The real estate market is currently overwhelmed with inventory, showcasing a significant increase over the last 25 months. Right now, over 1 million homes are up for sale, and intriguingly, around 10% of them are priced at $1 million or higher.
However, just because a home comes with a million-dollar price tag doesn’t automatically make it a luxury property. In cities like Los Angeles, Miami, and New York, a million dollars might only get you a small house, a repair shop, or something that feels a bit dated.
“In these areas, buyers are competing at price points generally considered high-end elsewhere,” noted Anthony Smith, a senior economist at a real estate firm. Realtor.com®
New York City’s metro area leads with the highest number of homes listed at $1 million or more. Across the Hudson River lies Bergen County, New Jersey, known for its densely packed homes and ample amenities, from shopping to recreation.
Bergen County real estate broker Taylor Ruszczyk remarked, “Multi-million dollar homes are essentially the norm now.” According to him, “It’s an attractive area for its proximity to New York City, with many towns offering an ideal commuting experience, good train and bus access, major highways, and walkable downtowns with a variety of dining and shopping options.”
Ruszczyk also highlighted that the area’s top-notch school system and safety keep demand high throughout the year. He stated, “With these factors at play, $1 million now feels more like what $500,000 used to be in many regions.”
Smith further explained, “In many urban areas boasting significant $1 million home listings, that price point is increasingly unaffordable, contrasting sharply with past norms.” He emphasizes that those markets, driven by high demand, limited space, and a consistently elevated cost of living, push home prices well above the national averages.
In Bergen County, a home priced at $1 million is not an anomaly; it’s evolving into an expectation in some of the most sought-after towns, particularly as the market remains in flux.
Interestingly, even though these homes carry hefty price tags, they’re still moving faster than they did last year across various demographic groups. For instance, homes in the 90th percentile sold three days quicker than last year, according to the Realtor.com October 2025 Luxury Homes Report. This trend narrows the historical divide between luxury and more regular property sales.
“The presence of numerous multi-million dollar homes signifies that these metropolitan areas are not just costly but part of a well-established luxury market that attracts high-net-worth buyers,” Smith elaborated. “The demand within luxury sectors is robust enough to uphold price tags significantly beyond what’s traditionally defined as luxurious.”
The economists at Realtor.com have pinpointed major cities where the most homes listed at $1 million or higher are found, and unsurprisingly, the list is topped by key coastal cities.
1. New York-Newark-Jersey City, New York-New Jersey
- Number of $1 million listings: 11,873
- Comparison to median list price: $750,000
- Median income: $94,960
2. Miami – Fort Lauderdale – West Palm Beach, Florida
- Number of $1 million listings: 10,641
- Comparison to median list price: $500,000
- Median income: $74,274
3. Los Angeles – Long Beach – Anaheim, California
- Number of $1 million listings: 9,042
- Comparison to median list price: $1,085,000
- Median income: $91,380
4. Phoenix Mesa Chandler, Arizona
- Number of $1 million listings: 2,921
- Comparison to median list price: $489,000
- Median income: $87,718
5. Dallas-Fort Worth-Arlington, Texas
- Number of $1 million listings: 2,710
- Comparison to median list price: $420,000
- Median income: $88,783
6. Boston – Cambridge – Newton, Massachusetts – New Hampshire
- Number of $1 million listings: 2,466
- Comparison to median list price: $785,000
- Median income: $109,295
7. Seattle-Tacoma-Bellevue, WA
- Number of $1 million listings: 2,418
- Comparison to median list price: $749,950
- Median income: $113,456
8. Atlanta – Sandy Springs – Roswell, Georgia
- Number of $1 million listings: 2,334
- Comparison to median list price: $410,000
- Median income: $87,947
9. Washington-Arlington-Alexandria, DC-VA-MD-WV
- Number of $1 million listings: 2,311
- Comparison to median list price: $575,000
- Median income: $123,200
10. San Francisco-Oakland-Fremont, California
- Number of $1 million listings: 2,254
- Comparison to median list price: $915,000
- Median income: $133,542
