Buyer demand drove consistent price growth in South Florida’s luxury market during the third quarter, according to The Keyes Company and Illustrated Properties’ latest Luxury Market Report.

Single-family market

Sales volume for luxury single-family homes in South Florida hit $8.4 billion — an increase of 6.5% compared to the same quarter last year. Meanwhile, 3,589 luxury single-family homes sold, marking a 6.4% year-over-year increase.

The median price for a luxury single-family home rose by a modest 0.5% to $1.54 million.

Condo market

The luxury condo market experienced a sales volume drop of 3.7% to $2.2 billion. Sales also fell, hitting 980 — a 6.3% year-over-year decrease.

The sales price for luxury condos rose by a slight 0.3% to $1.6 million.

Across both markets, New York, Illinois, Michigan, Ohio and Pennsylvania were the most common states of origin for incoming buyers.

“The local luxury market was defined by sustained demand in the third quarter of 2025,” Keyes President Christina Pappas said. “The appetite for high-end South Florida single-family homes and condominiums remains robust and largely resistant to price increases.”

“We are fortunate to have a healthy and relatively balanced high-end residential market,” Keyes/Illustrated CEO Mike Pappas added. “Opportunities are abundant for luxury sellers and buyers alike as we close out 2025 and look ahead to 2026.”