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Palm Beach County’s real estate market just set a new annual record for $10 million-plus home sales — and it did it in only eight months.
According to August 2026 statistics from MIAMI REALTORS® + RWorld, the MIAMI MLS, and BeachesMLS, the county closed 170 homes at $10 million or more through August. That tops last year’s full-year record of 169.
If the pace holds, Palm Beach County is projected to finish 2026 with about 255 $10M+ transactions — 50.9% above the previous record.
That is the headline. The rest of the August report shows a split market: luxury and cash buyers are still aggressive, mid-market activity is mixed, inventory is tighter, and higher mortgage rates are slowing some financed purchases.
Luxury Demand Is Driving Palm Beach County Home Sales
“Palm Beach County is heavy cash and high demand,” said Stacy Plean, MIAMI REALTORS® + RWorld Palm Beach Regional Vice President. “The world’s top CEOs and firms continue moving here, and it’s not just because of taxes. It’s because of our lifestyle, our Fintech hub, our global connections, pro-business government, and more.”
Supporting rankings still favor the county:
- West Palm Beach ranked No. 1 all-cash home buying market in the U.S. (Redfin)
- Palm Beach ranked No. 3 in the world for prime property price growth over the last five years (Knight Frank Wealth Report 2026)
- West Palm Beach ranked No. 2 among America’s fastest-growing millionaire hubs (USA Wealth Report 2025)
For sellers of well-located luxury homes in Delray Beach, Boca Raton, Palm Beach, and West Palm Beach, that demand is still the strongest part of the market.
August 2026 Sales: Mid-Market Up, Overall Volume Down
Not every price point moved the same way.
Palm Beach County mid-market single-family sales between $500,000 and $600,000 rose 5% year-over-year in August, from 144 to 151.
Overall activity cooled:
- Total home sales: 1,899, down 4.5% year-over-year
- Single-family sales: 1,112, down 2% (from 1,135)
- Condo sales: 765, down 6.71%
Those totals do not include most new construction, pre-construction, or condo-conversion sales, which are often not reported in the MLS.
The broader slowdown follows 11 straight months of year-over-year sales gains. Elevated mortgage rates and thin inventory in some price ranges are the main reasons August broke that streak.
Prices Keep Rising as Inventory Tightens
Prices did not follow sales volume down.
Condominiums
- Median sale price: $300,000, up 5.26% year-over-year from $285,000
- Appreciation since 2010: 233%, from $90,000 to $300,000
- Condo inventory is declining year-over-year, which supports further price pressure
Single-family homes
- Median sale price: $650,000, up 3.17% year-over-year from $630,000
- Appreciation since 2010: 189%, from $225,000 to $650,000
Homes that are priced correctly are still trading close to asking:
- Single-family homes received a median 95% of original list price
- Existing condos received a median 93%
Market pace:
- Single-family: 40 days from listing to contract (was 46 last year); 81 days to sale (was 88)
- Condos: 69 days to contract (was 74); 108 days to sale (was 112)
Well-prepared homes in Delray Beach and east Palm Beach County are still moving. Homes that are overpriced or need work are sitting longer.
Inventory Falls for the Seventh Straight Month
Total active listings at the end of August dropped 20.1% year-over-year, from 12,661 to 10,115.
- Single-family inventory: 4,345, down 23.80% from 5,702
- Condo inventory: 5,770, down 17.09% from 6,959 — the seventh consecutive monthly decline, and still well below pre-pandemic levels
Months of supply:
- Single-family: 3.5 months — a seller’s market
- Existing condos: 6.7 months — a balanced market (six to nine months is generally considered balanced)
Nationally, inventory is 1.62 million units, up 5.9% from August 2025, with a 4.9-month supply.
Locally, fewer listings mean more competition for the best homes and continued support for prices.
Cash Buyers Still Set the Tone
Cash sales accounted for 48.1% of Palm Beach County closings in August, up from 45.5% a year earlier. About 27% of U.S. home sales are cash, according to NAR.
By property type:
- Existing condos: 57.2% cash
- Single-family homes: 41.8% cash
Cash buyers are less sensitive to rate spikes. That share also reflects South Florida’s strength with international buyers and with domestic buyers who sold in higher-cost markets and can write a check here.
Mortgage Rates Climb Back Over 7%
Freddie Mac put the 30-year fixed rate at 6.67% in August. By September 15, rates had climbed to 7.17%.
The 10-year Treasury yield is at a 19-year high as oil prices rise with the Iran conflict. The Federal Reserve was expected to raise rates that week.
“With mortgage rates poised to remain above 6.7% through year-end, expect more cash and high-end buyers to drive the South Florida real estate market and for well-priced homes to sell quickly,” said Gay Cororaton, Chief Economist for MIAMI REALTORS® + RWorld.
Condo Lending Is Still a Headwind
FHA financing remains scarce. Of 2,397 condominium buildings in Miami-Dade, Broward, and Palm Beach counties, only 21 are FHA-approved — about 0.9%.
On August 3, 2026, Fannie Mae and Freddie Mac eliminated the limited-review option for many condo loans. Florida condo borrowers have faced stricter rules for years. The updated guidelines are meant to make lending more transparent, but they add another hurdle for financed condo buyers in the near term.
New construction is a separate story. International buyers purchased 49% of new South Florida construction, pre-construction, and condo-conversion sales over an 18-month period ending July 2025. A follow-up report in November 2025 showed buyers from 73 countries.
Economic Impact and a Still-Healthy Market
Palm Beach County closed 1,877 homes in August. Using NAR’s estimate that a typical Florida home sale generates about $129,000 in local economic activity, that is roughly $242 million in local impact.
Dollar volume:
- Total: $1.7 billion, up 19.47% year-over-year
- Single-family: $1.4 billion, up 24.89%
- Condos: $358 million, up 3.05%
Distressed sales remain historically low:
- 1.4% of closed residential sales were distressed
- Short sales: 0.4%
- REO / bank-owned: 1%
That is a healthy market, not a distress-driven one.
How Florida and the U.S. Compared in August
Florida
- Single-family closed sales: 21,497, down 1.4%
- Condo-townhouse sales: 7,291, down 1.8%
- Median single-family price: $415,000, up 1.2%
- Median condo-townhouse price: $298,000, up 2.8%
United States (NAR)
- Existing-home sales: 3.98 million seasonally adjusted annual rate, down 1.2%
- Median existing-home price: $429,100, up 1.6% — the 38th straight month of year-over-year price gains
Miami still looks inexpensive next to other global cities. For $1 million, buyers can purchase about 58 square meters of prime property in Miami, versus 16 in Monaco, 34 in New York, 33 in London, and 37 in Paris or Tokyo, according to the 2026 Knight Frank Wealth Report.
Housing supply programs remain part of the longer-term picture. Southeast Florida ranks No. 1 in the U.S. for multifamily construction. Florida’s Live Local Act lets developers use the highest local density if 40% of units are affordable (at or below 120% of area median income).
What This Means for Palm Beach County Buyers and Sellers
If you are selling
Single-family inventory is in seller’s-market territory. Presentation still matters. Homes that are priced to the August comps, cleaned up, and easy to show are the ones getting to 95% of list. Luxury and cash-ready listings have the clearest runway.
If you are buying
Expect competition on the best single-family homes and more negotiating room on some condos. Cash or strong financing helps. Rate-sensitive buyers should be realistic about monthly payment and inspection leverage.
If you are watching the $10M+ market
The record is already in. Wealth migration, lifestyle, and all-cash demand are still the story at the top of Palm Beach County.
Source: August 2026 Palm Beach County statistical reports via SFMarketIntel.com. Figures exclude most new construction not reported in the MLS.
Thinking about buying or selling in Delray Beach or Palm Beach County? I can walk you through current comps, pricing strategy, and what this August report means for your property or search.
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