In real estate, where market reports often serve as sales tools, Jonathan Miller stands out as a rare neutral voice. As President and CEO of Miller Samuel Inc., the New York-based appraisal and consulting firm he co-founded in 1986, Miller has built his reputation on delivering unvarnished market analysis—whether the news is favorable or not.
This objectivity has made Miller Samuel a trusted source in real estate analytics. Their Douglas Elliman report series is regularly cited by the Federal Reserve and other federal agencies for policy decisions, a distinction that sets them apart in an industry prone to optimistic messaging.
Miller’s path to becoming a leading real estate analyst began with a conscious shift away from brokerage. After working as a broker in Chicago and Manhattan in the 1980s, he recognized a major weakness in the market: a lack of reliable data.
“I kept running into appraisers that had very little information,” Miller recalls. “Manhattan doesn’t have a traditional Multiple Listing System, so data is an even more important currency. In the 1980s, before StreetEasy and Zillow, it was very much hand-collected.”
Realizing the opportunity, Miller and his family chose to launch an appraisal company instead of a brokerage. “We all looked at each other and said, ‘Do we really want to do that?’ The answer was no, so we pivoted and started an appraisal company.”
That decision in 1986 set Miller on a nearly four-decade career focused on analytical rigor. He describes himself as a “dull and boring numbers guy,” preferring precision over promotion.
Miller’s approach remains unusual in a business where data is often used to support sales goals. “We’re neutral market observers. We don’t really care what your problems are. We just want to provide a neutral benchmark for users of our report information to make informed decisions.”
Early on, this stance met resistance from the brokerage community. “I remember one time my research was on the front page of The New York Times, and I had several CEOs of brokerage companies call me and say, ‘How can you be so negative about what’s going on in the market?'”
Miller’s response was simple: “I’m not being negative. I’m just translating what all the data is telling us. Don’t you want your clients and customers to make good decisions and be with them for the long haul?”
Initially, relations with brokers were “almost adversarial,” as Miller puts it. Over the past 25 to 30 years, however, increased transparency and access to data have changed that dynamic. Agents are no longer sole gatekeepers of information and now value accurate, independent analysis.
“There’s been a tremendous change in the mindset of the brokerage community,” Miller observes. “They know that the market doesn’t really care what they think, and they want to be part of the collective effort to convey accurate and reliable information.”
Miller Samuel’s reputation grew when federal agencies began seeking out their research. “The first time I noticed we were getting attention was when I got an email from the Fed complaining because I didn’t have my latest research on our website. I said, ‘Oh, we’re on to something.'”
Today, their reports are used by a wide array of government agencies and cited in national media. Miller credits this credibility to their focus on creating reports for decision-makers, not promotional materials for marketing.
“When a broker or company produces a market study, most end up being brochures with numbers on them, highlighting the expertise of the author,” Miller says. “We put that in the back seat. We’re not producing a brochure. We’re producing reports used by consumers, businesses, government agencies, and academia.”
Miller traces current housing market conditions back to monetary policy during the pandemic. “The Federal Reserve essentially kept interest rates too low for too long. The result was that we saw an obliteration of inventory.”
He describes housing inventory as “a living, breathing blob over a housing market” that takes time to grow. Prolonged low rates led to a dramatic reduction in available homes for sale.
The effects persist. Even as mortgage rates have more than doubled from 2021 lows, prices have not fallen as many predicted. “The reason is that inventory has been persistently low,” Miller notes.
In New York City’s suburbs, competitive conditions remain. “We have suburban markets that at one point saw 50 to 60% of all transactions as bidding wars, where they sold higher than the asking price. Now it’s 25 to 35%, which is still insanely high and shows how tight the market remains.”
While inventory remains tight in the Northeast and Midwest, Miller points out that markets like Texas and Florida have abundant supply, and the West Coast has reached a more balanced state.
This reflects local economic differences and construction trends. Yet, Miller highlights a core challenge: “New construction is 10 to 15% of total inventory. Resales or existing inventory is dominant, and that’s the problem.”
He also notes that most new construction targets the mid-to-high-end market, not the affordable housing segment, where demand is greatest.
Miller observes that higher-priced properties are performing better than lower-priced ones across all sectors. “The general characterization is that the higher the price or the higher the wages or net worth of a buyer, the more active or stronger that market is.”
This is especially true in the condo market, where higher-end units are faring better than entry-level options. Miller attributes this to higher interest rates and the financing advantages available to wealthier buyers.
“The more affluent you are, the more likely you have a wealth manager or relationship manager at the bank, and you’re not paying full retail. You’re not paying 6.4% on a 30-year fixed. You’re paying something in the low fives because of alternative financing products not necessarily available to the masses.”
The lending environment has changed dramatically since Miller Samuel’s founding. In the 1980s, Miller describes an environment where appraisers were often pressured to support transactions rather than provide objective valuations.
After the 2008 financial crisis, regulations created a clear separation between sales and underwriting functions at banks. This has led to increased commoditization of residential mortgage appraisals, pushing Miller Samuel toward specialized assignments that require expert judgment.
“We do a lot of litigation work,” Miller says, pointing to cases involving building defects or noise issues. “We do a lot of odd things that can’t be commoditized, and I think that’s where the industry is going.”
He expects further automation in valuation, with complex cases remaining the domain of specialists.
For institutional investors, Miller sees opportunities in overlooked markets. In New York City, zoning changes and housing initiatives are creating favorable conditions despite high entry costs.
“Rents are at all-time highs and have been rising for about three years at a significant clip,” Miller notes. “Wall Street compensation has been at record levels for the last two years, which translates into higher purchase rates and higher rental prices being sustained.”
He predicts interest rates will decrease gradually but does not expect a return to pandemic-era lows. “Most analysts think rates won’t crack below 6% until early 2027.”
Miller advises investors to consider middle-market cities rather than the most popular destinations, as these areas are likely to see more activity in the coming years.
As an instructor in Columbia University’s graduate real estate program, Miller stresses the need for credible sources in an era of information overload.
“With social media and websites providing much greater transparency of housing data than ever before, I think it’s really important for investors to double down on paying attention to who the source is for information,” Miller says.
“Social media is rife with broad generalizations about housing. Think of the source of the information as equally important to the information itself. If you see a chart without a source on it, it’s a lie, or something is being hidden.”
Miller’s focus on objective, well-sourced analysis has guided Miller Samuel for nearly 40 years. In an industry crowded with promotional content, his commitment to accuracy and transparency continues to set the standard for trustworthy market intelligence.
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