Illustrated Properties Luxury Report

A message from Mike Pappas

While not completely immune from the challenges facing the general housing market, luxury real estate in South Florida enjoyed notable gains in year-over-year transactional activity in 2024 – particularly in the high-end single-family market. Our region remains the place high-net-worth individuals want to be. Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales jumped 8.9% from 9,973 in 2023 to 10,858 in 2024. The region’s condo sector had a 5.1% decline in $1 million-and-up transactions, from 4,335 to 4,116. Both sectors recorded average sales price gains, with the average luxury single-family sales price rising 5.9% to $2.61 million and the average luxury condo sales price increasing 1.2% to $2.37 million. Miami-Dade County’s high-end market shined in 2024, enjoying year-over-year growth in both single-family and condo transactions. Luxury single-family sales surged by 16.6% year- over-year, from 2,324 to 2,710, and high-end condo sales climbed 2% year-over-year, from 1,799 to 1,835. Mirroring the regional trend, both the single-family and condo average sales price rose year-over-year in 2024. The average luxury single-family price rose 7.9% year-over-year to $2.94 million, while the average luxury condo price increased 3.1% year-over-year to $2.62 million. Broward and Palm Beach counties held their own when it came to luxury single-family sales activity. Broward County recorded a 12.4% year-over-year jump in $1 million-and-up transactions (from 2,024 to 2,275), while Palm Beach County posted a 10.5% year-over-year gain (3,154 to 3,484). High-end activity was strong across the tri-county area. South Florida’s luxury market is poised for an even stronger year in 2025, with the presidential election behind us and continued demand domestically and internationally. We are entering the peak season for high-end transactions, so the first two quarters of the year should be extremely busy for luxury buyers, sellers and agents.

CEO Illustrated Properties Mike Pappas

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