Miami is well-known for its glittering nightlife, palm-lined boulevards, and global reputation as a playground for the wealthy—so when it comes to real estate, one thing stands out above all else: Cash is king.

More than half of the homes priced above $1 million in the Miami metro are purchased in all-cash transactions , new data from Realtor.com® shows. And, as prices climb, so does the dominance of cash.

In Miami, 36.4% of homes priced between $750,000 and $1 million are bought with cash. That share leaps to 53.5% in the $1 million–$5 million range, 54.1% in the $5 million–$10 million tier, and nearly 59% for ultraluxury homes priced at $10 million or more.

“The South Florida market has a very distinct pattern: The higher up you go in price, the higher the all-cash percentage,” A

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