Miami dethrones NYC, Bay Area as Americas hottest $30M home market as wealthy flee high-tax states
Miami has overtaken New York City and the San Francisco Bay Area as the nation’s hottest market for $30 million-plus homes, as wealthy buyers continue pouring into low-tax Florida.A total of 24 single-family homes and condominiums in Miami-Dade County sold for more than $30 million during the first six months of 2026 — nearly double the number from the same period a year earlier and enough to put the market on pace to eclipse last year’s record of 33 such sales, according to Bloomberg News, which cited real estate analytics firm Analytics Miami.New York recorded 17 residential sales of more than $30 million during the first half of 2026, according to Olshan Realty’s luxury market report cited by Bloomberg, while Miami-Dade logged 24.There were 9 such transactions in the San Francisco Bay Area.Luxury real estate broker and “Million Dollar Listing Los Angeles” star Josh Flagg said demand remains strong even during what’s typically South Florida’s quietest season.“I have my house in Miami on the market right now for $10 million on North Bay Road,” Flagg told The Post.
“We’re getting showings every single day, which says a lot considering it’s summertime and most people are not in town or buying real estate in Florida during the summer.”The surge comes even after the Miami-Fort Lauderdale-West Palm Beach metropolitan area recently overtook greater New York City on the Bureau of Economic Analysis’ latest Regional Price Parities report, a federal measure of regional price levels that compares the cost of a broad basket of goods and services.Even so, South Florida continues to lure affluent buyers looking to escape higher taxes and what some see as increasingly unfriendly business climates in states such as New York and California.The Post was the first to report this week that Charles Kushner, the real estate developer and father of President Trump’s son-in-law Jared Kushner, was leaving New York City and decamping to Florida due to Mayor ...