Marketwatch: South Florida

In South Florida, where the measurement of luxury involves not only square footage but sun, outlook, and lifestyle, the $10 million–and-up market continues to move forward with quiet reassurance. Although inventory has actually increased, genuine trophy properties — those featuring new construction, premier waterfront, or perfect turnkey design — remain as scarce and desired as ever. Buyers are selective, strategic, and more patient, yet they act promptly when the perfect opportunity presents itself. As prices remain firm and standout homes evoke competitive passion, sellers are discovering that favorably positioned listings still warrant premium attention. 

From Palm Beach Island’s record-breaking shores to Wellington’s equestrian enclaves, every aspect of the market is embracing renewed vibrancy as confidence returns, and superior listings take center stage. What constitutes luxury today involves more than mere elegance — it involves experience, emotion, and a connection to the essence of a home. And for those that deliver it, the market is listening.

HRES spoke with some of the region’s most sought-after brokers. Their perspectives offer a window into a season defined by bold moves and shifting dynamics. Here’s what they had to say.

HRES: What are the current trends you’re seeing in luxury home pricing across South Florida?

Elizabeth DeWoody – Compass

Waterfront trophy properties are selling at staggering numbers. Palm Beach Island, recognized as the leading luxury market in the country—and arguably the world—with a median sales price of $13 million, is at the forefront of these record-breaking transactions. Buyers from around the globe are moving to this area, exploring options along the East Coast to find homes that fit their needs and budgets. These buyers are knowledgeable and take the time to understand the market. With increased inventory, they have more choices. Move-in ready homes continue to fetch impressive prices and sell quickly when aligned with the market value, which is now double what it was just three years ago.

David Welles – Equestrian Sotheby’s INT. Realty 

Equestrian properties throughout Wellington and South Florida have maintained their values as evidenced by strong sale prices. The highest equestrian related sale to date in Wellington is $25,500,000 with substantial sales in other equestrian communities throughout Wellington.

HRES: How has inventory changed year-over-year in the $10M+ range, and what impact is that having on sellers and buyers?

Jennifer Kilpatrick – Corcoran

Inventory in the $10M+ range across South Florida has grown year over year, giving ultra-luxury buyers a bit more to choose from—but only on the surface. The truth is, while more listings have hit the market, the number of exceptional properties—those offering new construction, prime waterfront, or fully furnished designer finishes—remains limited and incredibly sought-after.

Sales slowed down quite a bit in the first quarter, but prices stayed strong thanks to more high-end deals in the mix. Even with fewer homes changing hands, luxury buyers helped push pricing upward, especially with standout waterfront sales that reinforced the value of top-tier real estate.

For buyers, that means patience is key—many are holding out for properties that deliver not just luxury, but lifestyle. For sellers, it’s a moment to shine if the home offers something truly special. 

In this market, homes that are turnkey, emotionally resonant, and beautifully presented are still commanding attention—and commanding top dollar.

Frances & Todd Peter – Sotheby’s Int. Realty

Our inventory in the $10M range had an uptick early in the season, and this, coupled with increased uncertainty in the global markets gave buyers pause.  With more choices and more uncertainty, buyers took longer to make decisions.  However, in the past few months, with price reductions and growing confidence in the economy and less uncertainty, buyers have come back to the table with offers and the supply is getting taken out once again.  Confidence in our market is back again, and buyers are realizing they must be more aggressive in order to secure a property for next season.  

HRES: Can you share one of your standout sales so far this year?

David Welles: One of my recent sales was $12,500,000 for a 20 stall equestrian property in Grand Prix Village on just over 3 acres near the horse show grounds. It included an owners apartment with elevator, several staff quarters throughout the property and an oversized riding arena.

Jennifer Kilpatrick: One  of the most memorable sales we had this year in South Florida was 7226 Ayrshire Lane, located in the prestigious Saint Andrew’s Country Club. This fully furnished, designer-renovated estate wasn’t just a home—it was a luxurious wellness retreat wrapped in resort-style living. What made this sale especially significant was how quickly it resonated in today’s market. Listed at just over $7M, it went under contract in under two weeks—a rare feat, even in a strong market. The message is clear: luxury buyers are still ready to act, but they’re looking for more than just a beautiful home. They want that intangible “something special”—a feeling, an experience, a lifestyle. 

HRES: Are you seeing an increase in off-market or pocket listings? What does that suggest about today’s seller strategies?

Frances & Todd Peter: We are seeing a slight uptick in off market and pocket listings, but this is pretty typical for this time of year as buyers want to “rest their properties” over the summer to reduce days on market.  Sellers will also wait to officially list their homes until the fall when more buyers are present.

HRES: Are features like waterfront access, smart tech, or wellness spaces helping homes sell faster or fetch higher prices? 

Elizabeth DeWoody: Waterfront properties are in high demand. Buyers approach me with specific requirements, such as intracoastal waterfront homes with deep water, a dock, and proximity to the inlet, or oceanfront properties with private beach front parcels, deeded beach access, or direct ocean feet in the sand homes. I currently have the only new construction oceanfront home listed on Palm Beach Island, north of Mar-a-Lago, available for the upcoming 2026 season. 1285 N Ocean is fully equipped with a basement, wine cellar, fitness room, and oceanfront lap pool and spa, ready for its new owner!