Ryan Serhant says the American city isn’t dying—wealth is ‘multiplying,’ and buyers are flocking to Ohio, Alabama, and the Carolinas

While Florida, California, and New York continue to undeniably be hot spots for wealth, one real estate CEO says there are more markets to watch out for.

Ryan Serhant, CEO of his namesake firm and Owning Manhattan star, said high-net-worth clients continue to buy in the historically wealthy and luxury-oriented cities—but they’re also seeking secondary homes in unexpected markets.

“You would think that the American city is over, the metropolis is dead, and people are scattering,” he told Fox Business in an interview published this week.

“And what you actually see is wealth multiplying to the benefit of both the individuals and the real estate assets.” He envisions the three localities with top net migration during the next few years will be Huntsville, Ala.; Central Ohio; and Charlotte.

These are the markets “investors are paying a lot of attention to right now,” he said, adding they’re hot spots for data centers that drive wealth and jobs.

“You go to Ohio and you look around, and there are more very expensive cars than you’ll see in South Beach, but no one talks about it.” That could appear contrary to Fortune ‘s own reporting, which found billionaires have been flocking to Florida —19 of the state’s 20 richest now live in Miami alone—as states like California and Washington float new wealth taxes.

But Serhant’s argument is that the ultrawealthy aren’t just picking one place and settling, but rather diversifying their real estate portfolios.

In other words, we’re seeing wealth be stretched, he said.

Wealthy buyers continue to purchase multiple homes across the nation: “They all want ease of access to great cities without necessarily paying to be in the center,” he added.

But it’s not just the ultrawealthy diversifying.

Affordability is pulling a much broader wave of buyers toward the same kinds of markets.

“People move with their wallet,” he added.

A warning sign for places like New York Serhant also noted that even irreplaceable cities aren’t completely untouchable.

He estimated New York lost about 12,000 residents last year, which he called “definitely a warning sign,” although not quite a crisis.