By E.B. Solomont
Feb. 12, 2025 9:00 pm ET
Summary: In Miami, the luxury housing market has surged as wealthy buyers push home prices to unprecedented levels, making entry-level homes increasingly scarce. Between 2019 and 2024, sales of single-family homes under $500,000 dropped by nearly 80%, while the market for homes priced between $500,000 and $1 million saw significant growth. High-end sales have skyrocketed, with the number of homes sold for over $10 million rising by 248% since 2019, and the luxury threshold for single-family homes now reaching $3.3 million. The shortage of affordable homes is exacerbated by limited inventory, high construction costs, and owners holding onto properties. Despite challenges like rising sea levels and insurance costs, Miami’s allure for the ultra-wealthy continues to drive the market upward.