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Luxury home sales have taken off since Donald Trump’s re-election, and Palm Beach County, Florida — home to his Mar-a-Lago resort — is at the center of the boom, Mansion Global reported Thursday.
And, so far, the luxury boom hasn’t shown signs of slowing down — in Palm Beach County, at least.
Data from Douglas Elliman’s New Signed Contracts market report shows that sales of single-family homes priced at $5 million or more tripled in January compared to the previous year.
Deals from properties priced at $10 million or more also spiked, rising from just three in January 2024 to 13 this year. In November and December alone, there were 19 transactions above $10 million — more than triple the six recorded during the same period the previous year.
Palm Beach has been at the center of this luxury boom, racking up $419 million in closed sales since November, with another $213 million in pending deals, according to Senior Luxury Real Estate Advisor of Premier Estate Properties Margit Brandt.
“We have undoubtedly seen a huge bump after the election,” Brandt said, as reported by Mansion Global. “Some international buyers now have their sights set on Palm Beach, so we’ve expanded the buyer pool majorly.”
Mar-a-Lago | Christine Davis, CC BY 2.0/Wikimedia Commons
Notable deals near Trumps’s resort include Fox News host Sean Hannity’s $14.9 million townhouse purchase and the sale of an unfinished spec home for $19.5 million in January, less than half of its original $45 million asking price.
However, the sales boom didn’t extend beyond Palm Beach. Miami-Dade County, Florida and Broward County, Florida saw contract signings for single-family homes drop by over 45 percent compared to January 2024. Miami Dade saw just 10 deals above $5 million — half of last year’s total — while Broward recorded only two.
“Newly signed contracts for single-family homes and condos decreased after experiencing annual growth in the previous month for the first time in a year,” the report stated in reference to Miami Dade, while it had been even longer for Broward County.
Condo sales also took a hit in both counties, dropping by 36.9 percent in Miami-Dade and 45.7 percent in Broward. Meanwhile, Palm Beach County was the exception, seeing an 11 percent increase in condo sales.
Beyond the luxury sales boom, Trump’s re-election has brought a wave of changes to the housing market. His administration has pushed policies such as tariffs on Canadian and Mexican goods and a federal funds freeze, which could shape the market’s trajectory moving forward.
