The 2024 ultra-luxury real estate market experienced remarkable growth, with over 1,700 homes sold at $10 million or above—a 350% increase from 2023. Total sales amounted to $31.39 billion, driven largely by ten select markets across New York, California, Florida, and Colorado. The top five markets by sales volume included Manhattan, Greater Los Angeles, and Miami-Dade among others. The report by Compass highlights the ongoing momentum in the premium market, reflecting a robust demand that defies previous expectations.
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.
New York, California, Florida, and Colorado all had representation among 2024's top ultra-luxury markets in the U.S, according to the report.
The premium market continues to defy expectations with a wave of momentum from coast-to-coast, said Compass Luxury Head Felipe Hernandez Smith.
Of that staggering figure, nearly $23.2 billion came from ten places in four states that dominated the ultra-luxury market by sales volume.
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