Miami Real Estate Luxury Home Sales Continue Surging Ahead of Pre-Pandemic Levels
Miami-Dade County $1 million+ luxury home sales continued outperforming pre-pandemic levels as total median sale prices rose once again as the market leads the nation in real estate appreciation, according to April 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade $1M+ home sales are up 94.3% in April 2023 vs. pre-pandemic April 2019, 340 transactions to 175. The rise continues Miami Dade’s historic luxury sales boom. About 45% of all Miami $1M+ sales since 2008 have happened in the last three years.
“South Florida has benefited from a major wealth migration as buyers from California and New York have relocated their companies and their families to Miami: the city of the future,” MIAMI Chairman Ines Hegedus Garcia said. “With this increased demand, we recognize the need for expanded inventory and new listings at various price points, as this would unlock even greater sales potential in the market.”
Florida ranked No. 1 in the U.S. in largest net gain of adjusted gross income (AGI) due to domestic migration, gaining $23.7 billion, according to most recent IRS-SOI migration data. Miami-Dade’s out-of-state homebuyers with a mortgage earn nearly $100,000 in median household income.
Miami ranks No. 4 in super-prime real estate transactions ($10M+) and No. 5 in ultra-prime ($25M+) sales in the world, according to the 2023 Knight Frank Wealth Report.