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Miami is now home to more million-dollar listings than New York — a sign the luxury housing market’s center of gravity continues to drift south.
According to Realtor.com’s December luxury housing report, Miami surpassed New York with 10,591 homes listed at $1 million or more, compared to New York’s 10,176 million-dollar listings.
New York held the top ranking for nearly a decade, and by late December, Miami solidified its lead as a long-term destination for wealth and housing demand.
« This is not a temporary surge, it’s an evolving market. The drivers supporting Miami’s growth are long-term: demographic trends favoring the Sun Belt, increasing international capital flows, and a deepening presence of finance, technology and global business infrastructure, » Douglas Elliman Vice Chair Dottie Herman told Fox News Digital.
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« That said, growth is not unlimited, » she said. « Insurance costs, climate considerations, and the risk of overdevelopment in certain submarkets will require disciplined planning and thoughtful execution. »
Miami’s metro area has surpassed New York for the largest number of million-plus home listings. (Getty Images)
Miami’s luxury buyers are more likely to be cash buyers, international purchasers, retirees or second-home buyers. The report says these demographics are less sensitive to mortgage rates, school calendars and seasonal norms — keeping inventory levels higher yearlong.
Seasonality appears to favor the Magic City, as inventory stays more stable and allows developers to rebuild supply faster with a higher baseline. By contrast, New York luxury listings follow a more traditional cycle, with a spring surge and winter drop-off.
« Miami surpassing New York in million-dollar listings is more reflective of Miami’s expansion, versus New York’s weakness, » Herman said.
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« Over the past decade, Miami has fundamentally broadened its definition of luxury. The market offers waterfront living, newer construction, resort-level amenities and a lifestyle component that’s directly embedded into the product. By contrast, New York’s luxury market is inherently finite and vertical, constrained by land, zoning and supply, » she explained.
New York’s market isn’t collapsing, but rather losing ground in a mature environment, as the report puts it. The Big Apple saw its housing market contract after the pandemic, driven by fewer new high-end listings, a slowdown in the city exodus and owners holding onto properties longer.
« Florida’s lack of a state income tax versus New York’s combined state and city tax burden represents a meaningful financial difference for high earners, » Herman said. « For many buyers, those savings translate directly into enhanced purchasing power or long-term capital preservation. »
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Notably, 26.3% of Miami’s luxury demand comes from the New York metro area — more than the next eight source metros combined.
« New Yorkers have played a critical role as market shapers. A meaningful share of Miami’s luxury demand originates from the New York metro area, » Herman said. « This is not a broad-based migration of the entire New York population. It’s a targeted relocation of high-earning professionals working in fields like finance, tech and real estate, who have both the means and flexibility to choose where they live. »
Looking through a more national lens, luxury prices are stabilizing, with the top-tier threshold at $1.19 million, down slightly from the previous year. Luxury homes are taking longer to sell, with a median time of 88 days, reflecting cautious buyers and seasonal cooling.
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Overall, price gaps are wide — luxury homes range between two and five times the local median home price, depending on the specific market.
« The most accurate framing is this, » Herman said. « Miami is not replacing New York. It is joining New York as a co-capital of American luxury real estate. New York remains the cultural, financial and institutional anchor — Miami has emerged as the lifestyle center, the flexibility market and a global magnet for mobile wealth. »
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