Despite the pandemic, the demand for luxury South Florida homes was very high during 2020. High-end single-family home sales surged. Luxury properties are those priced at $1 million and up. During 2020, these types of properties jumped by double digits in Miami-Dade, Broward and Palm Beach counties.
Single-family homes gained a lot of popularity during 2020 because buyers’ priorities changed. In Miami-Dade County, luxury single-family home sales leaped 41.2% year-over-year to 1,447 transactions in 2020. Although luxury condos did not see such a high jump, luxury condo transactions increased 1.6% to 837 sales over the same time. Similarly, in Broward County, luxury single-family home sales reached 1,068 transactions in 2020. This was a 43.4% increase from 2019. Palm Beach County saw the biggest jump in demand for its luxury single-family homes. The jump in the county was of 48.9% year-over-year to 1,922. Palm Beach’s luxury condo market saw the best transaction performance, too, with sales rising 31.7% year-over-year.
South Florida continues to gain the attention of many people looking to move. Even in 2021, migration to the area remains high. In fact, as more and more business and tech elites from New York and Silicone Valley relocate, the demand for luxury homes is bound to remain high.
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