Miami Overtakes New York as the Major U.S. City With the Most $1 Million Homes as Wealthy Buyers Head South

The end of 2025 saw New York City dethroned as the capital of million-dollar listings, with Miami emerging as the major U.S. metro boasting the most seven-figure properties for sale.

By December 2025, Miami had 10,591 listings priced at $1 million and above, compared with NYC's 10,176, according to the latest Realtor.com® luxury housing report. 

This crossover between the two major metros marks a sharp break from the last decade, when the Big Apple held a substantially larger inventory of residential properties priced at $1 million and above.

That gap had been steadily narrowing, however, and by early last year Miami briefly surpassed New York in active million-dollar listings before pulling decisively ahead by year-end.

Realtor.com senior economist Anthony Smith explains that both markets saw their luxury housing inventory shrink in the wake of the pandemic, but Miami has benefited from a stronger recovery with fewer seasonal dips.

"New York’s luxury inventory follows a more traditional cycle, with spring and early summer buildups followed by sharper late-year drawdowns," says Smith.

A luxury market for all seasons

In tropical Miami, on the other hand, luxury listing activity remains steady year-round thanks to an influx of wealthy cash buyers—including foreign investors, retirees, and second-home purchasers—flocking to the "Magic City" in all seasons.

"Out-of-town luxury buyers are also more likely to be present in Miami during the winter months rather than the summer, reinforcing listing activity at a time when many other markets, including New York, typically see inventory drawdowns," according to Smith.

Ana Bozovic, a Miami-based real estate agent and founder of real estate research firm Analytics Miami, says her hometown's ascendance as the premier million-dollar listing destination does not come as a surprise.

"This is all part of the ongoing shift in economic focus," Bozovic tells Realtor.com. "Miami edging out NYC in the $1 million-plus segment is a confirmation moment. It is a quantification of the ongoing structural shift."

According to Bozovic, this latest data illustrates how Miami has transitioned from a fledgling luxury market into a dominant one—and she says it's only getting started.

"Taxpayers are on the move, and wealth, both domestic and international, is increasingly mobile," she says.

New Yorkers migrating to Miami

Smith agrees that buyer migration plays a major role in the shift recorded in December, with a growing number of New Yorkers headed south.

In fact, more than one-quarter of demand in the Miami metro originates from the Big Apple metro—a share larger than the next eight metros combined. 

"This shift is not simply about people leaving New York," points out Bozovic. "It reflects what Miami has become. Miami is now casting a global net, attracting high-income earners and families who are buying at $1 milion, $3 million, $5 million-plus as a baseline."

Smith, however, argues that New York losing its edge to Miami in the million-dollar listing count does not signal weakness in the city's luxury market, but rather a structural shift in where luxury inventory is accumulating.

Or as Donna Olshan, president and real estate agent at Olshan Realty, puts it, this is mostly a story of supply and demand. 

"Manhattan is currently experiencing a drought with inventory about 7% to 10% below last year at this time," Olshan tells Realtor.com. "In terms of inventory, it's no surprise that Miami has more $1 million-plus properties for sale than Manhattan." 

Miami appears to have a larger, more lasting stock of luxury properties, while New York's inventory of top-dollar listings remains sizable but slower to expand due to high construction costs, zoning restrictions, and slow permitting processes.

Looking ahead, Bozovic predicts that Miami will continue attracting domestic and foreign buyers with budgets at or above $1 million.

"Wealth is increasingly mobile, and Miami has the attention of the world," she says.

Meanwhile, Olshan emphasizes that buyer demand in the New York City metro remains strong and that the area offers advantages other markets—including Miami—cannot easily replicate, making direct comparisons irrelevant.

"New York is the financial, creative, and cultural capital of the world. It is also has a huge tech sector," she says.