Miami-Dade County has broken its annual record for home sales of $30 million or more, with 24 transactions through September 2026, surpassing the previous full-year record of 21 set in 2025.

The new total represents a 14.3% increase over last year's record, according to Miami Realtors data released Oct. 16. At the current pace, the county could finish 2026 with 32 sales at or above $30 million.

The milestone follows several major luxury transactions in Coral Gables, including a reported $55 million sale in Gables Estates in 2025.

Gables Estates sale highlights luxury demand

Developer Alex Pirez sold a custom-built, nine-bedroom waterfront mansion at 340 Leucadendra Drive to a Delaware limited liability company in June 2025, according to the Coral Gables Gazette.

Sources familiar with the transaction reported a $55 million sale price, although the recorded deed reflected $9 million. The reported price exceeded the $50 million purchase by musician The Weeknd at 41 Arvida Parkway, which had been Coral Gables' highest reported residential sale.

"South Florida ultra luxury real estate is booming, and the numbers are impressive," Miami Realtors Chairman of the Board Alfredo Pujol said in the Oct. 16 report.

Pujol also pointed to activity at more accessible price points. Condominium sales in the $300,000 to $400,000 range increased 14.5% year over year, from 159 to 182 transactions.

Overall sales decline as mortgage rates rise

The broader housing market showed signs of slowing despite continued demand for luxury properties.

Total home sales in Miami-Dade fell 2% year over year in September, declining from 1,769 to 1,733 closings. Single-family transactions dropped 4.7%.

Mortgage rates remained a challenge for buyers. According to Miami Realtors, rates had climbed nearly 0.6 percentage points since early September, reaching 7.46% as of Oct. 13. The association cited inflationary pressures, federal debt and competition for investor capital as factors keeping borrowing costs elevated.

The report also discussed potential disruptions from Florida's Oct. 6 state of emergency ahead of Hurricane Isaias. Although South Florida was not among the 29 counties covered by the declaration, storm-related uncertainty could affect mortgage processing and future closings. Because the emergency occurred in October, it could not have directly delayed September closings.

Miami Realtors Chief Economist Gay Cororaton said upper-end buyers remained active and expected the trend to continue into 2027.

In a September report on Palm Beach County, Cororaton said she expected "more cash and high-end buyers to drive the South Florida real estate market."

Dollar volume rises despite fewer transactions

Although fewer homes changed hands in September, Miami-Dade's total residential sales dollar volume increased 15.4% year over year, according to Miami Realtors. Single-family dollar volume rose 21.3%.

Cash buyers continued to account for a substantial share of transactions. All-cash purchases represented 38.3% of Miami-Dade closings in September, compared with a national average of approximately 27%, according to National Association of Realtors data cited in the report. Nearly half of condominium transactions were completed without financing.

Housing inventory also tightened. Total active listings declined 10.1% year over year to 16,242 at the end of September.

Single-family inventory fell 16.6%, leaving 5.1 months of supply. Condominium inventory declined for the eighth consecutive month but remained considerably higher, with 12.3 months of supply.

Median prices moved in opposite directions across property types. The single-family median rose 4.1% year over year to $692,000, while the condominium median declined 0.7% to $417,090.

Miami-Dade's total home sales had increased year over year for 11 consecutive months before August 2026. The next monthly report from Miami Realtors will cover October closings, offering a clearer picture of whether the broader market slowdown continued as luxury transactions reached record levels.