Both Miami and Palm Beach recorded their strongest Q1 results on record, driven by sustained domestic migration, international demand, and a continued shift toward lifestyle-oriented markets.
“South Florida’s performance this quarter reflects a market where capital is being deployed with a high degree of selectivity and discipline,” says Zachary Vichinsky. “The data shows a clear concentration of activity in waterfront, turnkey, and new construction segments—areas where supply remains constrained and long-term value is most defensible.”
Bespoke played a significant role in this performance, facilitating the top trade in Miami Beach, capturing 17% of the waterfront market, 35% of the new construction segment, and 11% of total Miami market share.
Oceanfront properties led the market at the highest level, with 27 trades totaling $679.12 million—up from $441 million in Q1 2025—marking the strongest first quarter on record for the segment as average pricing climbed to $25.15 million.
This strength extended across the broader market, with waterfront properties delivering their strongest first quarter ever, totaling $1.64 billion across 72 trades, while inland properties also reached record Q1 levels with $844.92 million in volume. Together, these segments reflect a market operating at both scale and depth, with sustained buyer demand across a wide range of price points—even as pricing in inland product adjusted slightly due to a broader mix of transactions.
New construction became a defining growth driver in South Florida in Q1 2026, signaling a clear shift toward modern, design-driven inventory. The segment recorded 28 trades totaling $639.17 million—nearly doubling in activity and more than doubling in dollar volume year over year—as average pricing climbed to $22.83 million. This level of acceleration reflects a renewed willingness among buyers to engage in new product at scale, particularly when quality and delivery align. The trend was further reinforced by Bespoke’s facilitation of the top new construction trade of the quarter, underscoring its presence at the highest end of the segment.
Land activity also saw meaningful expansion, with 9 trades totaling $175.65 million—up 50% in transaction count and 77% in dollar volume—signaling continued conviction from buyers and developers targeting long-term value through custom builds and redevelopment opportunities.
Turnkey properties continued to drive the majority of transactions with 111 trades totaling $2.35 billion. Pricing held firm at approximately $21 million, reinforcing the segment’s role as the most liquid and consistent component of South Florida’s luxury market.
South Florida’s luxury market in Q1 2026 expanded decisively across every price tier, with record-level activity signaling both depth at the entry point and increasing confidence at the high end. The $10M–$20M segment continued to anchor overall market activity with 101 trades totaling $1.39 billion—up 21% in transaction count and 23% in dollar volume year over year—as average pricing rose to $13.78 million, reinforcing its role as the primary driver of transaction volume.
Momentum moved meaningfully up-market, with the $20M–$30M segment accelerating to 22 trades totaling $526.98 million, while the $30M–$40M segment more than doubled in both activity and volume—one of the most significant expansions across any price tier. Despite slight adjustments in average pricing, this growth reflects a broader mix of transactions and a deeper buyer pool engaging at higher price points.
At the top end, the $40M+ segment continued to gain traction, delivering 12 trades totaling $815.95 million—up 20% in transaction count and 34% in dollar volume year over year—with average pricing rising to $68 million. Bespoke played a leading role in this segment, facilitating 47% of total $40M+ dollar volume in South Florida during the quarter, reinforcing its position at the center of the market’s most significant transactions.
South Florida’s performance in Q1 2026 was anchored by continued strength in both Palm Beach and Miami, which together set the tone for the region’s ultra-luxury market. Palm Beach reached 69 trades totaling $1.51 billion—up 23% in transaction count and 47% in dollar volume year over year—as average pricing rose to $21.84 million, marking one of the strongest first quarters on record for the market. Miami followed with 79 trades totaling $1.66 billion—up 30% in transaction count and 23% in dollar volume—while average pricing adjusted to $21 million, reflecting a broader mix of transactions across price points.
Together, these markets continue to define the trajectory of South Florida’s luxury sector, combining scale, consistency, and sustained global demand. The strength observed across both regions positions South Florida as a primary destination for high-net-worth capital, with momentum that continues to build as the market moves further into 2026.
