Manhattan remained the top destination for ultra-luxury buyers for the third consecutive year, recording 307 transactions and $7.55 billion in total sales volume, representing 16.66% more transactions than in 2023.
Seventy-eight percent of markets with double-digit transactions surpassed prior year totals, led by Snowmass Village, Colorado, with a 66.7% increase, Tampa Bay and Sarasota with 50%, and Lake Tahoe/Incline/Reno with 47.8%.
A total of 1,744 homes sold for $10 million or more in 2024, generating $31.39 billion in sales volume and highlighting strong demand for ultra-luxury properties nationwide.
Manhattan, Los Angeles, Miami-Dade, Palm Beach County, and Orange County in California ranked in the top five in sold units and sales volume, reaffirming their status as leaders in the ultra-luxury real estate sector.
New York, New York, January 23, 2025 – Compass, Inc. (NYSE: COMP) (“Compass” or the “Company”), the largest residential real estate brokerage in the U.S. by sales volume, releases its end-of-year Ultra-Luxury Report analyzing U.S. residential real estate sales of $10 million and above across 83 markets.
While the attainable sector has experienced a sales downturn for consecutive years, buyers of the most lucrative homes, fueled by massive wealth creation, have kept the $10 million-plus market thriving, not only in established hubs but also in emerging destinations like Snowmass, Colorado, and Nashville, where demand for premier properties soared. Across the markets analyzed, 1,744 homes sold at $10 million and above, collectively generating $31.39 billion in sales.
"The premium market continues to defy expectations with a wave of momentum from coast-to-coast," said Felipe Hernandez Smith, Head of Compass Luxury. “Today's ultra-luxury properties bring together exceptional design, cutting-edge features, and meticulous attention to detail, setting new standards for what discerning buyers seek.”
National Rankings
Manhattan remained the top destination for ultra-luxury buyers for the third consecutive year, recording 307 transactions and $7.55 billion in total sales volume as equity market gains inspired buyers to diversify their portfolios in a city renowned for exclusive prime real estate, world-class attractions, and undeniable prestige.
"High-net-worth buyers consistently seek out exceptional and rare properties,” noted Pamela D'Arc, a New York Compass agent. “This focus on quality has reinforced the remarkable strength of the luxury market.”
Los Angeles secured the second spot for ultra-luxury transactions and sales volume, totaling $3.328 billion, despite a 17.75% dip in transactions year-over-year.
Savvy buyers and global investors seized opportunities in high-rise Los Angeles developments, marking a shift in the market traditionally categorized by estate sales. The growing demand for high-rise resort-style properties offering stunning views and less maintenance fueled the demand for desirable alternatives. As more high-rise inventory comes to market and building regulations ease, the trend is expected to continue, further driving activity in the Los Angeles ultra-luxury sector.
“We’ve seen a significant increase in interest for luxury condominium purchases, and we anticipate this momentum will carry into 2025 and beyond as more of these projects come to market,” said Sally Forster Jones, a Compass agent based in Beverly Hills.
Similarly, Palm Beach County has seen a surge in demand as new luxury condominium developments are reshaping the market.
Kyle Blackmon, a Compass agent in Palm Beach County, noted, “The area is transforming with new luxury condominiums like South Flagler House, The Ritz-Carlton Residences, and Mr. C Residences set to rise along the Coastal West Palm Beach skyline.”
Resilient Growth Markets
A resounding 42 markets either surpassed or matched 2023 transaction totals. In markets with double-digit transactions, 78% recorded higher sales compared to the previous year. Whether emerging or resurgent, these markets reflect growing confidence in high-value real estate investments.
Leading the way, Snowmass Village, Colorado—once overshadowed by nearby areas—has cemented itself as a luxury hotspot, going from seven trades in 2023 to 21 in 2024. This momentum was fueled by record-breaking sales at high-end new developments, attracting a new generation of buyers.
“In just two months, seven Aura condominiums closed between $10 million and $12 million, with one quickly reselling for $15 million—a 25% value increase,” said BJ Adams, a Snowmass Village Compass agent.
At the same time, year-over-year sales in Tampa Bay and Sarasota doubled, driven by out-of-state buyers, a robust local economy, and widespread confidence in the market’s continued growth.
“We've received many calls from clients excited about the market's potential post-election, anticipating increased activity and growth,” said Michelle Ward, a Compass Florida agent. “Many are eager to capitalize on current conditions, positioning themselves strategically for what’s ahead.”
Similarly, sales soared past the previous year in Lake Tahoe, including Incline and Reno. The region saw 23 ultra-luxury sales, compared to 12 in 2023, representing a resurgence for an area mostly known for its recreational appeal and scenic beauty.
“With 12 ski resorts and over 30 golf courses, limited development opportunities and increasing price-per-foot have elevated the market,” mentioned Clayton Humphries, a Compass Lake Tahoe agent. “Luxury buyers seek architectural excellence and active lifestyles, making Tahoe a legacy destination for multi-generational homes and enduring value.”
Another impressive market was Greater Nashville, which experienced an extraordinary 800% increase in sales, rising from just one transaction in 2023 to nine in 2024. This dramatic surge follows modest activity in previous years, with four sales in 2022 and two in 2021, highlighting the region's growing allure for ultra-high-net-worth buyers.
“The luxury real estate market in Nashville and Williamson County is thriving, fueled by a vibrant entertainment scene, corporate relocations, and scenic landscapes,” said Jennifer Bickerstaff, a Compass Nashville agent. “As the region continues to expand, the luxury market balances tradition and innovation, solidifying its status as one of the Southeast’s most desirable locations.”
2025 Outlook
The outlook for the ultra-luxury real estate market in 2025 remains optimistic as a concentration of wealth will continue to drive demand for exclusive properties supported by strategic wealth management and gains in financial markets. Additionally, anticipated economic policies under the incoming administration may further enhance the net worth of ultra-high-net-worth individuals.
Overall, the ultra-luxury sector continues to demonstrate resilience, driven by strong demand for premier properties offering discerning appeal and attractive investment potential.
To delve deeper into the insights and findings of Compass’ Ultra-Luxury Report, please visit the Compass Luxury website: https://www.luxuryatcompass.com/ultra-luxury.
Report Findings
[^1] All data in this press release is derived from the Compass Ultra-Luxury Report 2024 available on the Compass Luxury website. Please refer to that report for additional information, including all of the publicly available sources from which each market’s data was derived.
[^2] Sales Volume, in this context, is calculated as the monetary value of exchanges of property rights from one entity to another at and above $10 million during the periods described.
[^3] Transaction Volume, in this context, is calculated as the number of exchanges of property rights from one entity to another at and above $10 million, during the periods described.
