The numbers
Luxury single-family sales across Miami-Dade, Broward, Palm Beach, the Treasure Coast and Southwest Florida rose 20.1% year over year to 8,013 transactions in the second quarter of 2026, according to the Keyes Company and Illustrated Properties' latest Luxury Market Report. High-end condominium transactions climbed 23.5% to 2,590 over the same period.
The average luxury single-family sales price rose 7.2% year over year to $2.63 million, while the average luxury condo price edged up 0.3% to $2.37 million. Miami-Dade and Palm Beach counties drove most of the single-family growth, though Broward and Southwest Florida also posted notable gains; on the condo side Broward, Palm Beach and Southwest Florida led the increase.
The report describes the growth as demand-driven rather than price-driven: the firm said the surge in transactions did not rely on sellers cutting asking prices, which it characterized as a healthy sign heading into the second half of 2026.
Who is buying, and the definition problem
Keyes/Illustrated President Christina Pappas pushed back on a common narrative in her comments accompanying the report: 'Much of the national conversation this year has centered on a new wave of California wealth fleeing to Florida over tax policy. Our own transactions tell a different story.' The firm said the top out-of-state buyer-origin states behind its second-quarter closings were New York, Illinois, Michigan, New Jersey and Ohio — a Northeast and Midwest corridor, not the West Coast.
Neither the RISMedia summary nor the report itself discloses the specific price threshold the brokerage uses to define 'luxury' for single-family homes versus condos, an important gap given that a $2.63 million average price implies transactions well above typical entry-level luxury cutoffs used elsewhere in the industry. Readers should treat the luxury figures as the firm's own classification rather than a fixed, disclosed dollar floor.
The report is produced by two affiliated brokerages, the Keyes Company and Illustrated Properties, and represents their own transaction data plus market analysis rather than an independent government or MLS-wide count; it should be read as a brokerage-level signal, not a market census.
Context
The luxury surge tracks with strength elsewhere in South Florida's high end. Miami-Dade's broader housing market also posted its strongest June sales since 2023, with $1 million-plus transactions in that single month up 29.1% year over year, according to separate data from MIAMI REALTORS. That county-wide report similarly emphasized cash buyers and out-of-state wealth as demand drivers rather than price discounting.
Illustrated Properties, based in Palm Beach County, and the Keyes Company describe themselves as generating more than $7.75 billion in total sales volume and over $3 billion in closed luxury sales, according to the companies' own published Q2 2026 luxury report materials — figures that establish scale but are not independently audited.
The report does not break out how many of the 8,013 single-family transactions or 2,590 condo transactions closed in each of the five sub-regions, limiting how precisely the county-level narrative can be verified beyond the qualitative 'led by' language the brokerages used.
Federal tax-return data lend some support to the broader Northeast-to-Florida story, if not to the California-flight narrative specifically. IRS Statistics of Income migration figures for the 2022-2023 filing year show Florida gained a net 54,902 tax-filing households and 113,945 exemptions, with New York supplying the single largest inflow of any state at about 43,187 households, and the state recording a net gain of $20.6 billion in adjusted gross income. That scale of income migration from the Northeast helps explain how New York- and Illinois-origin buyers, not just Californians, can move a five-county luxury market of this size.