Miami Dethrones NYC As Capital Of Million-Dollar Listings

Core Insights - Miami has surpassed New York City as the U.S. metro area with the highest volume of million-dollar listings, indicating a significant shift in the luxury real estate market [1] - The demand for Miami's luxury properties is heavily influenced by migration from the New York City metro area, which accounts for over 25% of the demand [2] Market Dynamics - The increase in million-dollar listings in Miami reflects a new baseline for the market, with high-income earners now considering $1 million to $5 million as standard entry-level prices [7] - New York City is experiencing a luxury inventory shortage, with listings down nearly 10% compared to the previous year, attributed to high construction costs and stringent zoning laws [4][5] Supply and Demand Factors - Miami's luxury market is less affected by seasonal cycles, allowing for more stable inventory levels compared to New York, which typically sees a significant drawdown in winter months [5] - The structural shift in the luxury market is confirmed by the movement of wealth and high-income earners towards Miami, as noted by real estate experts [3]