South Florida Leads the Nation in Luxury Home Price Gaps

South Florida now has the widest price difference between luxury and non-luxury homes among major U.S. metropolitan areas. In West Palm Beach, the typical luxury property sold for approximately $4.5 million, around 8.9 times the price of a standard home. Miami followed closely with a ratio of approximately 8.8 to 1. Luxury homes were defined as the most expensive 5% of properties in each market. The results show that demand from affluent and cash-rich buyers continues to support Florida’s high-end housing sector, even as many regular buyers face affordability challenges caused by elevated prices, mortgage rates and ownership costs. For more information, click here.