By the end of 2025, New York had lost its status as the capital of luxury real estate, with Miami replacing it as the largest U.S. city by number of properties listed in the million-dollar range. By December 2025, the number of homes in Miami valued at more than $1 million reached 10,591, compared to 10,176 in New York.
This shift marks a break from the past, as New York had long dominated in the number of luxury properties. However, the gap began to narrow gradually, and by early last year, Miami briefly overtook New York before clearly pulling ahead by the end of the year.
Anthony Smith explained that the decline in luxury housing inventory was a general phenomenon after the pandemic, but Miami recovered at a stronger pace, with supply stabilizing throughout the year.
Smith added that New York’s market follows traditional cycles, with listings rising in spring and falling toward the end of the year, while Miami benefits from a steady flow of international investors, retirees, and second-home buyers year-round.
Anna Pozovich, a Miami-based real estate agent, views the rapid rise of her city’s luxury property market as part of a major economic transformation. Miami has become a dominant destination for high-end real estate thanks to the inflow of mobile wealth from both domestic and international sources.
Migration has also played a major role in this shift, with more than a quarter of property purchase inquiries in Miami now coming from residents of the New York area. According to Pozovich, Miami is no longer merely an alternative to New York; it has become a global destination attracting high-net-worth buyers who can easily purchase properties valued at over $1 million.
Despite this change, experts note that New York’s loss of this position does not reflect weakness in its luxury market, but rather structural shifts in the distribution of wealth and high-end real estate.
