In a development that underscores the evolving landscape of American luxury real estate, Miami has displaced New York City from its long-held position as the U.S. metropolitan area with the most homes listed above the $1 million threshold.
According to the latest luxury housing report from Realtor.com, Miami closed out December 2025 with 10,591 properties priced at seven figures or higher on the market, edging past New York City’s 10,176 such listings, as reported by the New York Post. This milestone represents a dramatic reversal from the previous decade, when Manhattan and its surrounding boroughs maintained a commanding lead in million-dollar inventory.
The trajectory of this shift has been years in the making. While Miami briefly surpassed New York in luxury listings during early 2024, the gap narrowed decisively by year’s end, cementing the Florida city’s new status as America’s luxury listing capital.

Different Recovery Trajectories

Anthony Smith, senior economist at Realtor.com, attributes the crossover to divergent post-pandemic recovery patterns between the two markets. Both metros experienced inventory contractions following COVID-19, but Miami has demonstrated more resilient growth with minimal seasonal volatility.
New York’s luxury inventory follows a more traditional cycle, with spring and early summer buildups followed by sharper late-year drawdowns, Smith explained. Miami’s subtropical climate and year-round appeal to affluent buyers, including international investors, retirees, and second-home purchasers, creates steady listing activity regardless of season.
Smith notes that wealthy out-of-town buyers gravitate toward Miami particularly during winter months, precisely when traditional markets like New York typically experience inventory declines. This countercyclical dynamic has helped Miami build and maintain its luxury listing advantage.

A Structural Economic Shift

For Ana Bozovic, a Miami-based real estate professional and founder of Analytics Miami, the data confirms what market observers have long anticipated. Miami edging out NYC in the million-dollar segment marks a confirmation moment, she says. It quantifies an ongoing structural shift that has been building for years.
She characterizes Miami’s evolution from emerging luxury market to dominant player as part of a broader economic realignment. Taxpayers are on the move, and wealth, both domestic and international, is increasingly mobile, Bozovic observed. She predicts the trend will only accelerate from here.
The data reveals striking migration patterns. Over one-quarter of Miami’s luxury home demand originates from the New York City metropolitan area, a share larger than the next eight metro areas combined. But Bozovic emphasizes this isn’t merely about New Yorkers departing. It reflects Miami’s expanding global magnetism for high-net-worth individuals purchasing properties at $1 million, $3 million, and well beyond.

Supply Dynamics, Not Demand Weakness

Despite losing its inventory crown, New York’s luxury market fundamentals remain strong, according to industry professionals. Smith characterizes the shift as reflecting where luxury inventory is accumulating rather than signaling weakness in New York’s high-end segment.
Donna Olshan, president of Olshan Realty, frames the comparison through a supply lens. Manhattan is currently experiencing a drought with inventory running about 7% to 10% below last year at this time, she told Realtor.com, per the New York Post. Given these numbers, it’s no surprise that Miami has more million-dollar properties for sale than Manhattan.
New York faces structural constraints that limit luxury inventory expansion. Prohibitive construction costs, restrictive zoning regulations, and protracted permitting processes all play a role. Miami, by contrast, has developed a larger and more sustainable pipeline of luxury properties.

Looking Forward

Industry experts expect Miami to maintain its advantage as mobile wealth continues seeking favorable tax environments, lifestyle amenities, and international connectivity.
Yet Olshan cautions against viewing this as a zero-sum competition. New York retains unique advantages. Its status as the financial, creative, and cultural epicenter of the world, plus a thriving technology sector, make direct market comparisons somewhat misleading.
As capital becomes increasingly borderless and high-net-worth individuals optimize for both lifestyle and fiscal efficiency, the luxury real estate landscape appears to be entering a new era. Traditional hierarchies no longer hold in the same way they once did. Miami’s ascendance represents not New York’s decline, but rather the emergence of multiple, distinct centers of luxury real estate gravity across the American landscape.