Weekly Real Estate News
Miami-Dade County has already exceeded its annual record for home sales priced at $30 million or more, even as the broader residential market struggles with higher borrowing costs and fewer transactions.
Through September, the county recorded 24 single-family and condominium closings at or above $30 million, according to figures released Friday by MIAMI Realtors and RWorld. The total surpassed the 21 such sales completed during all of 2025. The association projects that the year could end with 32 transactions in that price bracket if the current pace holds. That is an extrapolation, not a completed-sales count.
The record is striking because most Miami buyers are operating in a very different market. September brought 1,733 total home closings, down 2% from a year earlier. Single-family transactions fell 4.7% to 824. Condo closings rose 1% to 909, with units priced from $300,000 to $400,000 showing a 14.5% increase in sales, according to the association.
The figures suggest that ultra-high-net-worth buyers remain willing to transact at prices far beyond the reach of mortgage-dependent households. The association reported that 82% of Miami-area condo purchases above $1 million were all-cash in 2025. That statistic concerns a specific property and price segment in the prior year; it cannot be applied to every 2026 transaction. It does, however, help explain why the top end can move independently of conventional mortgage rates.
Miami-Dade’s median single-family price rose 4.06% from a year earlier to $692,000 in September. The condo median slipped 0.69% to $417,090. These medians reflect the mix of homes sold as well as prices, so they do not show that every property appreciated or depreciated at the reported rate.
The inventory picture is also uneven. The association counted 16,242 active residential listings at September’s end, down 10.1% from a year earlier. Single-family inventory fell 16.6% to 4,536 homes. Condo listings declined 7.24% to 11,706. But the market still carried 12.3 months of condo supply, compared with 5.1 months for single-family houses. The larger condo supply reflects the relationship between listings and sales pace, not simply the raw number of units for sale.
For buyers, those supply figures can mean very different negotiating conditions. A well-located single-family property may draw competition despite slower countywide closings. Condo buyers may have more alternatives and greater ability to scrutinize association finances, special assessments and insurance costs. A building’s reserve position can have consequences for financing eligibility and resale prospects that countywide median prices cannot capture.
The association noted that September mortgage rates rose by roughly six-tenths of a percentage point from early in the month, adding pressure to financed transactions. It also pointed to uncertainty around Hurricane Isaias as a potential disruption to closing activity, though the release does not establish how many Miami transactions were delayed by weather-related concerns. South Florida was outside the 29 counties covered by the cited state emergency.
Miami’s new luxury record therefore says more about the resilience of a narrow, highly capitalized buyer pool than the health of the market as a whole. For brokers and lenders, the actionable question is which buyers remain active at each price level, and whether condominium inventory continues to clear without larger concessions. The next monthly report will test whether September’s softer volume was temporary or part of a longer slowdown.
