West Palm Beach and Nashville lead the nation in luxury home price growth
- Jake Nicholas
- 2 days ago
- 2 min read
West Palm Beach and Nashville are now officially America’s No. 1 and No. 2 luxury-growth markets. New data from Redfin shows West Palm Beach up 187.3% over the past decade, reaching a median of $4.04 million as of October 2025, with Nashville close behind at 171%.
Nashville and West Palm Beach now share a new link, with a Vanderbilt campus coming to downtown West Palm Beach—a move that adds another layer of momentum to two cities already leading the nation in luxury-home price growth. With official renderings released in early 2025, and construction expected to begin by 2029 at the latest — The $520-million project will include a roughly 300,000-square-foot complex on seven acres, featuring a business school, computing and AI programs, and a state-of-the-art innovation hub designed to serve up to 1,000 graduate students and connect them with South Florida’s booming finance and tech industries.
This decade-long surge is part of a broader Sun Belt reordering: eight of the ten fastest-growing luxury markets since 2015 are in southern metros. Miami ranks fifth nationwide with 148% growth, alongside Phoenix (+165.7%) and Las Vegas (+161.0%), both of which round out the Top 5.
Across Florida, momentum is equally strong. Jacksonville’s luxury prices climbed 116.6% to reach $1.49 million, Orlando posted 137.2% growth — now the No. 6 fastest rate in the country — Tampa followed with 122% growth to secure the No. 9 national ranking, and Fort Lauderdale reached $2.05 million after rising nearly 117.5% over the past decade.
These gains stand in contrast to the country’s legacy luxury hubs, where growth has stalled. Nowhere is this clearer than in New York, which recorded just 15.4% luxury price growth — the slowest increase among all major metros studied. Even as California remains the most expensive luxury market in absolute terms, led by San Francisco at $6.44 million, the growth lies overwhelmingly in the Sun Belt, where tax advantages, climate, migration patterns, and new development pipelines continue to expand demand.
