Marketwatch: South Florida

South Florida’s luxury real estate market remains a national standout, with Palm Beach County setting the pace in both sales volume and pricing. In 2024, Palm Beach Island saw 46 single-family homes sell for over $10 million—up from 37 in 2023—driven by demand for turnkey, waterfront properties. Trophy estates surpassing $50 million and record price-per-square-foot deals underscore the strength of the ultra-prime segment. Listings over $100 million, once rare, now reflect the region’s new luxury standard. 

HRES spoke with three top South Florida brokers who specialize in high-end coastal properties. Backed by deep market insight and a blend of public and private listings, they shared trends shaping the market: rising demand for move-in ready homes, strategic off-market sales, and evolving buyer expectations. Their take? South Florida isn’t just desirable—it’s a status symbol.

HRES: What are the current trends in luxury home pricing across South Florida?
Elizabeth DeWoody – Compass 

South Florida remains a dominant force in the U.S. luxury real estate market, with Palm Beach County leading the way. Multiple ultra-luxury properties have sold for over $40 million, underscoring the strong demand in this segment. On Palm Beach Island, the median price for single-family homes is $10 million. In 2023, there were 37 single-family home sales exceeding $10 million; this number increased to 46 in 2024. Additionally, year to date on the Island, there have been 41 sales—all over $10 million—with 4 of those oceanfront properties each selling for more than $50 million. The market is witnessing the introduction of properties with staggering price tags. There are currently four listings over $100m on the market in South Florida, two in  Manalapan , one on the island of  Palm Beach and one in Miami – underscoring the appetite for exclusive high- value residences.

HRES: Can you tell us about some of your biggest sales this past year?
Margit Brandt – Premier Estate Properties

Our recent sale of 1140 S Ocean Blvd in Manalapan marks our biggest transaction year-to-date. This ocean-to-lake land purchase for $55.5M represents a bold statement of confidence in the Manalapan market, which – while still one of the most expensive markets in the world –  is offering legitimate value as an alternative for some buyers to neighboring Palm Beach Island. A close runner-up would be 1090 S Ocean, where we also represented both buyer and seller in a pre-construction land sale for $19.5M in the Estate Section of Palm Beach. In terms of area, we were dominant in the Estate Section this year, we were pleased to have over a 65% sales volume market share YTD 2025 in the southernmost section of this neighborhood.  More often than not, we were on the buy or sell of almost everything that has happened in this area so far this year and are very grateful for that opportunity. 

HRES: Are you seeing more off-market or pocket listings in the high-end space, and what properties seem to be in higher demand?
Suzanne Frisbie – Corcoran

Hard to say, given it is difficult to quantify as they are “off market,” though my sense is there are more offerings since Covid ended. Well executed, high quality, turn-key residential products across all types (single family, townhouse, condo/co-op) with state of the art systems AND storm protection are in high demand.  Insurance costs are up; thus top hurricane ratings are of interest and of great value. Properties on the water or proximate to the water are also always a bonus-selling-point in Palm Beach / West Palm Beach.

HRES: How has inventory changed year-over-year in the $10M+ price range, and what does that mean for sellers and buyers?

Elizabeth DeWoody: There’s been a substantial increase in active listings across Miami-Dade, Broward, and Palm Beach counties, which provides more options for buyers and suggests a trend towards a more balanced market. Overall, South Florida’s $10 million+ home market is marked by sustained demand, notable high-value listings, increased market inventory, and continued interest from wealthy buyers relocating to the area.

HRES: Are certain features or amenities (waterfront access, smart home tech, wellness spaces) significantly increasing a property’s value or time on market?

Margit Brandt: Waterfront properties are commanding strong interest as always (views, recreation and all the toys it comes with including large boats). We have also seen interior properties with larger land with more room to stretch out be a hot ticket. Health and wellness are always a priority with our clients, so we are seeing in our larger estates complete wellness areas  – including a gym, massage room, cold plunges, Turkish baths, infrared saunas, beauty salons the list goes on.  At these price points – buyers expect nothing less! Lastly, security is paramount, so we have seen increased demand for security (not that we need more in Palm Beach!) but we have very high level clients here who sometimes have increased security demands that we are able to accommodate.  

In conclusion, South Florida’s luxury market isn’t slowing down anytime soon. With waterfront estates selling for record prices and exclusive listings quietly trading off-market, the demand for top-tier homes remains strong. Buyers are looking for quality, privacy, and location—while sellers are getting more strategic with how and when they list. 

Whether you’re in the market or just keeping an eye on it, one thing’s clear: South Florida continues to set the tone for high-end living.