Miami Tops $1M Homes List, Wealth Shift South
Why Miami Beat NYC in $1M+ Listings Although New York long dominated the luxury inventory leaderboard, Miami closed the gap and pulled ahead by late 2025. Realtor.com data shows the milestone arrived by the end of 2025. Miami ended 2025 with 10,591 active $1M+ listings versus New York City’s 10,176. Supply Dynamics Both markets saw luxury supply shrink after the pandemic, but Miami rebounded faster and kept stock building year round. Miami’s condo luxury median sales price logged a 10.1% increase year over year, reinforcing high-end demand. New York inventory ran 7 to 10 percent below the previous year, limited by seasonal cycles. That persistence narrowed the decade-long gap, after Miami briefly surpassed New York first in early 2025. Zoning Shifts High construction costs and slow permitting restricted New York, while Miami expanded high-end development and resale options. Buyer migration intensified the crossover, with 26.3 percent of Miami demand originating in the New York metro....