Miami-Dade recorded 194 home sales of $10 million or more through August 2026, already 14.1% above all of 2025, according to MIAMI REALTORS August data, and is on pace for about 291, beating the 2021 record of 230. Gerardo Gonzalez, a licensed Miami agent at Compass, reads it as a two-speed market: cash is carrying the top while the condo median slips. Trophy buyers should not expect discounts, and condo buyers should negotiate.
The top of the Miami market has never moved this fast. Through August, buyers closed 194 homes at $10 million or more in Miami-Dade, and Palm Beach County has already passed its own full-year record. In the same month, total county sales fell for the first time in a year and the median condo price slipped. If you are weighing a purchase anywhere on that ladder, from a resale condo to a pre-construction contract, those two stories belong together. Here is the data side by side, and what I would do with it.
The $10 Million Count, County by County
MIAMI REALTORS released its August 2026 figures on September 16. The Miami-Dade number is the headline: 194 closed sales of $10 million or more in eight months, against 170 in all of 2025. At the same monthly rate the county finishes near 291, which would clear the 2021 record of 230 by about a quarter. Palm Beach County did not wait for December. It recorded 170 sales at that level through August, one more than its full-year record of 169 set in 2025, and the association projects 255 by year-end, 50.9% above that record, according to the Palm Beach County release.
| $10M+ home sales | Miami-Dade | Palm Beach County |
|---|---|---|
| January to August 2026 | 194 | 170 |
| Full year 2025 | 170 | 169 |
| Previous annual record | 230 (2021) | 169 (2025) |
| Projected 2026 total | about 291 | 255 |
| Average per month in 2026 | 24.3 | 21.3 |
Sources: MIAMI REALTORS August 2026 releases for Miami-Dade and Palm Beach County. The monthly averages are a LuxuryDade calculation from the January to August totals.
Put the two counties together and that is 364 sales of $10 million or more in 243 days, about 1.5 a day, before Broward is counted. One caveat changes how to read all of it: the association says its totals leave out most new construction, pre-construction and condo conversion sales, because those contracts are largely not reported in the MLS. Many of the new-tower closings in our coverage of $20 million condo deals sit outside this count, so the real top-end volume is higher than 194.
The Rest of the Market Is Moving at a Different Speed
Below the trophy tier, August looked nothing like a record. Total Miami-Dade sales fell 1.1% year over year to 1,769, the first decline after 11 consecutive monthly gains. Single-family sales dropped 3.1% to 858. Condo sales rose 1% to 911, and the gain came from the entry level: condos priced between $500,000 and $600,000 jumped 32%, from 78 to 103 sales.
| Miami-Dade, August 2026 | Single-family | Condo |
|---|---|---|
| Closed sales | 858 (down 3.1%) | 911 (up 1%) |
| Median sale price | $680,000 (up 3.82%) | $408,000 (down 0.49%) |
| Months of supply | 4.9 | 12.1 |
The months-of-supply line is the one I would circle. At 4.9 months, single-family homes are still a seller's market. At 12.1 months, existing condos are a buyer's market by the association's own definition, which treats six to nine months as balanced. Total active listings fell 12.1% to 15,825, so the condo softness is not a flood of new listings. It is slower absorption of what is already for sale, much of it in older buildings carrying the ownership costs buyers tend to underestimate.
Why Cash Is Carrying the Top
Financing got more expensive during the month. The 30-year fixed rate averaged 6.67% in August and reached 7.17% by September 15, according to the Freddie Mac mortgage survey figures cited in the release. That matters far less at $10 million than at $600,000. Cash accounted for 37.8% of all Miami-Dade closings in August, including 50.5% of existing condo sales and 24.2% of single-family sales, per the Miami-Dade release. All-cash buyers made up 82% of Miami condo sales above $1 million in 2025.
That is why the two speeds can run at once. A rate move from 6.67% to 7.17% changes the payment on a financed starter condo. It does not change the math for a buyer paying cash for a waterfront estate in Indian Creek Village, where the constraint is a scarce lot, not a mortgage. The ultra-luxury run has been building all year, and Miami was already outpacing New York in $30 million home sales before this August count landed.
What I Tell Buyers at Both Ends of This Market
My advice on a record like this is to read it as a two-speed market, not as proof that everything in Miami is getting more expensive. A buyer shopping above $10 million is competing with cash for a short list of waterfront lots, so I tell them to expect little room on price and to move when the right property appears. A buyer looking at a resale condo sits in a very different seat. With 12.1 months of supply, I push them to negotiate, and to spend their diligence on the building's reserves and assessments rather than on the list price.
- Know which market you are in. Months of supply for your exact property type and price band tells you more than any county headline.
- At the top, liquidity sets the pace. Cash closed 50.5% of existing condo sales in August, so a financed offer has to be clean to compete.
- In the condo market, the building is the asset. Reserves, insurance and any special assessment decide what a unit really costs you.
- Look across the county line. Palm Beach County is running ahead of Miami-Dade this year, and West Palm Beach condos are part of the same wealth move.
- Remember what the MLS misses. Most pre-construction contracts are not in these totals, so ask for the developer's own sales data before you assume a tower is slow.
The record at the top and the soft condo median are the same market seen from two price points. Where you sit on that ladder decides whether you push on price or move fast.Gerardo Gonzalez, Luxury Dade Group at Compass
If the 291 projection holds, 2026 will be the biggest year for $10 million home sales Miami-Dade has recorded. It is also a year in which a patient condo buyer holds real leverage. If you want to know which side of that line a specific property sits on, call me at (305) 964-8614 or use the contact page.
Last verified September 22, 2026: every sales, price, inventory and cash figure comes from the MIAMI REALTORS August 2026 releases published September 16, 2026. Mortgage rates are Freddie Mac figures as cited in those releases.
Buying Above $10 Million or Negotiating a Condo?
Tell me the property type, the neighborhood and your budget. I will pull the months of supply for that exact segment and tell you whether the data says push on price or move quickly.
Talk to GerardoPrefer to talk? Call me at (305) 964-8614 or WhatsApp.
Frequently Asked Questions
How many $10 million home sales has Miami-Dade had in 2026?
Miami-Dade recorded 194 home sales of $10 million or more from January through August 2026, according to MIAMI REALTORS data released September 16, 2026. That is already 14.1% more than the 170 such sales recorded in all of 2025, with four months of the year still to go.
What is the record for $10 million home sales in Miami-Dade?
The previous annual record is 230 sales of $10 million or more, set in 2021 during the pandemic-era buying surge. At its pace through August, MIAMI REALTORS projects Miami-Dade will finish the year with about 291 such sales, which would beat that record by roughly 61.
Did Palm Beach County also break its $10 million sales record in 2026?
Yes. Palm Beach County recorded 170 home sales of $10 million or more through August 2026, passing its full-year record of 169 set in 2025. MIAMI REALTORS projects the county will reach 255 by year-end, which would be 50.9% above the old record.
Do the $10 million sales counts include pre-construction condos?
Mostly not. MIAMI REALTORS says its totals leave out most new construction, pre-construction and condo conversion sales, because those contracts are largely not reported in the MLS. The 194 figure reflects MLS-reported closings, so total top-end volume in Miami-Dade, including new towers, is likely higher.
Is it a good time to buy a Miami-Dade condo in 2026?
For a buyer who can negotiate, the data leans your way. Existing Miami-Dade condos had 12.1 months of supply in August 2026, a buyer's market by the association's own definition, and the median price dipped 0.49% to $408,000. My advice is to negotiate hard and judge the building's reserves before the price.
