Million-Dollar Homes Are the New Norm in These Cities

by Joy Dumandan

The real estate market is overflowing with listings, with inventory jumping for the 25th straight month. There are now more than 1 million homes for sale—and at least 10% of those properties are selling for $1 million or more.

But a $1 million price tag isn't always considered luxury. In cities such as Los Angeles, Miami, and New York, $1 million can still mean a smaller home, a fixer-upper, or something “dated."

"Buyers in these markets are competing at price points that would be considered top-tier almost anywhere else," says Anthony Smith, senior economist at Realtor.com®.

The New York City metro tops the list with the most homes listed at $1 million and above. Part of that metro sits right across the Hudson River. It's Bergen County, NJ, which is densely populated with homes of all sizes and communities offering an array of conveniences from shopping to recreation.

"Million-dollar homes in Bergen County are truly the new norm," Taylor Lucyk, real estate broker with the Taylor Lucyk Group, tells Realtor.com.

"Bergen County is one of the most desirable places to live in New Jersey, largely because of its unbeatable proximity to New York City. It’s a dream for commuters, with the majority of towns offering easy access to trains, buses, major highways, and walkable downtowns filled with dining and shopping."

Lucyk says the top-rated school systems and safe communities draw strong demand year-round.

"All of this drives home values up, which is why $1 million has become the new $500,000 in many neighborhoods," Lucyk says.

"In many of the metros with the highest number of million-dollar listings, a $1 million price tag simply doesn’t buy what it used to," Smith explains.

"These are some of the priciest housing markets in the country, where strong demand, limited land, and long-standing high cost structures have pushed typical home prices far above the national norm."

Lucyk says a $1 million price tag in Bergen County is not common, but rather it’s expected in many of the most sought-after towns, especially as the market continues to fluctuate.

Despite the high price tag, luxury homes sold faster than last year across most tiers, with the 90th percentile moving three days faster year over year, according to the Realtor.com October 2025 Luxury Housing Report. This narrows the historical gap between luxury and typical listings.

"The abundance of million-dollar and multimillion-dollar listings signals that these metros are not just expensive, they are established luxury markets with strong appeal to affluent buyers," Smith says. "Luxury demand is robust enough to support price tiers that go well beyond the nationwide definition of luxury."

Realtor.com economists identified the metros with the most million-dollar homes for sale, and it comes as no surprise that metros along both coasts top the list.

1. New York-Newark-Jersey City, NY-NJ

Number of million-dollar listings: 11,873
Compared to median list price: $750,000
Median income: $94,960

This six-bedroom home in Ridgewood, NJ, just outside New York City, is listed for $5,198,000. (Realtor.com)

2. Miami-Fort Lauderdale-West Palm Beach, FL

Number of million-dollar listings: 10,641
Compared to median list price: $500,000
Median income: $74,274

This seven-bedroom mansion, in a gated Miami enclave, is on the market for $31 million. (Realtor.com)

3. Los Angeles-Long Beach-Anaheim, CA

Number of million-dollar listings: 9,042
Compared to median list price: $1,085,000
Median income: $91,380

This modest home in Los Angeles has three bedrooms and is listed for $1,020,000. (Realtor.com)

This Beverly Hills, CA, home has four bedrooms and is listed for just under $3.5 million. (Realtor.com)

4. Phoenix-Mesa-Chandler, AZ

Number of million-dollar listings: 2,921
Compared to median list price: $489,000
Median income: $87,718

Valley and mountain views can be found at this Phoenix home that's been listed for $13,500,000. (Realtor.com)

5. Dallas-Fort Worth-Arlington, TX

Number of million-dollar listings: 2,710
Compared to median list price: $420,000
Median income: $88,783

Southern charm awaits in Dallas, TX, where this home has five bedrooms and is on the market for $19,500,000. (Realtor.com)

6. Boston-Cambridge-Newton, MA-NH

Number of million-dollar listings: 2,466
Compared to median list price: $785,000
Median income: $109,295

A three-bedroom Boston, MA, condo with waterfront views is listed for $17.2 million. (Realtor.com)

7. Seattle-Tacoma-Bellevue, WA

Number of million-dollar listings: 2,418
Compared to median list price: $749,950
Median income: $113,456

This Seattle, WA, waterfront home has five bedrooms and is listed $4,995,000. (Realtor.com)

8. Atlanta-Sandy Springs-Roswell, GA

Number of million-dollar listings: 2,334
Compared to median list price: $410,000
Median income: $87,947

In Roswell, GA, $1.5 million will get you a seven-bedroom home. (Realtor.com)

9. Washington-Arlington-Alexandria, DC-VA-MD-WV

Number of million dollar listings: 2,311
Compared to median list price: $575,000
Median income: $123,200

This Arlington, VA, home with seven bedrooms is listed for $3,395,000. (Realtor.com)

10. San Francisco-Oakland-Fremont, CA

Number of million-dollar listings: 2,254
Compared to median list price: $915,000
Median income: $133,542

Not much green space, but you're in the center of San Francisco with this 6,000-square-foot home that's listed for $17,995,000. (Realtor.com)

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