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 Zohran Mamdani’s alleged antisemitism.
Kushner was also critical of Mamdani’s targeting of hedge fund billionaire Ken Griffin.
Just before New York City enacted a tax on pieds-à-terre, Mamdani touted the proposal with a video in which he stood just outside of Griffin’s penthouse at 220 Central Park South.
“You know, Ken Griffin worked hard to earn all that money,” Kushner told The Post. “He took a lot of risk to earn all that money. That’s what America’s about.”
Griffin responded to Mamdani’s post by pledging to “double down” on Miami, adding that his company, Citadel, would move more jobs to South Florida instead of New York in the next decade.
“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 exploded from just two sales above $30 million in 2019.
But brokers say New York’s wealthy aren’t the primary force behind the latest wave.
Instead, much of the momentum has come from California billionaires and other affluent residents looking for a foothold in Florida ahead of a proposed ballot measure that would impose a one-time 5% tax on billionaires, according to Douglas Elliman agent Dina Goldentayer.
That group includes tech heavyweights Larry Page, Sergey Brin and Mark Zuckerberg, all of whom purchased South Florida properties within a roughly two-month span this year, Bloomberg reported.
Brin paid $51 million for a waterfront estate on Miami Beach’s Allison Island in March, according to public records cited in the report.
Flagg, who owns homes in Florida, New York and Beverly Hills, said Florida isn’t the right fit for everyone, particularly those with deep roots elsewhere.
“Not a lot of people who are born and raised in Los Angeles…are willing to leave California just to save a few bucks on taxes,” he said. “But for a lot of people who move around or have an affinity for Florida, it’s a no brainer.”
“It’s basically the same as California, but with a little bit more unpredictable weather and lower taxes,” Flagg said.