Miami Takes the Lead Over New York in Luxury Real Estate

If you thought New York City would always be the king of luxe listings, think again. A Realtor article recently found that by the end of 2025, Miami dethroned NYC as the major U.S. metro with the most homes listed for $1 million and above. That’s right, the Magic City now leads the nation in seven‑figure homes on the market.

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Let's Look at The Data

• 10,591 Miami homes listed at $1M+ by December 2025 (more than NYC’s 10,176)!
• Miami’s luxury market shows less seasonality, buoyed by wealthy buyers snapping up properties even in slower months.

This isn’t a blip; it’s a structural shift in the U.S. luxury housing landscape. While NYC has long dominated the ultra‑expensive slice of the market, Miami’s combination of lifestyle allure, tax advantages, and migration trends has pushed it ahead.

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So, What's Driving Miami's Luxury Boom?

Miami isn’t just drawing retirees and snowbirds anymore — international buyers, finance professionals, tech money, and investors all see the city as a luxury real‑estate magnet. Domestic migration out of higher‑tax states like New York boosts demand even further. In fact, about one‑quarter of Miami’s luxury demand comes directly from the New York metro, a bigger share than the next eight competing metro areas combined.

Miami continues to demonstrate the strength of its real estate market, ranking No. 1 in the U.S. for all-cash sales in the first half of 2025. Luxury buyers here are far more likely to pay with cash, a big advantage when interest rates are high and securing a mortgage can be tricky. This cash-heavy activity has kept the market lively, even as overall housing demand softens.

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What Does This Mean for the National Real Estate Market?

1. Wealth Concentration Is Shaping Markets
   Across the U.S., luxury listings are diverging sharply from typical home values. Nationally, luxury homes list at about three times the median price while in Miami and other metros this multiple can be even higher.
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2. Lifestyle and Taxes Matter More Than Ever
   Florida’s lack of a state income tax, sunny climate, and coastal appeal are real drivers of capital inflow. This isn’t random excess; it’s buyers optimizing where they park wealth, and Miami is winning that contest.
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3. Luxury Is Evolving
   While some luxury markets across the country are slowing at the ultra‑high end, Miami’s more accessible luxury segment has stayed strong and even grown, showing resilience when other markets are struggling.
   

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Miami’s luxury real estate market isn’t just red hot — it’s historically significant. Outpacing New York in million‑dollar listings isn’t about bragging rights, it signals a tectonic shift in where high‑end wealth wants to be.

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Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.