Published October 2, 2026 in Market Update

Luxury demand is strong, but not every St. Pete price point is rising

By Heather Brookey

Real estate, Primary market

CNBC reported 194 ultra-luxury sales of $10 million or more in Miami-Dade County through the first eight months of 2026. CNBC also projected that number could reach 291 by year-end 2026. That pace gets attention. But it does not tell you what happened on your block in St. Pete.

The Real Estate Data Aggregator counted 1,056 homes sold across the primary market in the three months ending July 31, 2026. That is up 11.5% from the same months of 2025. More homes sold. That part is good news.

But prices did not move the same way everywhere. The Real Estate Data Aggregator shows the spread was wide, from a 24.1% gain in one ZIP code to an 11.4% drop in another. That is a 35-point gap inside the same city.

What prices did, ZIP by ZIP

ZIP 33712 led the market. The Real Estate Data Aggregator put the median sale price there at $453,000, up 24.1% from a year before. Nearly 4 in 10 homes went under contract within two weeks of listing.

ZIP 33704 was close behind. The Real Estate Data Aggregator recorded a median of $890,675, up 22%. Supply there fell sharply, down 38.4% from a year ago. That tighter inventory pushed prices up.

ZIP 33707 told a different story. Prices fell 11.4%, the Real Estate Data Aggregator found, with a median of $387,500. Homes there sat on the market a median of 57 days. More supply, slower pace.

ZIP 33706 also dipped. The Real Estate Data Aggregator showed a median of $585,000, down 8.7%. Days on market there hit 97, which was 30 days longer than the same period a year before. That is the slowest pace in this market.

The full picture, ZIP by ZIP

Where buyers moved fastest

ZIP 33713 had the fastest pace of any ZIP in this market. The Real Estate Data Aggregator found a median of just 23 days on market, 31 days shorter than a year before. Nearly 4 in 10 homes went under contract within two weeks.

The wider context

Freddie Mac put the average 30-year fixed rate at 7.28% as of October 1, 2026. That affects what buyers can afford, and it shows up in how long some homes sit.

The National Association of Realtors reported 4.9 months of supply nationally, the highest level in over ten years. Locally, ZIP 33706 is already above that at 7.7 months. ZIP 33704 is well below it at 3 months.

The Federal Housing Finance Agency reported U.S. house prices rose 2.1% year over year between the second quarter of 2025 and the second quarter of 2026. Several St. Pete ZIP codes beat that by a wide margin. Others fell below zero.

CNBC noted that 82% of Miami condo sales valued at $1 million or more in 2025 were all-cash transactions. That kind of buyer can move fast and skip the rate question entirely. St. Pete's higher-priced ZIP codes are not immune to that kind of demand.

What this means if you own a home here

A 35-point spread between the best and worst ZIP code means one market summary tells you almost nothing. The Real Estate Data Aggregator counted 1,730 homes for sale across the primary market, down 6.4% from a year ago. Supply is tighter overall. But that average hides ZIP codes at 3 months of supply and others at 7.7 months.

Pending sales across the primary market rose 9.4% year over year, the Real Estate Data Aggregator found. Buyers are active. But they are selective, and price still matters.