2.2% to $2.78 million. Luxury condominium sales fell 16.9% year-over-year, with the average sales price dropping 11.9% to $1.89 million.
- Southwest Florida posted an 18.6% year-over-year jump in luxury single-family sales to 2,880, with the average sales price rising 4.1% to $2.25 million. Its high-end condo sector continued its rebound, with total transactions surging 33.7% year-over-year to 869 and the average sales price gaining 6.4% to $2.1 million.
"South Florida's luxury market is showing real resilience within its own segment, even as the broader housing market navigates a more uneven year nationally," said Keyes/Illustrated CEO Mike Pappas. "Looking ahead through the remainder of 2026, we expect ongoing economic and political uncertainty elsewhere to only heighten the region's appeal, drawing high-net-worth buyers who are seeking that rare blend of lifestyle, stability and long-term value appreciation."
The complete second-quarter luxury report can be found here: http://keyesluxuryreport.com/
About The Keyes Company: Independently owned and operated since 1926, The Keyes Company is a leader in the real estate industry. The Keyes Family of Companies, along with its network of partner brokerages comprises 60 offices, more than 4,000 Associates and closed over $9.6 billion in annual real estate sales and services in 2025. Keyes' offices are distributed throughout eight counties – Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Volusia, Sarasota, and Lee. Keyes expands our Associates' reach globally as a Founding Member and Shareholder of Leading Real Estate Companies of the World®, the world's largest network of independent brokerages, and Member of the exclusive Forbes Global Properties network. The Keyes Company offers a suite of resources to cover whatever needs arise while buying or selling a home. Mortgage, title, insurance and property management needs are all managed in-house, allowing Keyes Realtors® to close deals with speed and efficiency while giving clients valuable access to the professionals responsible for the specific service lines.