Million-dollar homes are the new norm in these cities

The real estate market is overflowing with listings, with inventory jumping for the 25th straight month. There are now more than 1 million homes for sale — and at least 10% of those properties are selling for $1 million or more.

But a $1 million price tag isn’t always considered luxury. 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,” says Anthony Smith, senior economist at Realtor.com®.

The New York City metro tops the list with the most homes listed at $1 million and above. Part of that metro sits right across the Hudson River. It’s Bergen County, NJ, which is densely populated with homes of all sizes and communities offering an array of conveniences from shopping to recreation.

“Million-dollar homes in Bergen County are truly the new norm,” Taylor Lucyk, real estate broker with the Taylor Lucyk Group, tells Realtor.com.

“Bergen County is one of the most desirable places to live in New Jersey, largely because of its unbeatable proximity to New York City. It’s a dream for commuters, with the majority of towns offering easy access to trains, buses, major highways, and walkable downtowns filled with dining and shopping.”

Art Deco buildings on Ocean Drive in Miami Beach, illuminated at night with neon lights, surrounded by palm trees. — Miami Beach’s vibrant Ocean Drive hotels and restaurants at sunset. Mariakray – stock.adobe.com

Lucyk says the top-rated school systems and safe communities draw strong demand year-round.

“All of this drives home values up, which is why $1 million has become the new $500,000 in many neighborhoods,” Lucyk says.

“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,” Smith explains.

“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.”

Lucyk says a $1 million price tag in Bergen County is not common, but rather it’s expected in many of the most sought-after towns, especially as the market continues to fluctuate.

Despite the high price tag, luxury homes sold faster than last year across most tiers, with the 90th percentile moving three days faster year over year, according to the Realtor.com October 2025 Luxury Housing Report. This narrows the historical gap between luxury and typical listings.

“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,” Smith says. “Luxury demand is robust enough to support price tiers that go well beyond the nationwide definition of luxury.”

Realtor.com economists identified the metros with the most million-dollar homes for sale, and it comes as no surprise that metros along both coasts top the list.