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.
HOMEOWNERSHIP REMAINS A BIG PART OF THE AMERICAN DREAM
New York, California, Florida and Colorado all had representation among 2024’s top ultra-luxury markets in the U.S, the Compass report showed.
TOP US VACATION HOME MARKETS
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
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.
THESE WERE THE MOST EXPENSIVE HOMES SOLD IN 2024, ACCORDING TO REDFIN
“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.
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