Prices for luxury real estate in Miami Beach are soaring at a rate that is unmatched anywhere else in the U.S.
In 2014, the average sales price for a home in the top 5% of the Miami Beach real estate market was priced at $8.3 million. That is a 66% increase compared to the previous year.
The remaining 95% of the Miami Beach also saw price increases, but at a slower rate of 25%.
Data provided by Redfin shows that the Miami Beach luxury real estate market is priced higher than any major city in the U.S., at nearly double the prices of second and third place Los Angeles and San Francisco.