The wait continued for any buyer expecting an actionable drop in pricing during the second quarter of 2025, according to Illustrated Properties' latest Luxury Market Report. Both the region's high-end single-family and condominium sectors experienced year-over-year pricing increases, with Palm Beach County leading the way.
Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, the average luxury single-family sales price rose 9.3% year-over-year to $2.91 million in the second quarter of 2025, while the average high-end condominium price increased 4.8% to $2.54 million.
Palm Beach County led the tri-county area's growth, with a 10.6% increase in the average single-family sales price to $3.23 million, and a 13.2% increase in the average luxury condo sales price to $2.7 million. Southwest Florida was the biggest year-over-year gainer in luxury single-family pricing among all territories tracked in the report, with a 22.2% surge to $3.01 million.
"We are settled into what we would call a 'normal' luxury market, especially when compared with the unsustainable peak experienced at the beginning of this decade," Illustrated Properties President Christina Pappas said. "Domestic migration demand drivers remain strong, which is maintaining the upward pricing trend."
The region's total $1 million-and-up single-family transactions declined by 10.9% year-over-year to 3,151 in the second quarter of 2025. Luxury condo sales dropped by 12.8% year-over-year to 1,209.
Other key findings in the second-quarter luxury report include:
- Miami-Dade County's luxury condo prices kept rising (6.1% year-over-year to $2.85 million) despite a year-over-year decline (-10.9% to 506) in transactions, while its high-end single-family sector saw slight pricing attrition during the second quarter (-3.4% year-over-year to $2.95 million).
- Broward County's luxury single-family market enjoyed a 25.8% surge in $1 million-and-up sales from the first quarter of 2025 to the second quarter, and a 9.3% year-over-year increase in average sales price to $2.15 million. The county's high-end condo sector gained 2.5% in total transactions (122) from the previous quarter.
- The Treasure Coast luxury residential market again experienced year-over-year gains in total single-family and condominium sales during the second quarter of 2025. On the high-end single-family side, total transactions increased by 3.2% year-over-year to 97, while condo sales surged by 42.9% to 30. The average sales price followed suit, rising 6.6% year-over-year to $3.58 million for single-family homes and 40.1% year-over-year to $2.14 million for condos.
The top five states for incoming second-quarter buyers were New York, Ohio, New Jersey, Illinois and Massachusetts.
"As long as South Florida's luxury market remains a value proposition for buyers from high tax states, our region's outlook will remain extremely positive," Keyes/Illustrated CEO Mike Pappas said. "Abundant opportunities exist for both buyers and sellers in the high-end sector."
