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iami's luxury real estate market is dominated by cash buyers, with over half of homes priced above $1 million sold in all-cash transactions. According to Realtor.com data, 36.4% of homes between $750,000 and $1 million are bought with cash, rising to 53.5% for those priced between $1 million and $5 million.
Ana Bozovic, a Miami-based real estate agent, notes that the higher the price, the higher the percentage of all-cash buyers. In the first half of 2025, 83% of condominium sales above $2,000 per square foot were all cash, with sales volume up 631% compared to 2019.
In contrast, just 22.6% of homes in the $500,000-$750,000 range are paid for without financing. High net worth buyers often prefer speed and convenience over financing, which can make them appear less attractive to sellers accustomed to cash transactions.
The prevalence of cash buyers explains why Miami sellers are less willing to slash prices than their counterparts in other luxury hubs. With financing rarely a hurdle, sellers know their pool of buyers can move quickly and aren't relying on mortgage approvals.
Miami's million-dollar listings have increased significantly, with nearly 50,000 active listings in July, including over 1 in 5 priced at $1 million or more. The priciest ZIP code in America is Fisher Island, where the median list price is $11.9 million.
Despite a tight supply of luxury homes and longer days on the market, sellers remain confident, with Miami ranking among the lowest metros for year-over-year price reductions. Global and local demand continues to drive the market, with buyers from around the world drawn by Miami's climate, tax advantages, and waterfront living.
Colombia leads international interest in the area, according to a new report by the Miami Association of Realtors. Bozovic argues that there is a political dimension to Miami's continued popularity among real estate investors, with domestic and international money flowing into the market when jurisdictions go left.
With cash continuing to dominate high-end sales and international demand steady, Miami looks poised to remain one of the nation's most exclusive housing markets. For sellers, patience is rewarded, while for buyers, it's clear that in Miami's luxury real estate market, cash isn't just preferred – it's expected.
