The real estate market in South Florida has seen significant changes, with homes now costing considerably more than five years ago. Buyers seeking to enter the market now need at least $2.6 million, especially in areas like Palm Beach County and Miami-Dade, where high-end sales dominate. Reports indicate a substantial increase in million-dollar home sales, driven by wealth migration into the region. This trend poses challenges for those needing mortgages as the competition continues to rise, and cash sales remain prevalent, further pushing out entry-level buyers.
In Palm Beach County, 24% of houses sold last year went for $1 million or more, according a report from Miller Samuel and Douglas Elliman.
South Florida still doesn't have enough inventory to meet demand. Wealth migration to Miami remains high due to jobs, weather, and lifestyle.
West Palm Beach led the US in cash sales last year with 49.6% of sales paid in full upfront, signifying the area's high-end market.
Condos' middle price increased to $415,000, nearly 120% higher than a decade ago, showing the trend of rising real estate prices in the region.
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