T
he US luxury real estate market has seen a significant surge in 2024, with seven properties sold for over $100 million. According to a Newsweek map, these high-profile deals took place primarily in billionaire-favored locations such as New York, Malibu, California, and Palm Beach, Florida. However, one notable transaction occurred in Aspen, Colorado, where casino mogul Steve Wynn purchased a property for $108 million, making it the second-highest year on record for such big sales.

    Luxury home sales have increased by 5.2% in the first half of 2024, with median prices rising by 14.2%. Affluent buyers' ability to pay cash has reduced the impact of elevated mortgage rates, contributing to this resilience. The strong performance of the stock market has also bolstered the wealth of potential buyers, supporting the luxury segment.

    A map created by Newsweek using data from Mansion Global shows the most expensive real estate deals in 2024 in the US. James Jannard, founder of Oakley, set a new real estate milestone with the sale of his 10-acre Malibu estate for $210 million, making it the only US home sale this year to exceed $200 million.

    Tarpon Island near Palm Beach sold for $152 million, setting a record for the town. The island offers over 28,000 square feet of living space and features an original 1930s home repurposed as a guest pavilion. Investor Daren Metropoulos recently spent $148 million on a historic Palm Beach estate designed by renowned architect Addison Mizner.

    Despite the current surge in luxury sales, expert bodies predict a slowdown in house prices in the coming year. Economist Matthew Walsh expects a 1-1.5% year-over-year price appreciation by the end of 2025. Goldman Sachs forecasts a low chance of recession and predicts the economy will grow at a 2.5% annual rate. Homes are expected to stay on the market longer due to increased inventory, providing buyers with more options.