Miami’s ultra-luxury real estate market is on track to shatter records in 2026, outpacing sales in New York City and the Bay Area as wealth continues to migrate to low-tax states.
In the first six months of the year, 24 condos and single-family homes closed for over $30 million in Miami-Dade county — the majority of which were purchased with cash, according to real estate data firm Analytics Miami. That’s nearly double the number sold during the same period last year and puts the market on track to surpass 2025’s record of 33 sales in that price range.
The city, which saw just two sales above $30 million in 2019, became a top destination for wealthy people from New York and other northeastern cities during the pandemic. Although the Miami metropolitan area is now more expensive than greater New York City, it still attracts ultra-wealthy people fleeing tax-the-rich policies in some cities and states…