Miami’s luxury real estate market is no longer a niche—it’s becoming the norm. According to @realtordotcom, Miami now ranks second in the nation for million-dollar home listings, trailing only the New York–Newark–New Jersey metro area. The city boasts more than 10,600 homes listed at $1 million or more, spanning everything from historic 1920s estates and Mediterranean-inspired mansions to striking modern architectural showpieces. This surge comes despite Miami’s average household income hovering around $74,000 and a median home listing price of $500,000. Economists say the rise reflects more than flashy excess—it signals a deeply entrenched luxury market. With housing inventory growing nationwide and at least 10 percent of U.S. listings now priced above $1 million, Miami joins cities like Los Angeles and New York where seven figures no longer guarantee a sprawling estate. Instead, strong demand, limited land, and long-standing cost pressures have reshaped expectations, making Miami an established magnet for affluent buyers and reinforcing its status as one of the country’s most competitive—and expensive—housing markets.