The sunshine state is about to break a record set during the Covid-19 pandemic, and local realtors aren't surprised. 

In 2026 to date, Florida's Miami-Dade county recorded 194 home sales of $10 million or more – more than 14 percent above its full-year 2025 total of 170 transactions, marking a new era for the luxury real estate market in the area. 

According to the Miami Association of Realtors, the county is projected to end 2026 with about 291 home sales of $10 million or more, shattering the previous record of 230 sales, set in 2021 during the Covid buying surge.

Local realtor Ross Hardy told the Daily Mail that this record-breaking market is just a reflection of a 'broader, statewide trend.'

'Florida has transitioned from a seasonal vacation destination into a permanent wealth hub,' Hardy told us. 'The volume of out-of-state capital flowing in is unprecedented.'

Hardy said that most of the clients he works with are corporate executives, tech entrepreneurs and investors, some coming from high cost of living metros in New York and California, with others coming from overseas. 

According to Miami Realtor's global sales report, international buyers made up 49 percent of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in July last year.

Realtor.com reports the median listing price in Miami-Dade county hovers around $589,000, and homes actually sit on the market for about 88 days – which is longer than the national average of about 60 days. 

In some instances, that means buyers have the upper hand.

While overall condo sales increased just one percent year-over-year, condos priced near the median price point, from $500,000 to $600,000, saw a 32 percent sales growth increase, from 78 to 103. 

'It is also important to point out our condo market, the entry-market for first-time buyers, continues to see a rise in total year-over-year transactions, particularly near the median price point,' Miami Realtors' Alfredo Pujol said in a statement. 'Miami offers opportunities for buyers across a range of price points.' 

Mick Duchon of The Corcoran Group noted that Miami and its surrounding area is not a 'uniform market.' Even within a single neighborhood, waterfront versus non-waterfront and new construction versus an older home can lead to very different price points for buyers.

As a result, the county still remains accessible, and desirable even, for non-luxury buyers fleeing higher cost of living areas.  

'Affordability has certainly become more of a consideration, particularly in some of Miami’s most established neighborhoods,' Duchon told the Daily Mail, 'but there is still tremendous opportunity throughout Miami-Dade.'

'Miami is constantly evolving, and one of the advantages of this market is that there are still neighborhoods with room for growth and opportunities for buyers at a wider range of price points. 

But luxury condos and homes are seeing the strongest growth. Earlier this month, Cipriani Residences Miami announced an exclusive pair of ultra luxury penthouses priced at $33 million and $19.8 million. 

The larger penthouse spans three levels, complete with a rooftop infinity-edge swimming pool, summer kitchen and wraparound entertaining terrace overlooking Biscayne Bay.

These two additions mark the final offering at the 85 percent sold development already housing ritzy residents from more than 30 countries.

Part of the appeal of this county is luxury buyers can typically get more bang for their buck. 

A million dollars in Miami buys 58 square meters of prime property, far surpassing other global cities like Monaco (16 square meters,) New York (34 square meters) and London (33 square meters).

For some wealthy buyers, however, the appeal stems from the Miami culture and lifestyle.  

Lourdes Alatriste of Douglas Elliman, who works with high net worth clients, told the Daily Mail that oftentimes her buyers' decisions are less about relocating and more about choosing where they want to spend time 'and raise their families.'

'The $10 million-plus market is really its own ecosystem, so I would be careful about drawing a direct connection between record-breaking luxury sales and affordability for the average buyer,' she explained.

'What we are seeing more broadly is the result of Miami becoming a much more desirable place to live year-round,' Alatriste added. 

'That has increased competition and values across many parts of the county, but it has also encouraged development and investment in areas that historically received less attention.'