T
he luxury real estate market experienced a remarkable surge in 2024, with a handful of regions emerging as top performers. According to Compass, the ultra-luxury market saw a staggering 350% increase in sales volume compared to the previous year, with over $31.39 billion worth of transactions. This growth was largely driven by ten high-performing areas across four states: New York, California, Florida, and Colorado.

    These top markets accounted for nearly $23.2 billion of the total ultra-luxury sales volume, with an average price tag of $24.6 million per property. The five leading markets were:

    1. Manhattan, where 307 homes sold for a combined $7.5 billion, averaging $24.6 million each.

    2. Greater Los Angeles, which saw 190 homes sell for $3.3 billion, with an average price of $17.5 million.

    3. Miami-Dade, where 152 homes changed hands for $2.7 billion, averaging $18 million per property.

    4. Palm Beach County, which recorded 132 sales worth $2.5 billion, with an average price of $18.8 million.

    5. Orange County, California, where 107 homes sold for $1.6 billion, averaging $14.8 million each.

    Other notable markets included Aspen ($1.4 billion), the Hamptons ($1.2 billion), Silicon Valley ($1.06 billion), Southwest Florida ($1.03 billion), and San Diego ($835 million).

    Compass Luxury Head Felipe Hernandez Smith noted that the premium market continues to defy expectations, with a wave of momentum sweeping across the country. This trend is expected to continue, driven by the enduring appeal of luxury real estate as a symbol of success and status.