More than half of Miami homes priced above $1M sell in cash

Year-round sunshine comes at a cost, but deep-pocketed buyers in Miami are willing to pay — in cash. 

More than half of homes prices above $1 million in the Miami metro are trading for cash, according to new Realtor.com data, the outlet reported. 

While the average homebuyer is anxiously waiting for mortgage rates to drop, deep-pocketed buyers are splashing out on palm-lined dream homes along Biscayne Bay.

In Miami, 53.5% of homes priced between $1 million and $5 million are selling for cash, according to the report. That number increases with each eye-watering price tier, according to data from the firm Analytics Miami, rising all the way up to nearly 59% all-cash deals for homes selling at $10 million or more. 

High-net-worth buyers enjoy plenty of liquidity and easy access to funds. Buying in cash, if you can manage it, is an attractive alternative when rates are high and markets are uncertain.

Luxury realtors across the country reported in a July survey that more high-end homebuyers are choosing to dole out the Benjamins rather than transact through banks. 

Manhattan’s residential market, too, is increasingly propped up by cash buyers, The Post previously reported, as is the Los Angeles market. 

Miami homebuyers with money to burn want turn-key properties with fresh paint in prime locales, experts told Realtor.com. 

In the first half of 2025, 83% of condo sales past $2,000 per square foot were all cash. Cash transactions similarly made up 79% of single-family homes in the first half of the year — a staggering rate increase of 1,200% from pre-2020 sales, according to Realtor.com.

Celebrities, hedge-funders and oligarchs also turn to cash as a way to largely shield their purchases from public scrutiny, as the paper trail is much thinner. Money indeed talks, but cash is quiet.

Despite the stealth strategy, some of the past year’s biggest cash deals made headlines, including a $34 million Miami beach mansion — sold in just one day — and a $30 million splash out on two Miami beach homes by Fashion Nova founder Richard Saghian. 

Although the Miami metro has endured months of sluggish sales, its wealthiest residents don’t seem to have qualms about lengthy listings.

Million-dollar properties in Miami spent a median of 96.5 days on the market in July, Realtor.com reported, marking the longest listing time among the country’s twenty priciest metros.