Miami surpasses New York in $1 million home listings, underscoring shifting U.S. luxury demand

Miami takes the lead in seven-figure listings at the end of 2025

Miami ended 2025 with more homes listed at $1 million or more than New York City, marking a milestone in the geography of U.S. luxury housing. By December 2025, Miami posted 10,591 active listings priced at $1 million and above, compared with 10,176 in New York City. The crossover follows years of a narrowing gap between the two markets and reflects a shift in where high-end inventory is accumulating.

What the numbers measure—and why inventory matters

The figures refer to active listings—homes available for sale at a given time—rather than closed transactions. Inventory levels can move for multiple reasons: new listings, time on market, seasonality, and the pace at which buyers absorb supply. The comparison highlights a change in market structure: Miami now maintains a larger stock of seven-figure homes for sale than New York City during the same period.

• Miami: 10,591 active $1M+ listings (December 2025)

• New York City: 10,176 active $1M+ listings (December 2025)

Year-round luxury demand in South Florida vs. seasonal cycles in New York

One factor behind Miami’s higher count is the steadier pace of luxury listing activity throughout the year. Miami’s market tends to avoid the sharp late-year inventory drawdowns seen in colder-weather metros, helping it retain a larger pool of available $1 million-plus properties at year-end. New York’s luxury market, by contrast, more often follows a spring and early-summer buildup, with more pronounced declines later in the year.

Migration-driven demand and a growing pipeline of high-end housing

Buyer migration has become a measurable component of Miami’s luxury demand. More than one-quarter of demand in the Miami metro is tied to shoppers originating from the New York metro region, a concentration that exceeds the combined share from several other feeder metros. That demand has intersected with an expanding supply of high-end housing across Miami-Dade and the broader South Florida region.

Miami’s rise in million-dollar listings does not automatically indicate weakening demand in New York; it primarily reflects where luxury inventory is building and remaining on the market.

Constraints shaping New York’s luxury inventory

New York’s ability to expand luxury inventory is affected by structural limits frequently associated with mature urban markets: high construction costs, zoning constraints, and lengthy permitting timelines. Those factors can slow the delivery of new housing at the top end of the market and influence how quickly inventory can rebuild after periods of demand disruption.

What to watch in 2026

The next key question is whether Miami’s lead persists beyond a year-end snapshot. Metrics to monitor include the monthly pace of new luxury listings, time on market for seven-figure homes, and whether demand from out-of-state buyers remains elevated. If inventory continues to accumulate in Miami while New York’s supply growth remains constrained, the gap could widen; if New York’s listings rebound seasonally, rankings could tighten again.