Pinellas County single-family home sales of $1 million or more rose 37.8% in September compared with a year earlier, even as total sales in the county fell 9%, according to a market report from Campagna Homes based on Florida Realtors data.

The split tells the story of a two-speed housing market across Tampa Bay and much of Florida: the high end is accelerating while mortgage rates above 7% weigh on buyers below $400,000.

Pinellas recorded 102 single-family sales at $1 million or more in September, up from about 74 a year earlier. About one in seven September sales closed at that level, up from roughly one in 11 in September 2025, the Campagna report shows. The county's median single-family sale price climbed 9.4% to $465,000.

Tampa metro ranks second nationally

The local numbers fit a broader Florida pattern. Luxury home prices in the Tampa metro rose 15.4% year over year during the three months ending in July, the second-largest increase among the 50 most populous U.S. metros, according to a Redfin analysis. Only Miami, at 18%, grew faster. Nationally, luxury prices rose 5.3% over the same period.

Redfin defines luxury homes as those in the top 5% of a metro area's price range. The Tampa metro's median luxury sale price was $1.64 million for that period, the Business Observer reported.

Cash buyers are helping fuel the trend. Wealthy purchasers who do not need a mortgage are less affected by elevated rates, keeping high-end demand strong even as affordability pressures slow the broader market.

Pinellas inventory tightens

Active single-family listings in Pinellas fell 14.2% year over year to 3,129 at the end of September, leaving 3.7 months of supply, according to the Campagna report. That is below the 5.5-month level economists consider balanced between buyers and sellers.

The luxury segment has more room. There were 692 Pinellas homes listed at $1 million or more at the end of September, roughly six to seven months of supply at the current sales pace, the report shows. Million-dollar homes made up about 22% of Pinellas listings but only about 14% of sales.

Luxury buyers are also taking longer to decide. Homes selling for $1 million or more took a median of 70 days to go under contract in Pinellas, compared with 36 days for the overall market.

High-priced properties nearby

The luxury wave has produced high-priced transactions and listings across the region. A waterfront property in Belleair Shores, the small barrier island between Clearwater Beach and Indian Rocks Beach, was listed in July at up to $38.5 million, the Business Observer reported. The double lot at 1420 and 1440 Gulf Blvd. has 160 feet of Gulf frontage and sits in a community whose charter allows only 58 single-family residences, according to listing agent Liane Jamason of Corcoran Dwellings.

Down the coast in Sarasota County, nine single-family homes sold for $10 million or more during the third quarter, up from one a year earlier, according to the Realtor Association of Sarasota and Manatee (RASM). The Business Observer first reported the spike. The biggest deal was a newly built estate on Siesta Key that closed Sept. 28 for $26 million, the county’s highest-priced home sale so far in 2026, the Herald-Tribune reported.

David Crawford, 2026 RASM president, said in the association's Q3 report that buyer demand is outpacing supply across the Sarasota-Manatee region. "Even with new listings increasing across all segments, inventory continues to shrink," Crawford said.

Pinellas sellers received a median of 94.7% of their original asking price in September, up from 93.1% a year earlier, the Campagna report shows. Contract signings fell 9.2% in the county, which could mean softer closings through the fall at lower price points.