First-time buyers have had a tough go of it in the housing market in recent years, thanks to spiraling prices and rising interest rates across the country. But the trends are especially pronounced in South Florida, where an ever-growing share of single-family homes cost $1 million or more, pricing out many but the wealthiest who would like to call Miami home.
Five years ago, a $1.1 million home in Miami-Dade county put buyers in the top 5% of the market. Today, that lowest-priced homes in that category begin at $3.3 million, according to the Miami Association of Realtors. And across South Florida, more and more homes cost at least seven figures: In Palm Beach County, 24% of single-family homes sold for at least $1 million in 2024, while 23% of those in Miami-Dade did. While overall sales fell 1.7% in 2024, million-dollar sales in the area rose 12.6%.
