The 2024 Ultra-Luxury Report from Compass reveals a booming market for ultraluxury real estate in the U.S. last year, with 1,744 homes selling for over $10 million, accumulating a staggering $31.39 billion. The majority of sales occurred in just 10 markets across New York, California, Florida, and Colorado, with Manhattan leading at $7.55 billion. The trends suggest a shift in wealthy buyer interests, particularly toward Miami and Palm Beach as they attract investors from New York, spurred by pandemic-related changes in lifestyle and location preferences.
The U.S. ultraluxury residential real estate market saw over 1,700 sales worth $31.39 billion in 2024, highlighting an unprecedented demand for high-end properties.
The report reveals that just 10 markets across New York, California, Florida, and Colorado accounted for nearly three-quarters of the total sales volume.
Notably, Manhattan led the charge with 307 transactions totaling $7.55 billion, illustrating its dominant role in the ultraluxury market.
The surge in ultraluxury home sales reflects a broader trend of wealthy investors gravitating towards markets like Miami and Palm Beach post-pandemic.
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