Cash buyers are tightening an already competitive market in Key Biscayne and Coconut Grove, with new data showing luxury home sales across Miami-Dade jumped 29% in June compared with a year earlier.

The Miami Association of Realtors released its June report on Monday, July 20, showing nearly 38% of all county home purchases were completed without financing. That's well above the national average of roughly 25%, according to the National Association of Realtors.

"While sales broadly rose across price tiers, the million-dollar segment continued to outperform," Gay Cororaton, chief economist for the Miami Association of Realtors, said in the report. "It's a clear indication of the acceleration in wealth migration to South Florida."

The county recorded its strongest June in three years. Total home sales climbed 14.3% year-over-year, marking the 10th consecutive month of growth. Single-family sales rose 16.8%, while condo transactions increased nearly 12%. The RE/MAX National Housing Report, also covering June, ranked Miami second among 47 metro areas for year-over-year transaction growth, with 7,055 closings versus 5,616 a year earlier.

The median single-family home sold for $695,000, up 3.7% from June 2025. Condo prices slipped 3.2% to $431,000, weighed down by elevated inventory tied to post-Surfside-collapse safety inspection requirements. Active listings declined nearly 15% compared with June 2025, the fifth straight monthly drop.

The cash-heavy pattern holds locally. Full-year 2025 MLS data compiled by OneTrust Realty shows that in Key Biscayne's 33149 zip code, 27 of 38 single-family closings — 71% — were all-cash deals, with a median sale price of $3.975 million.

In Coconut Grove, the squeeze is playing out in new construction. Vita at Grove Isle, the first new building on the 20-acre private island since 1979, recorded nearly $400 million in closings in fewer than 60 days, including multiple penthouse sales above $15 million, according to a July 9 New York Post report. Roughly $734 million in new construction financing has flowed into the neighborhood for the Four Seasons Private Residences and Terra's The Well Coconut Grove, with prices around $4,000 per square foot, according to Coconut Grove Magazine.

"Coconut Grove has become Miami's new center of gravity," Jaclyn Bild, co-founder of the J&S Group at Douglas Elliman, told Coconut Grove Magazine in a June 17 feature on wealth migration reshaping the neighborhood.

The association's report attributed the luxury surge to affluent buyers relocating from higher-tax states like New York and California, alongside steady foreign investment. Florida attracted a net gain of $20.7 billion in adjusted annual income in 2023, the most recent year for which IRS data is available, according to an analysis by Realtor.com.

June home sales generated an estimated $271 million in local economic activity across Miami-Dade, according to National Association of Realtors estimates.