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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 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.
“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.”
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.
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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