Million-Dollar Homes Skyrocket in Miami, as Starter Properties Go Extinct

As deep-pocketed buyers in the Miami area push luxury home prices to record highs, starter houses are disappearing from the market. 

Between 2019 and 2024, a five-year period that saw hedge-fund manager Ken Griffin hand Miami its first $100 million home purchase—followed by a slew of other megadeals—the number of annual single-family home sales in Miami-Dade County below $500,000 dropped 79.6%, according to research firm Analytics Miami.