Wealthy buyers are continuing to invest in Florida’s luxury home market. Data from Douglas Elliman shows price increases and higher sales volumes in Q3 2024.
MIAMI – Data released by Douglas Elliman shows that in the third quarter of 2024, Florida’s luxury home regions have experienced price increases and higher home sale volumes.
Six Florida markets, excluding mainland Miami, saw 137 luxury sales, which was in line with 2023’s third quarter, but prices rose 9.6%. In Palm Beach, there were six deals with a median price of $14 million compared to four deals and a median price of $35 million in last year’s third quarter. There were 180% more active listings in 2024’s third quarter, with 54 active listings, providing buyers with more choice.
In Miami Beach, active listings fell 35% compared to last year, but median sales prices for nine luxury home sales rose to $23 million, compared to 10 deals with a median price of $19.8 million in 2023’s third quarter. Condo and single-family sales dropped 23% in the market compared to last year, but median prices saw an annual gain of 8.7% to $680,000, which was largely driven by the single-family market where the median price increased 16% year-over-year to $3.5 million. For Palm Beach, median prices for single-family homes declined 35.3%, though prices were near $9.3 million.
More than three-quarters of Palm Beach buyers paid cash for their homes, and in Miami Beach, 62% did so. In Coral Gables, 54% of sales were all-cash deals, and the median luxury price was $8 million, and the Miami mainland had the lowest share at 35%.
