The allure of Manhattan’s ultra-luxury real estate market remains strong, with the borough ranking first in the nation for the third year in a row, according to Compass’ 2024 Ultra Luxury Report. Manhattan recorded 307 transactions and total sales of $7.55 billion, an increase of 16.66% over 2023, reaffirming its position as America’s most exclusive real estate capital.
The report analyzed sales of residential real estate valued at $10 million or more in 83 U.S. markets and found that ultra-luxury sales are increasing markedly nationwide. In 2024, 1,744 homes were bought and sold in this price category, for a sales value of $31.39 billion. This is a testament to the sustained demand for prime real estate despite economic uncertainty in other real estate sectors.
Traditional luxury cities such as Manhattan, Los Angeles, Miami-Dade, Palm Beach County, and Orange County, California, topped the rankings, while emerging markets such as Snowmass Village, Colorado, and Nashville also saw significant growth. Snowmass Village led the way in transactions with a 66.7% increase, followed by Tampa Bay and Sarasota with a 50% increase and Lake Tahoe/Incline/Reno with a 47.8% increase.
“The premium market continues to disappoint, with waves of momentum coast to coast,” said Felipe Hernandez-Smith, head of luxury at Compass. “Today’s ultra-luxury properties combine exceptional design, cutting-edge features and meticulous attention to detail, setting new standards for what discerning buyers are looking for.”
Manhattan’s dominance is supported by a reputation for prime real estate, world-class cultural attractions, and unparalleled prestige. Pamela D’Arc, a Compass agent in New York, emphasized the city’s enduring appeal: This focus on quality has reinforced the incredible strength of the luxury goods market. ”
Los Angeles took second place with $3.328 billion in sales despite a 17.75% decrease in transaction value compared to 2023. There is a notable shift in the market as wealthy buyers increasingly gravitate toward high-rise developments that offer resort-style amenities, panoramic views, and low-maintenance living.
“There’s been a huge uptick in interest in buying luxury condominiums,” said Sally Forster Jones, a Compass agent in Beverly Hills. “We expect this momentum to continue into 2025 and beyond as more of these projects come to market.”
Snowmass Village’s astonishing 66.7% jump in ultra-luxury transactions highlights its growing appeal as a second home. Similarly, Palm Beach County has experienced transformation with the development of new luxury condominiums. Projects such as South Flagler House, The Ritz-Carlton Residences, and Mr. C Residences are redefining the market along the coastal West Palm Beach skyline.
“This area is changing with all this new development, attracting affluent buyers looking for the best in design and lifestyle,” said Kyle Blackmon, a Compass agent in Palm Beach.
The $10 million-plus market shows no signs of slowing down as wealth creation continues to fuel demand for ultra-luxury real estate. Buyers are looking for a lifestyle statement, not just a home, and this trend is evident in both the country’s major markets and emerging cities alike. Markets like Los Angeles and Palm Beach are expected to see a large influx of high-rise inventory, and industry experts predict continued strong activity into 2025 and beyond.
Compass’ report provides insight into the resilience of the ultra-luxury market, where rarity, exclusivity and exceptional quality continue to drive sales even in uncertain economic times. For buyers and investors alike, the appeal of prime American real estate remains stronger than ever.
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