The allure of Manhattan’s ultra-luxury real estate market remains unshaken as the borough leads the nation for the third consecutive year, according to Compass’s 2024 Ultra-Luxury Report. With 307 transactions totaling $7.55 billion in sales volume, Manhattan accounted for 16.66% more transactions than in 2023, reaffirming its position as the epicenter of America’s most exclusive real estate.
The report, which analyzes sales of residential properties priced at $10 million and above across 83 U.S. markets, revealed a remarkable nationwide surge in ultra-luxury sales. In 2024, 1,744 homes changed hands in this price category, generating $31.39 billion in sales volume—a testament to the enduring demand for premier properties despite economic uncertainty in other real estate sectors.
While traditional luxury hubs like Manhattan, Los Angeles, Miami-Dade, Palm Beach County, and Orange County, California, topped the rankings, emerging markets such as Snowmass Village, Colorado, and Nashville showcased significant growth. Snowmass Village led the pack with a 66.7% increase in transactions, followed by Tampa Bay and Sarasota with a 50% rise, and Lake Tahoe/Incline/Reno with 47.8%.
“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.”
Manhattan’s dominance is underpinned by its reputation for exclusive prime real estate, world-class cultural attractions, and unparalleled prestige. Pamela D’Arc, a Compass agent in New York, highlighted the city’s enduring appeal: “High-net-worth buyers consistently seek out exceptional and rare properties. This focus on quality has reinforced the remarkable strength of the luxury market.”
Los Angeles claimed the second spot with $3.328 billion in sales volume, despite a 17.75% decline in transactions compared to 2023. The market has seen a notable shift as high-net-worth buyers increasingly gravitate toward high-rise developments offering resort-style amenities, panoramic views, and low-maintenance living.
“We’ve seen a significant increase in interest for luxury condominium purchases,” noted Sally Forster Jones, a Compass agent in Beverly Hills. “We anticipate this momentum will carry into 2025 and beyond as more of these projects come to market.”
Snowmass Village’s remarkable 66.7% surge in ultra-luxury transactions underscores the growing appeal of second-home destinations. Similarly, Palm Beach County has experienced a transformation driven by new luxury condominium developments. Projects like South Flagler House, The Ritz-Carlton Residences, and Mr. C Residences are redefining the market along the Coastal West Palm Beach skyline.
“The area is transforming with these new developments, attracting a wave of affluent buyers seeking the best in design and lifestyle,” said Kyle Blackmon, a Compass agent in Palm Beach.
As wealth creation continues to fuel demand for ultra-luxury properties, the $10 million-plus market shows no signs of slowing down. Buyers are seeking not just homes but lifestyle statements—a trend evident across the nation’s leading markets and emerging destinations alike. With significant high-rise inventory expected to enter markets like Los Angeles and Palm Beach, industry experts anticipate robust activity in 2025 and beyond.
Compass’s report provides a window into the resilience of the ultra-luxury market, a segment where scarcity, exclusivity, and exceptional quality continue to drive sales even in uncertain economic times. For buyers and investors alike, the allure of America’s premier properties remains stronger than ever.
