A message from Mike Pappas
South Florida’s luxury market continues to fall in line with historical norms as our region moves further away from the generational peak experienced at the beginning of this decade. The good news in a “normal” high-end market is that well-crafted positioning allows opportunities to exist for both sellers and buyers. Pricing kept moving upward due to consistent buyer demand in the second quarter of 2025. Across Miami-Dade, Broward, Palm Beach, the Treasure Coast, and Southwest Florida, the average luxury ($1 million-and-up) single-family sales price rose 9.3% year-over-year to $2.91 million, while the average luxury condominium price increased 4.8% to $2.54 million. Aspiring high-end buyers waiting for an actionable drop in pricing continue to be sorely disappointed. Southwest Florida and Palm Beach County enjoyed the highest year-over-year gains in luxury single-family pricing, with the former seeing a 22.2% surge in average single-family sales price to $3.01 million and the latter experiencing a 10.6% jump to $3.23 million. Palm Beach County also led the tri-county area in average high-end condominium pricing gains, rising 13.2% year-over-year to $2.7 million. Being the focal point for domestic wealth migration certainly has its advantages. Certain markets, such as Broward County and Southwest Florida, mirrored the mixed luxury condo pricing results of the first quarter. However, the overall region once again demonstrated consistent appreciation and sustainable fundamentals. Looking ahead to the rest of 2025, South Florida’s luxury market remains a value proposition for buyers from New York and California. Recent changes to state tax law and a positive outlook overall continue to drive interest and migration to the region. Real estate agents representing luxury sellers and buyers should be equally enthusiastic about upcoming opportunities to capitalize on South Florida’s enduring appeal.
CEO Illustrated Properties Mike Pappas
LUXURY REPORT
IPRE.COM
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