Luxury home-sale prices in Miami rose 18% year over year in July, the biggest increase of the 50 most populous U.S. metros. That’s followed by Tampa, where prices increased 15.4%, according to a new report from Redfin, the real estate brokerage powered by Rocket. Luxury prices are growing at least three times faster in those Sunshine State metros as they are in the U.S. as a whole, which posted a 5.3% uptick in July.
Non-luxury prices fell 1.3% in Miami, and they were essentially unchanged (0.3%) in Tampa. Luxury home prices are rising on both Florida coasts even as non-luxury prices stagnate, fueled by an influx of wealthy buyers snapping up high-end properties across the state.
Billionaires, tech entrepreneurs, executives and other affluent Americans are drawn to Florida for its favorable tax environment, warm weather and waterfront lifestyle, keeping demand for luxury homes strong even as the broader housing market softens. Florida attracts affluent buyers from places like New York and California. Miami and West Palm Beach, in particular, have become magnets for the ultra-wealthy. Mark Zuckerberg, for example, recently paid $170 million for an estate on Miami’s Indian Creek Island. Florida is home to half of 2026’s priciest home sales so far, and those blockbuster deals are helping push luxury prices higher…