Broward's Million-Dollar Home Sales Jumped 23% While the Rest of the Market Cooled

Every conversation I have lately starts the same way. Someone tells me the Broward market has cooled, mortgage rates are keeping buyers on the sidelines, and it is a tough year to sell. All of that is true for parts of this market. It is not true for the part I spend most of my time in.

New numbers from Broward-MIAMI show that homes priced at $1 million and above sold 255 times in Broward County in August, up from 208 a year earlier. That is a 22.6% increase. Over the same twelve months, total home sales in the county fell 4.5%, and condo sales fell 9.3%. Single family sales overall were essentially flat, up just 0.1%.

So while the broad market slowed, the top of it accelerated. That split is not random. Broward's median single family price sits around $650,000. Compare that to what a comparable home costs in Palm Beach or Miami-Dade, and the gap explains a lot of what I am seeing walk through my own doorway. Out of state buyers, especially from New York, New Jersey and California, are shopping counties against each other, not just neighborhoods against each other. Broward-MIAMI reported out of state migration into the county up 6% year over year, and a meaningful share of it is landing at the top of the price range.

The condo side of the market is carrying more of that slowdown than single family homes are. Condo sales fell 9.3% even as condo median prices rose almost 4% to $257,500. Fewer sales but firmer pricing usually means sellers are holding their number rather than discounting, and buyers who do not need to move right now are waiting things out. It is a different dynamic than distress. It explains why the condo conversation and the single family conversation in Broward sound like two different markets right now.

There is also a confidence gap between price points. A buyer writing an offer north of a million dollars is less likely to be stopped by a mortgage rate near 7.2%, because more of that purchase is happening in cash or with a smaller loan relative to the total price. A first time buyer stretching for a starter home feels every quarter point of that same rate. That gap is part of why single family inventory has tightened 22.5% year over year while overall listings fell 17.4%. Buyers are moving, sellers are pricing carefully, and the top of the market is where both sides are meeting fastest.

I saw this up close in August too. A 2.35 acre estate on Hillsboro Mile sold for $40.9 million, just short of the county's all time record. The buyer and seller were not reading the same headlines as everyone else worried about the market. They were pricing what direct beachfront and Intracoastal frontage in one package actually costs to replace, and there is almost none of it left to build.

None of this means the rest of the market is fine, or that every seller should expect a bidding war. It means the story is more specific than one headline can carry. If you are weighing a move in the million dollar range, on either side of the transaction, the numbers say this is an active year, not a quiet one. I am glad to walk through what a specific neighborhood or price point looks like right now.

Roger Averbuj, Broker | Prestige Heritage Realty | (954) 663-8461

Source: Broward County Total $1M+ Home Sales Rise Again, Miami Realtors / Broward-MIAMI, Sept 16, 2026