Miami overtakes New York as America’s luxury real estate capital
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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…
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