According to a report by Compass, 2024 is a good year for the ultra-luxurious real estate market, with several regions distinguished as the main market in that category.
The Compass has found that the U.S. super-luxury market has marked over 1,700 sales of at least $10 million homes over the last year, marking a 350% jump from 2023. Those sales are worth a total of $313.9 billion, the real estate company said.
Of that incredible figure, roughly $23.2 billion came from 10 locations in four states that dominated the ultra-luxury market by sales volume.
New York, California, Florida and Colorado were all representatives in the top ultra-luxury markets in the US in 2024, according to the Compass Report.
This is the five markets that top the rankings for ultra-luxurious properties by volume, and the number of homes that changed hands last year by at least $10 million. Based on the company’s report, Fox Business calculated the average super-luxury sales price for each by dividing the volume by the number of homes it sells.
Manhattan
Total super-high-end sales volume: $7.5 billion
Houses sold: 307
Average price: $24.6 million
Greater Los Angeles
Total super-high-end sales volume: $3.3 billion
Houses sold: 190
Average price: $17.5 million
Miami Dade
Total Super Luxury Sales Volume: Sales $2.7 billion: 152 Average Price: $18 million
Palm Beach County
Total super-luxury sales volume: $2.5 billion
Houses sold: 132
Average price: $18.8 million
Orange County
Total super-high-end sales volume: $1.6 billion
Houses sold: 107
Average price: $14.8 million
With sales volumes of ultra-luxury homes, Aspen ranks sixth in the Compass with $1.4 billion, Hamptons ranks seventh in $1.2 billion, Silicon Valley ranks eighth in $1.06 billion, and Southwest Florida He came in ninth place with $1.03 billion. San Diego ranked 10th at $835. 8 million.
“The premium market continues to deny expectations with a wave of momentum from coast to coast,” Compass’s gorgeous head Hernandez Smith said in a press release.
