Miami Home to Second-Most Million Dollar Listings in U.S.

From mega-yachts to literal statues of money, Miami can feel a lot more Balenciaga than it is New Balance. But its status as a playground for the uber wealthy may become even more pronounced as home listing prices continue to rise — so much so, according to Realtor.com, that Miami has the second-most million-dollar listings of any metro in the U.S.

With Mediterranean-inspired spires, 1920s-era estates, and marvels of modern design, Miami is saturated with homes at extravagant prices. According to Realtor.com, Miami has 10,641 listings worth $1 million or more, despite its residents’ average income being a measly $74,000 (it’s unclear how high Jeff Bezos’ income raises that number) and the median home listing at $500,000.

Miami ranked just beneath the New York-Newark-New Jersey metro (with 11,873 listings of $1 million of more, a median listing price of $750,000, and residents’ average income at $94,000), and ahead of Los Angeles-Long Beach-Anaheim at No. 3 (with 9,042 listings of $1 million of more, a median listing price of $500,000, and residents’ average income at $74,000).

Realtor economists noted that there are more than 1 million homes for sale in the United States, as inventory has grown for the 25th consecutive month. And at least 10 percent of those homes are selling for $1 million or more.

“But a $1 million price tag isn’t always considered luxury,” according to the report. “In cities such as Los Angeles, Miami, and New York, $1 million can still mean a smaller home, a fixer-upper, or something ‘dated.'”

“Buyers in these markets are competing at price points that would be considered top-tier almost anywhere else,” Anthony Smith, senior economist at Realtor.com, said in the study. “In many of the metros with the highest number of million-dollar listings, a $1 million price tag simply doesn’t buy what it used to.

“These are some of the priciest housing markets in the country, where strong demand, limited land, and long-standing high cost structures have pushed typical home prices far above the national norm.

“The abundance of million-dollar and multimillion-dollar listings signals that these metros are not just expensive, they are established luxury markets with strong appeal to affluent buyers. Luxury demand is robust enough to support price tiers that go well beyond the nationwide definition of luxury.”