Luxury home prices are falling nationwide—except in Florida, where billionaires like Jeff Bezos and Ken Griffin have spent hundreds of millions

Across the United States, luxury home prices have declined for 31 consecutive months, according to Realtor.com. However, Florida stands out as an exception, with wealthy individuals such as Jeff Bezos, Ken Griffin, and Mark Zuckerberg investing hundreds of millions in the state. The combination of a lack of homes and high-net worth newcomers has kept luxury prices high despite the national downturn.

In Miami-Fort Lauderdale-West Palm Beach, luxury home prices rose by 4.1% to roughly $2.3 million, while in Naples, they climbed by 9% to around $3.75 million. This is the only U.S. metropolitan area where prices increased in the past year. The top 10% of listings in the U.S. reached $1,197,014 in October, a 2.3% decrease from the previous year, while in Florida's Miami-Fort Lauderdale-West Palm Beach metro area, the threshold increased by 4.1% to $2.3 million. No other metro area saw luxury prices rise by at least 1% over the past year.