Miami-Dade County is on pace to set a record for sales of homes priced at $10 million or more in 2026, even as higher mortgage rates weigh on the broader housing market.
The county recorded 194 sales of $10 million or more through August, already exceeding the 170 transactions recorded during all of 2025 by 14.1%, according to data released by MIAMI REALTORS + RWorld, the MIAMI MLS and BeachesMLS. At the current pace, the county is projected to finish the year with about 291 such sales, surpassing the previous record of 230 set in 2021.
The strength at the upper end of the market comes as overall Miami-Dade home sales softened in August. Total transactions declined 1.1% from a year earlier to 1,769, while single-family home sales fell 3.1% to 858. Condo sales increased 1% to 911, with sales of units priced between $500,000 and $600,000 rising 32% year over year.
“Miami and South Florida continue to break real estate records,” MIAMI REALTORS® + RWorld Chairman of the Board Alfredo Pujol said. “A banner year even with elevated mortgage rates. But 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 offers opportunities for buyers across a range of price points.”
Prices remained comparatively firm. The median sale price for a single-family home increased 3.82% from August 2025 to $680,000. The median condo price declined 0.49% to $408,000.
Mortgage rates have added pressure for buyers relying on financing. The average 30-year fixed mortgage was 6.67% in August but had climbed to 7.17% as of Sept. 15, according to the release.
Cash buyers continue to account for a large share of Miami transactions. Cash purchases represented 37.8% of closed sales in August, including 50.5% of existing condo sales and 24.2% of single-family transactions.
Inventory also tightened during the month. Total active listings fell 12.1% year over year to 15,825, while single-family inventory dropped 19.2% to 4,330 listings. Condo inventory declined 9% to 11,495 listings.
Miami-Dade home sales generated an estimated $228 million in local economic activity during August, based on 1,769 transactions and a National Association of Realtors estimate of $129,000 in economic impact per Florida home sale.
