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Log outLuxury Homes in South Florida Are Pulling Far Ahead of the Rest of the Market
South Florida’s luxury housing market continues to separate itself from the broader market.
According to a Redfin analysis, West Palm Beach had the largest luxury-home price premium among major U.S. housing markets as of the three months ending in May 2026. The typical luxury home in West Palm Beach sold for about $4.51 million, compared with about $506,609 for a typical non-luxury home. That means luxury homes were selling for roughly 8.9 times more than non-luxury homes.
| Rank | Metro Area | Luxury Median Sale Price | Non-Luxury Median Sale Price | Luxury / Non-Luxury Ratio | Ratio in May 2025 |
|---|---|---|---|---|---|
| 1 | West Palm Beach, FL | $4,510,196 | $506,609 | 8.9 | 8.7 |
| 2 | Miami, FL | $4,855,331 | $554,441 | 8.8 | 7.6 |
| 3 | New York, NY | $4,380,249 | $789,723 | 5.5 | 5.5 |
| 4 | Los Angeles, CA | $4,512,482 | $916,294 | 4.9 | 4.8 |
| 5 | Phoenix, AZ | $2,225,630 | $460,574 | 4.8 | 4.3 |
| 6 | Nashville, TN | $2,190,591 | $473,412 | 4.6 | 4.4 |
| 7 | Philadelphia, PA | $1,342,284 | $295,000 | 4.6 | 4.3 |
| 8 | Tampa, FL | $1,650,875 | $374,440 | 4.4 | 3.8 |
| 9 | Anaheim, CA | $5,276,971 | $1,206,764 | 4.4 | 4.4 |
| 10 | San Francisco, CA | $6,648,922 | $1,558,458 | 4.3 | 4.2 |
Source: Redfin. Based on MLS data for the three months ending in May 2026.
Miami followed closely behind. Redfin reported that the typical luxury home in Miami sold for about $4.86 million, or 8.8 times the price of a typical non-luxury home. New York came next, with luxury homes selling for about 5.5 times more than non-luxury homes.
The gap is much wider in South Florida than it is nationally. Across the U.S., the typical luxury home cost about 3.6 times more than a typical non-luxury home, only slightly higher than last year’s 3.5 ratio.
| Rank | Metro Area | Luxury Median Sale Price | Non-Luxury Median Sale Price | Luxury / Non-Luxury Ratio | Ratio in May 2025 |
|---|---|---|---|---|---|
| 1 | Portland, OR | $1,459,821 | $553,396 | 2.6 | 2.6 |
| 2 | Sacramento, CA | $1,721,234 | $583,254 | 3.0 | 2.8 |
| 3 | Columbus, OH | $1,017,342 | $350,000 | 2.9 | 2.9 |
| 4 | Riverside, CA | $1,723,962 | $580,962 | 3.0 | 2.9 |
| 5 | Cincinnati, OH | $952,523 | $305,707 | 3.1 | 3.3 |
| 6 | Virginia Beach, VA | $1,105,952 | $367,393 | 3.0 | 2.9 |
| 7 | Montgomery County, PA | $1,544,219 | $499,953 | 3.1 | 3.0 |
| 8 | San Antonio, TX | $968,344 | $309,307 | 3.1 | 3.0 |
| 9 | Milwaukee, WI | $1,098,057 | $349,985 | 3.1 | 3.0 |
| 10 | Indianapolis, IN | $1,009,314 | $313,242 | 3.2 | 3.0 |
Source: Redfin. Based on MLS data for the three months ending in May 2026. This table covers the metros with the lowest luxury-to-non luxury home price premiums.
The reason is not just home prices. South Florida has become a magnet for wealthy buyers looking for tax advantages, warmer weather, waterfront living, and more lifestyle flexibility. Redfin’s report also points to migration from higher-cost areas such as New York, New Jersey, and California as one of the factors supporting demand.
For buyers, this matters because the luxury and non-luxury markets are not moving in the same way. High-end buyers are often less affected by high mortgage rates, especially if they are purchasing with significant cash or large down payments. That can keep demand strong at the top of the market, even while affordability pressures slow activity for typical buyers.
In other words, South Florida’s luxury market is not just expensive. It is operating almost like a separate market.
| Metro Area | Luxury Median Sale Price | Non-Luxury Median Sale Price | Luxury / Non-Luxury Ratio | Ratio in May 2025 |
|---|---|---|---|---|
| Anaheim, CA | $5,276,971 | $1,206,764 | 4.4 | 4.4 |
| Atlanta, GA | $1,440,533 | $393,952 | 3.7 | 3.4 |
| Austin, TX | $1,811,150 | $430,491 | 4.2 | 3.8 |
| Baltimore, MD | $1,276,125 | $401,419 | 3.2 | 3.2 |
| Boston, MA | $2,826,655 | $750,000 | 3.8 | 3.6 |
| Charlotte, NC | $1,660,462 | $411,413 | 4.0 | 3.9 |
| Chicago, IL | $1,545,360 | $367,932 | 4.2 | 4.1 |
| Cincinnati, OH | $952,523 | $305,707 | 3.1 | 3.3 |
| Cleveland, OH | $833,228 | $242,628 | 3.4 | 3.3 |
| Columbus, OH | $1,017,342 | $350,000 | 2.9 | 2.9 |
| Dallas, TX | $1,603,312 | $408,224 | 3.9 | 3.8 |
| Denver, CO | $1,971,456 | $588,405 | 3.4 | 3.2 |
| Detroit, MI | $719,252 | $204,571 | 3.5 | 3.8 |
| Fort Worth, TX | $1,309,293 | $356,042 | 3.7 | 3.3 |
| Houston, TX | $1,361,843 | $335,344 | 4.1 | 3.9 |
| Indianapolis, IN | $1,009,314 | $313,242 | 3.2 | 3.0 |
| Jacksonville, FL | $1,589,567 | $366,922 | 4.3 | 4.0 |
| Kansas City, MO | $1,137,946 | $344,841 | 3.3 | 3.1 |
| Las Vegas, NV | $1,694,567 | $445,353 | 3.8 | 3.4 |
| Los Angeles, CA | $4,512,482 | $916,294 | 4.9 | 4.8 |
| Miami, FL | $4,855,331 | $554,441 | 8.8 | 7.6 |
| Milwaukee, WI | $1,098,057 | $349,985 | 3.1 | 3.0 |
| Minneapolis, MN | $1,284,400 | $390,778 | 3.3 | 3.1 |
| Montgomery County, PA | $1,544,219 | $499,953 | 3.1 | 3.0 |
| Nashville, TN | $2,190,591 | $473,412 | 4.6 | 4.4 |
| Nassau County, NY | $2,862,605 | $737,965 | 3.9 | 3.6 |
| New Brunswick, NJ | $1,947,027 | $567,770 | 3.4 | 3.7 |
| New York, NY | $4,380,249 | $789,723 | 5.5 | 5.5 |
| Newark, NJ | $2,126,234 | $619,875 | 3.4 | 3.3 |
| Oakland, CA | $2,999,012 | $907,967 | 3.3 | 3.2 |
| Orlando, FL | $1,437,130 | $408,365 | 3.5 | 3.4 |
| Philadelphia, PA | $1,342,284 | $295,000 | 4.6 | 4.3 |
| Phoenix, AZ | $2,225,630 | $460,574 | 4.8 | 4.3 |
| Pittsburgh, PA | $904,202 | $252,900 | 3.6 | 3.6 |
| Portland, OR | $1,459,821 | $553,396 | 2.6 | 2.6 |
| Providence, RI | $1,714,243 | $515,997 | 3.3 | 3.3 |
| Riverside, CA | $1,723,962 | $580,962 | 3.0 | 2.9 |
| Sacramento, CA | $1,721,234 | $583,254 | 3.0 | 2.8 |
| San Antonio, TX | $968,344 | $309,307 | 3.1 | 3.0 |
| San Diego, CA | $3,771,304 | $910,183 | 4.1 | 4.1 |
| San Francisco, CA | $6,648,922 | $1,558,458 | 4.3 | 4.2 |
| San Jose, CA | $5,654,565 | $1,584,228 | 3.6 | 3.4 |
| Seattle, WA | $2,992,812 | $823,839 | 3.6 | 3.5 |
| St. Louis, MO | $1,028,596 | $278,980 | 3.7 | 3.5 |
| Tampa, FL | $1,650,875 | $374,440 | 4.4 | 3.8 |
| Virginia Beach, VA | $1,105,952 | $367,393 | 3.0 | 2.9 |
| Warren, MI | $1,052,067 | $323,662 | 3.3 | 3.2 |
| Washington, DC | $2,040,078 | $583,338 | 3.5 | 3.5 |
| West Palm Beach, FL | $4,510,196 | $506,609 | 8.9 | 8.7 |
| National | $1,374,470 | $377,477 | 3.6 | 3.5 |
Source: Redfin. Based on MLS data for the three months ending in May 2026. Figures are subject to revision.