Coral Gables and Miami Beach are now home to some of the priciest residences in the United States, attracting wealthy buyers and driving up real estate values. According to Zillow, Coral Gables’ Gables Estates tops the list with an average home price of  $19,140,000, making it the most expensive housing market in the country. Other high-value neighborhoods include Miami Beach’s Rivo Alto Island and San Marino Island, with average home prices of $9,100,000 and $8,840,000, respectively.

The surge in home values is largely due to an influx of affluent individuals moving to South Florida, drawn by its warm climate, lack of state income tax, and the rise of remote work. This trend accelerated during the COVID-19 pandemic, as buyers sought more spacious homes. 

Coral Gables, known as the “City Beautiful,” is renowned for its Mediterranean-style homes, tree-lined streets, and landmarks like the University of Miami and Miracle Mile. Despite a decline in total home sales from 425 in 2022 to 357 in 2023, the area’s luxury market remains vibrant, with high-end buyers continuing to drive prices up. The city’s waterfront neighborhoods, such as Gables Estates and Old Cutler Bay, are particularly sought after.

Miami Beach also continues to attract high-end buyers, with its luxury island communities offering exclusive waterfront properties. The real estate market here has benefited from the same factors as Coral Gables, with wealthy buyers and corporate executives relocating to the area.

Developers have taken note of the rising demand for luxury housing in Coral Gables. Projects like The Village of Coral Gables by MG Developer Miami are adding high-end townhouses and apartments to the market, catering to affluent buyers moving from New York and California. This influx of new residents has also boosted the local economy, increasing foot traffic in retail areas like Miracle Mile and Giralda Plaza and attracting businesses such as Apple.

Overall, Coral Gables and Miami Beach exemplify the thriving luxury real estate market in South Florida, driven by a continuous influx of wealth and corporate migration, making these areas prime targets for millionaire house hunters.