S
outh Florida's luxury real estate market is experiencing a remarkable surge, with billionaire homebuyers driving up prices and creating new records. This trend has put Miami in direct competition with the world's top luxury destinations, raising questions about whether it's a pandemic phenomenon or a lasting shift. In this edition of "South Florida by the numbers," we explore the latest trends.

    Miami ranks among the world's elite locations where ultra-high-net-worth individuals own homes, with over 650 residents boasting liquid assets exceeding $100 million. Palm Beach, Boca Raton, and Fort Lauderdale also rank high on this list.

    Notable statistics include:

    * A 363% increase in annual sales of Miami properties priced at $10 million or more from 2019 to June 2024.

    * A 276% increase in Palm Beach's annual sales of properties over $10 million during the same timeframe.

    * 102 Miami residential deals priced over $10 million for the first half of 2024, a 32% increase from the previous year.

    * A 6% increase in Miami million-dollar condo sales from July 2023 to July 2024, with Miami leading the nation in home price appreciation at 10%.

    * An increase in luxury single-family home contracts and homes priced between $3 million and $4.99 million.

    This column is produced by the Master Brokers Forum, a network of South Florida's elite real estate professionals who have demonstrated outstanding production, ethics, and professionalism.