In COMPASS’ 2024 mid-term ultra-luxury housing report, which tracks home sales over $10 million, South Florida ranked highly in the top 10.
In terms of sales, Palm Beach and Miami-Dade counties ranked third and fourth with 79 and 74 transactions, respectively, in the first half of the year, up 46.3% and 21.3% from 2020. Southwest Florida ranked sixth with 41 sales, up 46.4% from 28 in 2023.
Palm Beach and Miami-Dade counties again ranked third and fourth in sales with $1.59 billion and $1.3 billion, respectively, up 69% and 28.2%, respectively, from last year. Southwest Florida ranked eighth with $620.1 million, up 31%.
Nationwide, the number of ultra-luxury homes sold in the first half of the year increased 3.9% year over year to 838 for a total of $14.67 billion. Among metropolitan areas, the greater Los Angeles area led with 135 sales totaling $2.67 billion, followed by Manhattan with 121 sales totaling $2.34 billion, and Palm Beach County and Miami-Dade County.
The top 10 markets combined accounted for 75% of all sales studied. Of the top 81 markets featured in the report, 20 saw increases in ultra-luxury sales.
“Luxury properties remain timeless and the findings from this report show that both buyers and sellers have a strong desire to complete the transaction,” said Felipe Hernandez Smith, head of COMPASS Luxury. “There are stunning homes across the country that cater to every lifestyle, and it’s heartening to see that luxury real estate remains in fashion.”
