Florida’s luxury housing market surged in early 2026, with multimillion-dollar home and condo sales posting some of the strongest gains in the state despite elevated mortgage rates and broader affordability pressures.

First-quarter data from Florida Realtors® found closed sales of $1 million-plus single-family homes rose more than 14% year over year statewide. But the biggest gains came at the very top of the market.

Sales of single-family homes priced between $5 million and $10 million jumped more than 31% compared with the first quarter of 2025, according to Florida Realtors Chief Economist Dr. Brad O’Connor. Several other luxury price tiers also posted gains near 20%.

“Luxury seems to largely be doing very well right now,” O’Connor said during a recent Florida Realtors housing market update.

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Luxury condos and townhouses showed even stronger momentum.

Statewide sales of condos and townhouses priced above $1 million climbed 41% year over year in the first quarter, far outpacing many lower price categories. The sharpest increases came in the middle- and upper-tier luxury segments, where sales in the $3 million to $5 million range surged nearly 69%, while the $1.5 million to $2 million category rose nearly 61%.

The gains stand out as Florida’s broader housing market continues stabilizing after several years of rapid price growth, rising mortgage rates and affordability challenges that slowed activity in many parts of the market.

For Realtors, the luxury sector’s continued strength points to ongoing demand from affluent relocation buyers, investors and second-home purchasers who continue targeting Florida even as borrowing costs remain elevated and economic uncertainty persists.

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