Miami Overtakes New York as the Major U.S. City With the Most $1 Million Homes as Wealthy Buyers Head South
By Ben Bryk with Vero Premier Properties a signature division of Coldwell Banker Global Luxury Vero Beach
The luxury real estate headlines are buzzing: By December 2025, Miami's metro area surged ahead of New York City in active million-dollar listings, boasting 10,591 properties priced at $1M+ compared to NYC's 10,176. This marks a seismic shift after a decade where the Big Apple dominated the seven-figure segment.
Realtor.com senior economist Anthony Smith attributes the change to post-pandemic inventory dynamics—Miami recovered stronger with steadier year-round activity, fueled by cash-rich buyers: foreign investors, retirees, and second-home seekers less bound by seasons or mortgage rates. In contrast, New York's luxury market follows traditional cycles with sharper winter drawdowns.
Experts like Miami agent Ana Bozovic call it a "confirmation moment" of structural economic migration—wealth is moving south, with over 26% of Miami demand originating from the New York metro alone. While New York remains a powerhouse in finance, culture, and tech, its slower inventory growth (due to high costs, zoning, and permitting) has allowed Miami to build a deeper, more persistent luxury supply.
But for discerning high-net-worth buyers eyeing Florida's coastal luxury without Miami's intensity, density, or sky-high premiums, the real story lies farther north on the Treasure Coast: Vero Beach and Hutchinson Island are emerging as the smartest, best-value alternative in the Sunshine State.
Why Vero Beach Delivers Unmatched Luxury Value in Florida's Shifting Landscape
As Miami cements its status as the new million-dollar capital—drawing global wealth with flashier condos overlooking Biscayne Bay—Vero Beach offers a refined, understated paradise at a fraction of the cost. Here, luxury isn't about competing in a crowded market; it's about serenity, exclusivity, and exceptional bang for your buck.
- Dramatic Price Advantages: Miami's luxury entry point hovers in the multi-millions for prime waterfront, with ultra-high-end easily exceeding $10M–$50M+. In Vero Beach, comparable oceanfront estates, private docks, and gated enclaves (think John's Island, Windsor, Orchid Island, or Hutchinson Island barrier island compounds) deliver similar perks—pristine Atlantic beaches, privacy, upscale amenities—at significantly lower thresholds. Recent trends show Vero luxury medians in barrier island areas around $1.5M+, with standout properties offering more space and seclusion than Miami equivalents.
- Cash Dominance Fuels Resilience: Vero Beach leads the nation in all-cash transactions at 62.7% (far surpassing Miami's broader ~43% and luxury ~53.5%), insulating the market from rate fluctuations. This cash-heavy buyer pool—affluent Northeastern relocators, retirees, and investors—drives quick, confident closings in premium segments, even as national luxury softens.
- Migration Spillover Without the Overcrowding: As New Yorkers flock south (fueling Miami's surge), many seek quieter alternatives. Vero Beach captures this "next-level" migration: uncrowded 26 miles of beaches, cultural gems like the Vero Beach Museum of Art and Riverside Theatre, world-class golf, polo, and a laid-back vibe that feels like "the Hamptons without the hype."
Game-Changer: Daily Nonstop JetBlue Flights from Vero Beach to New York's JFK
Accessibility just leveled up. JetBlue launched daily, year-round nonstop service from Vero Beach Regional Airport (VRB) to JFK (and Boston Logan) in December 2025, with convenient schedules (e.g., morning departures from JFK arriving early afternoon in Vero). This direct link makes Vero Beach effortless for East Coast buyers—hop on a quick flight, land steps from luxury enclaves, and escape NYC's frenzy without the hassle of South Florida traffic or longer drives.
Introductory fares as low as $69 one-way highlight the ease: Vero is now as reachable as Miami for snowbirds and second-home owners, but with far more tranquility and value.
The Bottom Line for Luxury Buyers in 2026
Miami's overtake of New York signals wealth's southward march—but it doesn't mean you have to join the crowds. Vero Beach and Hutchinson Island stand out as Florida's premier luxury value destination: cash-resilient, migration-fueled, and now ultra-convenient with daily JetBlue JFK flights.
If you're a high-net-worth buyer tired of Miami's premiums or NYC's constraints, Vero offers oceanfront elegance, gated privacy, and lifestyle superiority at prices that make the numbers irresistible. The shift is on—don't miss the smarter play on Florida's Treasure Coast.
Whether eyeing a barrier island estate or Hutchinson Island waterfront retreat, Vero Beach isn't just an alternative—it's the upgrade.
