Miami Becomes the Hottest Market for Luxury Homes
Miami has surpassed both New York City and the San Francisco Bay Area as the leading market for homes selling above $30 million. This shift is largely attributed to an influx of wealthy buyers drawn to Florida’s lower tax rates.
During the first half of 2026, Miami-Dade County reported 24 luxury home sales above $30 million, which is almost double the figure from the same timeframe last year. This puts Miami on track to exceed last year’s total of 33 high-value sales, according to the real estate analytics firm Analytics Miami.
In contrast, New York had 17 sales over $30 million in the same period, while the San Francisco Bay Area recorded just nine high-end transactions, as noted in a luxury market report from Olshan Realty.
Josh Flagg, a noted luxury real estate broker and personality from “Million Dollar Listing Los Angeles,” highlighted that demand persists strongly, even in what is typically a slower season for South Florida.
“I’m currently listing my home on North Bay Road for $10 million,” Flagg shared. “We’re getting showings every day, which is quite notable since it’s summer and a lot of people aren’t in town to buy real estate.”
The surge in sales comes amid reports that the Miami, Fort Lauderdale, and West Palm Beach areas have overtaken New York in terms of regional price levels, based on the Bureau of Economic Analysis’s latest findings.
Despite the market fluctuations, South Florida remains a prime destination for wealthy buyers seeking to escape the higher taxes and what some perceive as a declining business atmosphere in states like New York and California.
Recently, it has been reported that Charles Kushner, a real estate developer and father-in-law to President Trump’s son-in-law, has decided to leave New York City for Florida, citing allegations of anti-Semitism against Mayor Zoran Mamdani.
Kushner has also criticized Mamdani for his focus on hedge fund billionaire Ken Griffin, especially during the proposal of the pied-a-terre tax. Kushner remarked, “Ken Griffin worked very hard to build his wealth. That’s what this country is about.”
In response to the mayor’s comments, Griffin indicated that his company, Citadel, would be expanding its jobs to South Florida rather than New York over the next decade.
Ana Bozovic, founder of Analytics Miami, explained that buyers are increasingly recognizing how certain policies in their previous states of residence may negatively impact their wealth and business interests.
The luxury market in South Florida saw a remarkable increase in 2019, with only two sales exceeding $30 million that year.
Interestingly, brokers suggest that the primary driver of Miami’s luxury market is not the wealthy from New York, but rather billionaires from California and elsewhere aiming to secure a position in Florida before a potential ballot proposal imposing a one-time 5% tax on billionaires is enacted.
This group includes tech leaders like Larry Page, Sergey Brin, and Mark Zuckerberg, all of whom have made significant property purchases in South Florida recently.
For example, Brin bought a waterfront property on Miami Beach’s Allison Island for $51 million earlier this year, according to public records.
Flagg, who owns properties in Florida, New York, and Beverly Hills, mentioned that Florida may not appeal to everyone, particularly those with strong ties to their current locations.
“Not many people from Los Angeles would leave California just to save a bit on taxes,” Flagg noted. “But for many who already move frequently in Florida or have a connection to it, it just makes sense.”
“Fundamentally, it’s quite similar to California, just with a bit more unpredictable weather and overall lower taxes,” he added.
