M
anhattan's ultra-luxury real estate market remains a magnet for high-end buyers, solidifying its position as the nation's top luxury hub for the third consecutive year. According to Compass's 2024 Ultra-Luxury Report, Manhattan led the country with 307 transactions totaling $7.55 billion in sales volume, a 16.66% increase from 2023.

    The report highlights a nationwide surge in ultra-luxury sales, with 1,744 homes changing hands in this price category and generating $31.39 billion in sales volume. Traditional luxury hubs like Manhattan, Los Angeles, Miami-Dade, Palm Beach County, and Orange County, California, dominated the rankings, while emerging markets such as Snowmass Village, Colorado, and Nashville showed 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%. Felipe Hernandez Smith, Head of Compass Luxury, notes that today's ultra-luxury properties offer exceptional design, cutting-edge features, and meticulous attention to detail, setting new standards for discerning buyers.

    Manhattan's dominance is driven by its reputation for exclusive prime real estate, world-class cultural attractions, and unparalleled prestige. Pamela D'Arc, a Compass agent in New York, highlights the city's enduring appeal: "High-net-worth buyers consistently seek out exceptional and rare properties."

    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.

    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, 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.