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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.
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
The Midtown Manhattan skyline is seen from the ‘Edge at Hudson Yards’ observation deck ahead of a total solar eclipse across North America, in New York City on April 8, 2024. This year’s path of totality is 115 miles (185 kilometers) wide and home to (CHARLY TRIBALLEAU/AFP via Getty Images / Getty Images)
Total ultra-luxury sales volume: $7.5 billion
Homes sold: 307
Average price: $24.6 million
Greater Los Angeles
A layer of smog lingers above the downtown Los Angeles skyline on December 6, 2024. The National Weather Service on December 4 issued an air quality alert for the greater Los Angeles area until midnight on December 6. (Photo by ETIENNE LAURENT / AFP) (ETIENNE LAURENT/AFP via Getty Images / Getty Images)
Total ultra-luxury sales volume: $3.3 billion
Homes sold: 190
Average price:$17.5 million
Miami-Dade
Miami Beach, Florida, Biscayne Bay, Miami downtown city skyline. (Photo by: Jeffrey Greenberg/UCG/Universal Images Group via Getty Images) (Jeffrey Greenberg/UCG/Universal Images Group via Getty Images / Getty Images)
Total ultra-luxury sales volume: $2.7 billion
Homes sold: 152
Average price: $18 million
Palm Beach County
Boats docked next to single-family houses in Palm Beach, Florida, U.S., on Wednesday, April 7, 2021. Purchase contracts for single-family houses priced at $10 million or more surged 306% in March from a year earlier, the biggest gain since the pandem (Marco Bello/Bloomberg via Getty Images / Getty Images)
Total ultra-luxury sales volume: $2.5 billion
Homes sold: 132
Average price: $18.8 million
Orange County
Luxurious South Orange County, California on a beautiful day (adamkaz / iStock)
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.
