Inventory is booming—this is the 25th month in a row that the number of listings has climbed. Today there are more than one million homes on the market, and at least one‑tenth of them carry a $1 million price tag.
In places like Los Angeles, Miami, and New York, a million dollars often buys a modestly sized home, a fixer‑upper, or a property that feels a bit dated. “Buyers in these markets are competing at price points that would be considered top‑tier almost anywhere else,” explains Anthony Smith, senior economist at Realtor.com®.
The New York‑City metro leads the country in listings priced at a million dollars or more. Across the Hudson River, Bergen County, New Jersey, sits next to the city. It’s densely populated, hosts a wide range of home sizes, and its communities offer plenty of shopping, recreation, and other conveniences.
“Million‑dollar homes in Bergen County are truly the new norm,” says Taylor Lucyk, a broker with the Taylor Lucyk Group. “Bergen County is one of the most desirable places to live in New Jersey because of its unbeatable proximity to New York City. It’s a dream for commuters, with most towns providing easy access to trains, buses, major highways, and walkable downtowns filled with dining and shopping.”
Lucyk notes that top school districts and safe neighborhoods create a steady, year‑round demand. “All of this drives home values up, which is why $1 million has become the new $500,000 in many neighborhoods,” she adds.
Smith points out that in the hardest‑hitting metros, a $1 million listing no longer buys the same space it once did. “These are some of the priciest housing markets in the country, where strong demand, limited land, and long‑standing high cost structures have propelled typical home prices far above the national average,” he says.
According to the Realtor.com October 2025 Luxury Housing Report, luxury homes—especially those in the $1 million-plus range—sold faster last year than in prior years. The 90th percentile of listings moved three days quicker year over year, narrowing the long‑standing gap between luxury and regular listings.
“The sheer volume of million‑and‑multi‑million dollar listings tells us these metros aren’t just pricey; they’re established luxury markets that continue to attract affluent buyers,” Smith observes. “Luxury demand is strong enough to sustain price tiers that go well beyond the nationwide definition of luxury.”
Realtor.com’s analysts identified the metro areas with the most homes priced at a million dollars or more. Unsurprisingly, the coasts lead the way. Below is a quick snapshot:
| Rank | Metro | Million‑dollar listings | Median list price | Median income |
|——|——-|————————–|——————-|—————|
| 1 | New York‑Newark‑Jersey City, NY‑NJ | 11,873 | $750,000 | $94,960 |
| 2 | Miami‑Fort Laredo‑West Palm Beach, FL | 10,641 | $500,000 | $74,274 |
| 3 | Los Angeles‑Long Beach‑Anaheim, CA | 9,042 | $1,085,000 | $91,380 |
| 4 | Phoenix‑Mesa‑Chandler, AZ | 2,921 | $489,000 | $87,718 |
| 5 | Dallas‑Fort Worth‑Arlington, TX | 2,710 | $420,000 | $88,783 |
| 6 | Boston‑Cambridge‑Newton, MA‑NH | 2,466 | $785,000 | $109,295 |
| 7 | Seattle‑Tacoma‑Bellevue, WA | 2,418 | $749,950 | $113,456 |
| 8 | Atlanta‑Sandy Springs‑Roswell, GA | 2,334 | $410,000 | $87,947 |
| 9 | Washington‑Arlington‑Alexandria, DC‑VA‑MD‑WV | 2,311 | $575,000 | $123,200 |
| 10 | San Francisco‑Oakland‑Fremont, CA | 2,254 | $915,000 | $133,542 |
These figures illustrate how the U.S. has become a mosaic of high‑price metros, each with its own blend of demand drivers, pricing dynamics, and regional appeal.
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