South Florida's luxury market demonstrated a continued return to pre-pandemic equilibrium during the third quarter of 2025, according to The Keyes Company and Illustrated Properties' latest Luxury Market Report. The region's high-end single-family sector enjoyed notable year-over-year gains in $1 million-and-up single-family transactions.
Across Miami-Dade, Broward, Palm Beach, the Treasure Coast, and Southwest Florida, luxury single-family sales jumped 6.2% year-over-year to 3,589 in the third quarter of 2025. Palm Beach County, Southwest Florida and the Treasure Coast drove the region's overall uptick. However, the high-end condominium sector saw a 6.3% year-over-year decline in transactions to 980.
Luxury pricing continued Q2's positive year-over-year trends thanks to consistent buyer demand. The region's average single-family sales price managed a fractional year-over-year increase to $2.35 million, so the overall transaction gain was not a result of pricing reductions. The average condo sales price rose 2.8% year-over-year to $2.34 million (almost identical to the average single-family sales price), as luxury buyers will pay premiums for high-end condos, especially in brand-new waterfront buildings.
"The local luxury market was defined by sustained demand in the third quarter of 2025," Keyes President Christina Pappas said. "The appetite for high-end South Florida single-family homes and condominiums remains robust and largely resistant to price increases."
Other key findings in the third-quarter luxury report include:
- Miami-Dade and Broward counties managed to post year-over-year luxury condo sales gains despite the regional drop in $1 million-and-up transactions, with Miami-Dade increasing 1.8% and Broward posting a 30.2% surge.
- Southwest Florida was the second quarter's biggest year-over-year gainer in average luxury single-family pricing. In the third quarter, its average sales price stayed flat, but it recorded a substantial 14.9% year-over-year surge in $1 million-and-up single-family transactions to 1,461.
- The Treasure Coast led the way with a 28.6% year-over-year jump in luxury single-family sales and 15.5% increase in average luxury single-family sales price, but it is important to note that the region has very little high-end inventory.
The top five states for incoming third-quarter buyers were New York, Illinois, Michigan, Ohio and Pennsylvania.
"We are fortunate to have a healthy and relatively balanced high-end residential market," Keyes/Illustrated CEO Mike Pappas said. "Opportunities are abundant for luxury sellers and buyers alike as we close out 2025 and look ahead to 2026."
