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Move Over, New York City: 9 Other Cities With the Most High-Value Homes

March 22, 2025

4 min Read

Written by John Schmoll

Edited by Jenna Klaverweiden

An aerial video of skyscrapers in Miami Florida Brickell, Downtown stock photo

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Homeownership is often seen as a key part of the American Dream. While housing affordability continues to plague many Americans, there’s a growing number of people searching for luxury homes. Almost half of luxury property specialists polled said there’s an increase in first-time premium homebuyers, according to Coldwell Banker.

New York City is an obvious destination for luxury homes. A recent study from Badeloft USA revealed New York City isn’t the top spot for premium listings. The study included four metrics in its report: square mileage, average house price, number of houses above average and number of houses above average per square mile.

Here’s where the Big Apple ranked, as well as the nine other cities that stand up against New York City for luxury housing.

Also see the salary you’ll need to afford a house in the top 10 markets for first-time buyers.

Miami

Square mileage: 36
Average house price: $584,600
Number of houses above average: 3,796
Number of houses above average per square mile: 105.44

Beautiful beaches, a vibrant culture and no state income taxes make Miami a fun alternative for luxury homebuyers not interested in New York.

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New York

Square mileage: 300.5
Average house price: $763,800
Number of houses above average: 11,427
Number of houses above average per square mile: 38.03

Often seen as a hot spot for luxury homes, New York doesn’t take the top spot, falling short of Miami with its density of luxury homes.

Las Vegas

Square mileage: 141.9
Average house price: $424,000
Number of houses above average: 3,701
Number of houses above average per square mile: 26.08

No state income tax, abundant entertainment choices and a warm climate make Las Vegas a good alternative for Americans wanting proximity to the West Coast.