T
he housing market is saturated with listings, inventory climbing for the 25th consecutive month. More than one million homes are now on the market, and at least 10 % of them carry a price tag of $1 million or higher. In major cities such as Los Angeles, Miami, and New York, a million dollars often buys a smaller or older property rather than a luxury home. “Buyers in these markets are competing at price points that would be considered top‑tier almost anywhere else,” notes Anthony Smith, senior economist at Realtor.com®.
New York City’s metro leads the nation in million‑plus listings, with Bergen County, New Jersey—just across the Hudson River—contributing heavily. The county’s dense population and diverse housing stock, coupled with convenient shopping, recreation, and transit options, make it a prime commuter hub. “Million‑dollar homes in Bergen County are now the norm,” says Taylor Lucyk of the Taylor Lucyk Group. “Its proximity to New York City, excellent schools, and safe neighborhoods keep demand high year‑round, pushing home values upward. In many of these metros, a $1 million price tag no longer buys what it used to.” Smith adds that limited land, entrenched high costs, and strong demand have driven typical home prices far above the national average in these markets.
While $1 million is not uncommon in Bergen County’s most coveted towns, it remains a premium price point. Despite the steep cost, luxury properties are selling faster than last year across most tiers; the 90th percentile of sales moved three days quicker year over year, according to Realtor.com’s October 2025 Luxury Housing Report. This narrowing gap between luxury and standard listings signals robust demand for high‑end homes, supporting price levels well beyond the traditional definition of luxury.
Realtor.com economists identified the metros with the most million‑plus listings, and coast‑side markets dominate the list:
1. **New York‑Newark‑Jersey City (NY‑NJ)** – 11,873 listings; median list price $750,000; median household income $94,960.
2. **Miami‑Fort Lauderdale‑West Palm Beach (FL)** – 10,641 listings; median list price $500,000; median household income $74,274.
3. **Los Angeles‑Long Beach‑Anaheim (CA)** – 9,042 listings; median list price $1,085,000; median household income $91,380.
4. **Phoenix‑Mesa‑Chandler (AZ)** – 2,921 listings; median list price $489,000; median household income $87,718.
5. **Dallas‑Fort Worth‑Arlington (TX)** – 2,710 listings; median list price $420,000; median household income $88,783.
6. **Boston‑Cambridge‑Newton (MA‑NH)** – 2,466 listings; median list price $785,000; median household income $109,295.
7. **Seattle‑Tacoma‑Bellevue (WA)** – 2,418 listings; median list price $749,950; median household income $113,456.
8. **Atlanta‑Sandy Springs‑Roswell (GA)** – 2,334 listings; median list price $410,000; median household income $87,947.
9. **Washington‑Arlington‑Alexandria (DC‑VA‑MD‑WV)** – 2,311 listings; median list price $575,000; median household income $123,200.
10. **San Francisco‑Oakland‑Fremont (CA)** – 2,254 listings; median list price $915,000; median household income $133,542.
These figures illustrate that the most expensive housing markets are not only high‑priced but also well‑established luxury destinations with strong appeal to affluent buyers. The continued presence of a large inventory of million‑plus homes underscores the resilience of demand in these metros, even as prices rise and inventory remains plentiful.
