The region recorded 86 trades totaling $1.7 billion, marking a 21% increase in dollar volume and 9% increase in trade quantity compared to Q3 2024.
The region’s growth has been driven by a balanced mix of lifestyle demand, domestic relocation, and international investment. Miami and Palm Beach remained the twin engines of activity, each achieving peak-performing third quarters on record. Year-to-date, South Florida’s $10M+ market is on pace to set an all-time annual record, fueled by both record-breaking oceanfront sales and the continued dominance of turn-key inventory.
Oceanfront properties led with 27 trades totaling $552.15M, up 80% in trade quantity and 94% in dollar volume year-over-year — the best Q3 on record for this segment. Amongst this record setting quarter in oceanfront activity, Bespoke facilitated one of the top trades in Miami Beach, 9111 Collins Avenue #N719.
Waterfront properties remained strong, recording 37 trades totaling $738M, with modest year-over-year decreases of 12% in quantity and 11% in volume, largely due to constrained supply at the very top end. Inland properties saw 22 trades totaling $420M, up 39% in dollar volume and marking the strongest Q3 ever for this category.
Turn-key homes once again dominated, with 71 trades totaling $1.44B, up 34% in trade quantity and 54% in dollar volume year-over-year — the best-performing Q3 ever for the segment. Bespoke continues to lead this market, representing buyers and sellers seeking architectural distinction and immediate livability.
New construction cooled modestly, with 11 trades totaling $190.9M, down 48% in trade quantity and 41% in dollar volume, while land and teardown properties saw four trades totaling $74.68M, down from five trades at $158.75M last year. Despite these declines, development-ready parcels continue to attract long-term investors seeking future build opportunities in high-demand corridors. Bespoke drove 14% of South Florida’s land value transaction sales volume year-to-date with just two landmark trades—on Fisher Island and North Bay Road—both ranking among the top four waterfront lot transactions in Miami year-to-date.
The $10–$20M range led the market with 62 trades, reaching $881M, a marginal 5% decrease in quantity and 3% in volume. The $20–$30M range surged, doubling both trade quantity (14 trades) and volume ($337.12M), marking its strongest third quarter in three years. Similarly, the $30–$40M range saw remarkable growth with 6 trades totaling $209.65M, a 100% increase in trade quantity and a 111% increase in dollar volume. High-value waterfront estates over $40M sustained demand, recording 4 trades totaling $282.62M, up 21% in dollar volume.
Palm Beach recorded 28 trades totaling $611.11M, up 22% in trade quantity and 52% in dollar volume, its best Q3 performance in three years. Miami remained dominant, with 58 trades totaling $1.1 billion, up 8% in volume, marking the best-performing third quarter in Miami’s history.
Looking ahead, South Florida is poised to maintain its extraordinary pace through the close of 2025. With 67 listings currently in contract and a typical Q4 close rate of around 63 trades, the region is expected to match or surpass 2021’s record year of 286 transactions.
“South Florida continues to set new benchmarks for sustained luxury demand,” says Zachary Vichinsky. “Buyers here are driven by both lifestyle and long-term confidence — a combination that positions this market to finish the year as one of the strongest on record.”
Bespoke continues to lead Miami’s ultra-luxury market, commanding the highest average sale price at an exceptional $48.8M and representing the most significant listing on prestigious North Bay Road — a trophy estate asking an unprecedented $169M.
