Even After Hurricane Helene And Milton, South Florida's Luxury Market Sees Prices Rise 9.6%

According to data from Douglas Elliman cited by Mansion Global, South Florida’s luxury real estate market showed resilience in the third quarter, posting price gains even as the region grappled with the aftermath of Hurricanes Helene and Milton.

The region’s high-end segment saw median prices climb 9.6% compared to last year’s period, with 137 luxury transactions recorded across six South Florida markets, excluding the mainland Miami area.

The data, issued last Thursday, defines luxury as the top 10% of all sales.

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The upward trend persists despite Hurricane Helene’s devastating impact, which CoreLogic estimates caused between $30.5 billion and $47.5 billion in total losses across 16 states. The hurricane particularly affected Florida’s coastal regions, with Tampa Bay and St. Petersburg seeing historic tidal levels.

Individual markets showed varying performance. According to Mansion Global, Miami Beach recorded nine luxury sales at a median price of $23 million, up from last year’s $19.8 million across 10 transactions. Active listings dropped 35% from the previous year, indicating strong demand. The broader Miami Beach market saw median prices rise 8.7% to $680,000 despite a 23% decline in overall sales volume.

Palm Beach showed a different picture, with six transactions at a median price of $14 million, compared to four sales at $35 million the previous year. Available inventory surged 180% to 54 active listings, suggesting a market adjustment in the ultraluxury segment.

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Cash remains king in Florida’s premium markets. Palm Beach led with over 75% of buyers paying cash, followed by Miami Beach at 62% and Coral Gables at 54%. Miami mainland recorded the lowest cash transaction rate at 35%.

The report said the broader Miami market showed signs of "softening," particularly in the condo sector, which comprised 80% of third-quarter sales, according to Corcoran’s market report issued last week. Despite nine consecutive quarters of declining sales volume, condo prices rose 6% year-over-year to $622,000, driven by new development sales.

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Specific neighborhoods varied widely. Edgewater’s median prices jumped 21% to $770,000 despite a 48% drop in sales volume. Brickell saw a modest 3% price increase to $655,000, while Downtown Miami experienced a slight 1% decline to $600,000.

The market dynamics play out against a backdrop of severe weather events. Beyond Helene’s impact, which caused an estimated $47.5 billion in losses, the region faced additional challenges from Hurricane Milton.

The storms exposed insurance gaps, with CoreLogic estimating $20-30 billion in uninsured flood losses from Helene alone.

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