Two hundred and fifty-five properties closed above one million dollars in Puerto Rico between January and October 2026. Together they moved $597.7 million. Eight of every ten of them were inside five municipalities, and almost everything written about this market is written about those five.
These are closed sales. Not asking prices, not listings, not what somebody hopes to get. What follows is what the recorded sale actually said.
The island in 2026
Across the 255 closings above a million dollars: a median sale of $1,575,000, a median of $529 a square foot, 60 percent paid cash, and a median of 93 days on the market.
That last number deserves a note, because it is usually reported wrong. We measured it only on listings with real market time. Sales entered into the MLS after the deal was already agreed show zero days, and they describe paperwork rather than demand, so they are excluded. Leave them in and the number drops to the fifties, which would tell you this market moves faster than it does.
By municipality, above a million dollars:
San Juan — 96 closings, median $1,572,500, $633 a square foot, highest $6,650,000.
Dorado — 52 closings, median $2,797,750, $689 a square foot, highest $13,000,000.
Guaynabo — 31 closings, median $1,362,000, $404 a square foot, highest $3,700,000.
Humacao — 14 closings, median $1,775,000, $396 a square foot, highest $3,800,000.
Río Grande — 13 closings, median $2,000,000, $982 a square foot, highest $28,500,000.
Dorado has half the transactions of San Juan and nearly twice its median. Río Grande has thirteen closings and the highest price per foot on the list, which one beachfront community manages on its own. Humacao is Palmas del Mar; it belongs on this table because the market put it there, not because it is comparable to the other four.
Where the ceiling is set
Two communities set the top of the market and one sets its depth. They are not competing for the same buyer, and their numbers should never be averaged together.
Dorado Beach, inside the Ritz-Carlton Reserve gates
Eighteen closings, from $748 to $3,110 a square foot, median $1,284. Eleven of the eighteen were Dorado Beach East. Dorado Country Estates sits inside the gates and is counted here. The highest sale was 36 Dorado Country Estates at $13,000,000; the highest rate per foot on the island was in West Beach, at $3,110.
Bahía Beach, Four Seasons Resort and Residences, Río Grande
Six closings, from $1.9 million to $7.49 million, at $922 to $1,911 a square foot. The highest rate was Ocean Drive 3102 at $1,911. Las Estancias closed at $28,500,000 in May; it is a house rather than a condominium and sits outside that per-foot range.
Condado
Eighty-three closings, a median sale of $830,000 and a median of $630 a square foot, with 32 above a million dollars. It is the deepest luxury market on the island by number of transactions. Miramar and Ocean Park are excluded from every Condado figure here, because they are different markets wearing a nearby address.
Four things the headline number hides
The spread inside one community is wider than the spread between communities
Dorado Beach ran from $748 to $3,110 a square foot in the same year. That is a factor of four, inside one gate, in twelve months. An average across it tells you nothing.
Price per foot rises as the unit gets smaller and closer to the water
In Condado the highest rate of the year was not the most expensive apartment. A 1,680 square foot residence closed at $1,548 a foot. The $5,200,000 penthouse closed at $1,172. Which is the opposite of what an average per-foot figure would lead you to expect.
Six in ten buyers above a million dollars paid cash
That sets the pace of the whole market. If you are financing, the underwriting has to be finished before the search begins, not during it.
A building average is not a price
Two residences in the same Condado building, one square foot apart in size, closed twenty months apart at $1,095 and $889 a foot. Twenty-three percent, same address. The building does not set the price. The floor, the view, the condition and the week it was listed do.
How this was measured
Closed sales reported in Stellar MLS between January 1 and October 7, 2026. Not every transaction in these communities is reported there.
Price per square foot is the recorded sale price divided by the recorded living area; sales without a recorded area are excluded from per-foot figures. Days on market exclude closings recorded with zero days. Dorado Beach and Bahía Beach were verified listing by listing against the resort communities rather than by municipality, because the municipal figure mixes the resort with everything around it.
These are closed sales, not a valuation. Which of them count as comparables for a specific property is decided in a market analysis, not by an average.
The number that matters is the one next door
This is the market. A decision needs the closings in your building, on your street, in your price band, and what each of them asked before they took what they took. That is a conversation rather than a document.
Antonio Cartagena, Broker, Lic. C-13471 · (787) 717-6443. Lizvette Robles, Broker, Lic. C-23765 · (787) 638-0661.