Data Analysis

Redfin reported the median luxury home sale price in Miami at $5,017,755 for the three months ending July 2026, up 18 percent from a year earlier, while Miami's non-luxury prices fell 1.3 percent.

Tampa luxury prices rose 15.4 percent to $1,644,824 and West Palm Beach luxury sales rose 43.9 percent. Redfin defines luxury as the top 5 percent of a metro's price range.

Miami's median luxury home sale price reached $5,017,755 in the three months ending July 2026, up 18 percent from a year earlier, according to a Redfin report published September 3. Over the same period Miami's non-luxury prices fell 1.3 percent. Tampa luxury prices rose 15.4 percent to $1,644,824 while Tampa non-luxury prices rose 0.3 percent. West Palm Beach luxury prices rose 7.5 percent to $4,522,818 and its luxury sales rose 43.9 percent. Nationally, luxury prices rose 5.3 percent to $1,324,663 and non-luxury prices rose 2.2 percent to $378,003.

How far apart are Florida's luxury and non-luxury markets?

In Miami the two tiers moved in opposite directions. Luxury prices rose 18 percent while everything in the middle of the market fell 1.3 percent, a spread of more than 19 percentage points inside a single metropolitan area over the same three months.

Tampa shows the same shape with a smaller floor. Luxury prices rose 15.4 percent and non-luxury prices rose 0.3 percent, which is close enough to flat that a buyer in the middle of that market would not notice it.

Redfin says Miami's 18 percent increase was the biggest of the 50 most populous U.S. metros. That is a specific claim about a specific group of 50 markets, and it is worth keeping separate from the other superlative in this report, which measures something different.

What happened to luxury sales volume in West Palm Beach?

West Palm Beach luxury home sales rose 43.9 percent from a year earlier, which Redfin describes as the biggest increase in the U.S. Pending luxury sales rose 20.1 percent and new luxury listings rose 21.9 percent, while active listings fell 6 percent.

That combination is unusual. Most of the Florida markets in this report show luxury supply contracting. West Palm Beach added new listings at a double-digit rate and still cleared them fast enough that active inventory shrank.

Jonathan Buch, a Redfin Premier agent in West Palm Beach, put it this way in the report: "Affluent buyers aren't constrained by mortgage rates and uncertainty in the economy the way average buyers are. Waterfront homes in places like Boca Raton, Delray Beach and Jupiter are always going to be popular; there's no shortage of wealthy people who want a place on the beach."

Is luxury supply shrinking in Florida?

In the two metros with the largest price gains, yes. Miami's active luxury listings fell 18.1 percent from a year earlier and new luxury listings fell 5.6 percent. Tampa's active luxury listings fell 16.1 percent and new luxury listings fell 11.1 percent.

Nationally the picture is much flatter. Active luxury listings fell 2.2 percent and non-luxury active listings were unchanged. New luxury listings rose 1.9 percent against 0.4 percent for non-luxury.

Luxury homes also sold at close to last year's speed. The national median days on market for luxury homes was 43, unchanged from a year earlier, while non-luxury homes took 39 days, one day longer.

Which Florida markets are in this report, and which are not?

Three: Miami, Tampa and West Palm Beach. Fort Lauderdale, Orlando and Jacksonville carry no luxury data in this release, so nothing in this article describes them.

This matters for how the numbers should be read. Florida's luxury story here is a South Florida and Tampa Bay story. It is not a statewide finding, and a reader who owns a home in Jacksonville or Orlando should not take Miami's 18 percent as a signal about their own market.

For the broader picture in those markets, this desk covers them separately on the Miami, Tampa and West Palm Beach hubs.

Why is the top of the market moving differently?

The mechanism that Buch describes is financing. A buyer at the Miami luxury median of just over $5 million is far more likely to be paying cash or borrowing an amount that does not depend on the conforming mortgage market. The 30-year fixed rate that governs a $340,000 loan does not govern that transaction in the same way.

That is the practical reason two tiers of the same metro can move nearly 20 points apart. Rates have stayed high through 2026, and the part of the market most exposed to rates is the part that has stalled.

None of this says the pattern continues. These are rolling three-month figures for a single period, and the luxury segment is small enough in any one metro that a handful of very large sales can move a median. The desk is reporting a measured gap, not a trend.

Limitations

Redfin defines luxury homes as those estimated to be in the top 5 percent of a metro area's price range and non-luxury homes as those in the 35th to 65th percentile. These are not fixed price thresholds, so the composition of each group changes as a market changes.

The figures cover a rolling three-month period ending July 2026, roughly May through July, and are not a single-month reading. Redfin's analysis is based on MLS data and is subject to revision.

The two superlatives in this report measure different universes and are kept apart here deliberately. Miami's 18 percent price increase is described by Redfin as the biggest of the 50 most populous U.S. metros. West Palm Beach's 43.9 percent sales increase is described as the biggest in the U.S. The two claims are not interchangeable.

Only Miami, Tampa and West Palm Beach carry Florida luxury data in this release. Fort Lauderdale, Orlando and Jacksonville do not, and no figure here should be read as applying to them or to Florida as a whole.

Luxury medians are calculated on a small number of transactions relative to the wider market. A median at this price level is sensitive to which properties happened to close in the period.

Redfin's price series is its own measure of closed sales in its coverage areas. It is not the same measurement as Florida Realtors' closed median, Zillow's home value index or Realtor.com's asking prices, and the four should not be read as one series.

Sources

Redfin, "Florida's Luxury Market Pulls Away From the Pack, With Miami and Tampa Posting Double-Digit Price Increases," Dana Anderson, September 3, 2026, redfin.com/news/luxury-housing-market-florida-july-2026/.

Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.