Luxury real estate is in high demand in Florida’s housing market, as November alone saw 55% more sales than listings, according to a report by the Institute for Luxury Home Marketing.

While single-family luxury homes (priced at $1 million or more) have seen only a 7% increase on median list price, that figure will likely climb in 2022, said Bonnie Heatzig, a luxury real estate expert and Douglas Elliman agent.

“So now is probably the best time to get in so you’re not priced out of your dream home in 2022,” Heatzig added. “The rental market is a very tight market, just as the buying market is very, very competitive right now. Again, it all boils down to inventory.”

In response to lower inventory, the luxury rental market is also growing in South Florida, with more buyers seeking a rental alternative, the report noted.