Miami has become the leading market for homes priced above $30 million, eclipsing New York City and the San Francisco Bay Area. This shift is largely attributed to wealthy individuals moving to Florida, attracted by its lower tax rates and what some perceive as an increasingly unfavorable business climate in other states.
During the first six months of 2026, Miami-Dade County saw 24 single-family homes and condominiums sell for over $30 million. This figure is nearly double the number of such sales in the same period last year and suggests the market is on track to surpass the 33 high-value sales recorded in all of 2025, according to data from Analytics Miami cited by Bloomberg News. In comparison, New York City recorded 17 luxury residential sales and the San Francisco Bay Area had 9 transactions in the same price range during the first half of 2026.
Brokers report sustained demand in South Florida, even during traditionally slower periods. "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," said luxury real estate broker Josh Flagg, referencing his own $10 million listing on North Bay Road in Miami.
The growth in Miami's ultra-luxury market coincides with the metropolitan area of Miami-Fort Lauderdale-West Palm Beach surpassing greater New York City in the Bureau of Economic Analysis' Regional Price Parities report, a federal measure of regional price levels. Despite this, affluent buyers continue to be drawn to South Florida, leading to bidding wars for the limited supply of high-end properties.
While some wealthy New Yorkers are relocating, including real estate developer Charles Kushner, who cited concerns over alleged antisemitism and policies targeting wealthy individuals in New York City, a significant portion of the recent momentum comes from billionaires and affluent residents from California. Brokers suggest these buyers are seeking a foothold in Florida ahead of a proposed ballot measure that could impose a one-time 5% tax on billionaires.
Notable tech figures such as Larry Page, Sergey Brin, and Mark Zuckerberg have purchased properties in South Florida within a two-month span this year. Public records indicate that Sergey Brin paid $51 million for a waterfront estate on Miami Beach's Allison Island in March.
"People are recognizing that their previous places of domicile are seeing an increase in policies that are detrimental to their wealth and businesses," Ana Bozovic, founder of Analytics Miami, told Bloomberg News. The South Florida market has experienced dramatic growth, with only two sales above $30 million recorded in 2019.
Flagg, who owns property in Florida, New York, and Beverly Hills, noted that Florida's appeal is stronger for those who move around or have an affinity for the state, rather than individuals with deep roots elsewhere who might be less inclined to leave solely for tax benefits. He described Florida as offering a similar lifestyle to California but with "a little bit more unpredictable weather and lower taxes."