These Places Led the US Ultra-Luxury Market Last Year, Real Estate Company Compass Reveals
2024 was a good year for the ultra-luxury real estate market, with a handful of areas standing out as the leading markets in that category, according to a report from Compass.
Compass found America’s ultra-luxury market notched over 1,700 sales of homes of at least $10 million over the course of last year, marking a 350% jump from 2023. Those sales, the real estate firm said, were worth a combined $31.39 billion.
Of that staggering figure, nearly $23.2 billion came from ten places in four states that dominated the ultra-luxury market by sales volume, according to the report.
New York, California, Florida, and Colorado all had representation among 2024’s top ultra-luxury markets in the U.S, the Compass report showed.
Here are the five markets that topped Compass’ rankings for ultra-luxury properties by sales volume and how many homes of at least $10 million changed hands in each last year. FOX Business also calculated the average ultra-luxury sale price for each by dividing the sales volume by the number of homes sold, based on the firm’s report.
Manhattan
- Total ultra-luxury sales volume: $7.5 billion
- Homes sold: 307
- Average price: $24.6 million
Greater Los Angeles
- Total ultra-luxury sales volume: $3.3 billion
- Homes sold: 190
- Average price: $17.5 million
Miami-Dade
- Total ultra-luxury sales volume: $2.7 billion
- Homes sold: 152
- Average price: $18 million
Palm Beach County
- Total ultra-luxury sales volume: $2.5 billion
- Homes sold: 132
- Average price: $18.8 million
Orange County
- Total ultra-luxury sales volume: $1.6 billion
- Homes sold: 107
- Average price: $14.8 million
The majority of ultra-luxury homes purchased in 2024 came from ten places in just four states. By sales volume of ultra-luxury homes, Compass found that Aspen placed No. 6 with $1.4 billion, the Hamptons placed No. 7 with $1.2 billion, Silicon Valley placed No. 8 with $1.06 billion, Southwest Florida placed No. 9 with $1.03 billion, and San Diego placed No. 10 with $835.8 million.
"The premium market continues to defy expectations with a wave of momentum from coast-to-coast," Compass Luxury Head Felipe Hernandez Smith said in a press release.
Conclusion
The ultra-luxury real estate market in the US saw a significant surge in 2024, with a total sales volume of $31.39 billion. The top five markets in terms of ultra-luxury sales volume were Manhattan, Greater Los Angeles, Miami-Dade, Palm Beach County, and Orange County.
FAQs
- What was the total sales volume of ultra-luxury homes in 2024?
The total sales volume of ultra-luxury homes in 2024 was $31.39 billion. - Which cities made up the top 5 markets in terms of ultra-luxury sales volume?
Manhattan, Greater Los Angeles, Miami-Dade, Palm Beach County, and Orange County. - What was the average price of ultra-luxury homes in 2024?
The average price of ultra-luxury homes in 2024 varied by market, ranging from $14.8 million to $24.6 million.
