Cities Where Ultraluxury Homes Are Selling Fast

The U.S. ultraluxury residential real estate market skyrocketed last year, racking up more than 1,700 sales worth a staggering combined total of $31.39 billion, according to a new report. 

The 2024 Ultra-Luxury Report from Compass found that a total of 1,744 lavish homes sold for $10 million-plus in 2024, with just 10 markets spread over four states accounting for nearly three-quarters of the total sales volume, or $23.2 billion.

New York, California, Florida, and Colorado stood out for having the most ultraluxury sales worth the most money last year, with Manhattan topping the list with 307 upmarket real estate transactions valued at $7.55 billion, according to the report. 

Greater Los Angeles notched 190 sales of $10 million-plus to the tune of $3.33 billion, followed by two separate Florida markets—Miami-Dade and Palm Beach County—which generated $2.73 billion and $2.48 billion, respectively. 

Both markets have been drawing deep-pocketed investors from New York City and elsewhere since the COVID-19 pandemic, causing home prices in Miami and Palm Beach to surge. 

Additionally, Southwest Florida, which is home to cities such as Naples and Cape Coral, generated 72 high-end home sales over the past year, with a combined volume of $1.03 billion. 

Orange County, CA, saw 107 upscale home sales valued at $1.58 billion. Two other Golden State markets distinguished themselves, with Silicon Valley and San Diego notching $106 billion and $835.76 million in sales, respectively. 

Outside of the leading four states, Colorado had an impressive year in exclusive real estate, with Aspen landing in the sixth spot with $1.41 billion earned from 58 sales. 

The Hamptons, which has long been a playground for New York City’s rich and famous, continued being a hub of real estate activity last year, churning out $1.15 billion in sales.

Compass researchers concluded that the robust performance of the top 10 markets was fueled primarily by a combination of wealth creation and wealth transfer. 

Simply put, billionaires and millionaires grew wealthier last year, allowing them to buy more upmarket properties.

Meanwhile, the children of the 1 percenters inherited their parents’ wealth at an unprecedented pace, creating a “new wave of affluent buyers,” according to the Compass report. 

The company predicted that 2025 will bring more of the same, with the ultraluxury market expected to remain resilient, boosted by high demand for trophy homes and private oases.  

Top 10 markets by sales volume of $10M-plus homes

Manhattan, NY

Total sales volume: $7.55 billion
Number of $10M-plus homes sold: 307
Average home price: $24.6 million

Greater Los Angeles, CA

Total sales volume: $3.33 billion
Number of $10M-plus homes sold: 190
Average home price: $17.52 million

Miami-Dade, FL

Total sales volume: $2.73 billion
Number of $10M-plus homes sold: 152
Average home price: $17.96 million

Palm Beach County, FL

Total sales volume: $2.48 billion
Number of $10M-plus homes sold: 132
Average home price: $18.78 million

Orange County, CA

Total sales volume: $1.58 billion
Number of $10M-plus homes sold: 107
Average home price: $14.76 million

Aspen, CO

Total sales volume: $1.41 billion
Number of $10M-plus homes sold: 58
Average home price: $24.31 million

The Hamptons, NY

Total sales volume: $1.15 billion
Number of $10M-plus homes sold: 70
Average home price: $16.42 million

Silicon Valley, CA

Total sales volume: $1.06 billion
Number of $10M-plus homes sold: 72
Average home price: $14.72 million

Southwest Florida

Total sales volume: $1.03 billion
Number of $10M-plus homes sold: 72
Average home price: $14.3 million

San Diego, CA

Total sales volume: $835.76 million
Number of $10M-plus homes sold: 56
Average home price: $14.92 million