Miami Sold More $30 Million Homes Than All Of Last Year

The very top of the Miami market just had its best year on record, and it still has a quarter to go

Through the end of September, Miami-Dade recorded 24 home sales of $30 million or more, counting both houses and condos. The previous record for an entire year was 21, set in 2025. Miami Realtors, which tracks the figures, expects the county to finish 2026 with about 32.

The next tier is moving too. Miami Realtors reported that sales of $10 million and up rose 64 percent in September from a year earlier. October has already added to the pace. A newly finished spec mansion on San Marco Island, in the Venetian Islands, reportedly sold for $48.5 million this month.

Even that count understates what is happening. The association's numbers come from the MLS, and they leave out new construction, pre-construction and condo conversions. Those are the sales that fill the new towers on Fisher Island, in Bal Harbour and on Miami Beach, where units start between $12 million and $15 million and run as high as $75 million.

Two Markets Under One Name

The rest of the county is moving at a different speed. Total home sales in Miami-Dade fell 2 percent in September from a year earlier, to 1,733. Single family sales fell 4.7 percent. Condo sales rose just 1 percent.

Prices tell the same split story. The median single family home rose about 4 percent, to $692,000. The median condo slipped to $417,090, slightly lower than a year ago. Yet total dollar volume jumped more than 15 percent, to $1.8 billion, because the expensive end of the market carried the month.

The clearest measure is supply. Single family homes have 5.1 months of inventory, which is a seller's market. Condos have 12.3 months, which is a buyer's market. A balanced market sits between six and nine. In the same county, a house seller and a condo seller are living in two different economies.

Why The Top Keeps Moving

Mortgage rates explain much of the gap. They climbed to 7.46 percent by mid October, up nearly six tenths of a point since early September. That matters a great deal to a family financing a first condo. It matters very little to a buyer paying cash for a $30 million house.

Cash already rules here. About 38 percent of Miami-Dade closings in September were paid in cash, against roughly 27 percent nationally. Wealth moving into South Florida, and the region's pull with foreign buyers, keeps the top of the market less sensitive to the cost of borrowing.

Condos face a separate problem: financing the building itself. Only 21 of the 2,397 condo buildings in the tri-county area are approved for FHA loans. In August, Fannie Mae and Freddie Mac ended the limited review that many condo loans relied on. Lenders now look closely at the building's finances and repairs, not just the buyer's. Older towers with large repair bills are where buyers have the most room to negotiate.

What It Means For Miami

A record at the top is good news for the businesses that serve it, from architects and builders to interior designers, private banks and concierge services. The new towers delivering through 2028 will keep that demand steady, whatever happens with rates.

It also means the city's headline numbers can hide what most residents feel. A county setting records for $30 million homes can, in the same month, have condo owners waiting a year to sell. For anyone reading the market, whether buying, selling or building a business around housing, the useful question is no longer how Miami is doing. It is which Miami.

For condo owners, the lesson is practical. A building with healthy reserves and finished repairs is now worth more than a better view. Sellers who can show that their building qualifies for financing will sell first, and buyers who are patient will find the best terms they have seen in years.