- Over 1,700 homes in the US sold for $10 million or more in 2024, marking a 350% increase from 2023 (Compass, 2024).
- Manhattan, Greater Los Angeles, Miami-Dade, Palm Beach, and Orange County were the nation’s top five ultra-luxury real estate markets.
- Surging stock market gains, tax-friendly states, and limited inventory fueled the ultra-luxury housing boom.
- Foreign investors increasingly sought US ultra-luxury homes as secure and appreciating assets.
- Despite global economic shifts, experts predict sustained demand for $10M+ homes into 2025.
The Rise of the US Ultra-Luxury Real Estate Market
The US ultra-luxury real estate market experienced a major boom in 2024, with more than 1,700 properties selling for at least $10 million—an astonishing 350% surge from the previous year (Compass, 2024). Driven by a roaring stock market, migration trends favoring tax-friendly states, and historically low inventory, this expansion reshaped the high-end housing landscape. Let’s explore the top ultra-luxury markets that defined 2024 and the key factors that fueled their growth.
The Top Five Ultra-Luxury Real Estate Markets in 2024
Manhattan, NY – The Eternal Luxury Capital
New York City remained at the forefront of the US ultra-luxury real estate scene, with Manhattan continuing to attract high-net-worth buyers. The city’s prestigious zones—Upper East Side, Billionaires’ Row, Central Park South, and Tribeca—saw numerous $10M+ home sales as luxury buyers prioritized exclusivity, prime locations, and top-tier amenities.
Why Manhattan Continues to Dominate
- Finance & Business Hub: As the nation’s financial capital, New York attracts investment bankers, hedge fund managers, and business executives.
- Legacy & Status: Owning a penthouse overlooking Central Park or a townhome in the Upper East Side remains a status symbol.
- Limited Supply: Despite new developments, ultra-prime locations remain scarce, further driving up prices.
Greater Los Angeles, CA – The Ultimate Lifestyle Destination
Los Angeles has long been a hub for entertainment industry elites, Silicon Valley entrepreneurs, and international investors, reinforcing its position as a top luxury market. The most elite Los Angeles enclaves—Beverly Hills, Bel Air, Holmby Hills, and Malibu—experienced skyrocketing demand.
Why Ultra-Luxury Buyers Choose LA
- Unparalleled Lifestyle: Ocean views, celebrity neighbors, and year-round sunshine remain a magnet for the wealthy.
- Architectural Masterpieces: The city’s modern mansions and historic estates fetch astronomical prices.
- Limited Inventory: Prime real estate in LA’s most coveted neighborhoods remains hard to acquire, creating fierce competition.
Miami-Dade County, FL – The Hottest Tax Haven
Miami’s ultra-luxury market skyrocketed as buyers from New York, Chicago, and California sought Florida’s tax benefits. Waterfront estates in Miami Beach, Coral Gables, and Star Island saw record-breaking sales, with luxury condos in Fisher Island and Brickell also commanding top dollar.
What’s Fueling Miami’s Luxury Boom?
- No State Income Tax: A major draw for ultra-high-net-worth individuals migrating from high-tax states.
- Expanding Financial Sector: Major hedge funds and private equity firms have relocated or expanded in Miami, boosting local demand.
- Year-Round Resort Living: Oceanfront properties and high-end condos offer the ultimate in luxury and convenience.
Palm Beach County, FL – The Billionaires’ Retreat
Palm Beach continued to establish itself as a key player in the US ultra-luxury real estate market, attracting high-profile billionaires and business moguls. The trend of relocating from New York and Connecticut for tax advantages and exclusivity remained strong in 2024.
Why Palm Beach is a Top Market for the Ultra-Wealthy
- Exclusive Oceanfront Estates: Some of the nation’s priciest waterfront properties are here.
- Private Clubs and Exclusive Communities: Ultra-luxury buyers are drawn to Mar-a-Lago, The Breakers, and high-end golf course estates.
- Strong Real Estate Appreciation: Limited land supply ensures long-term value growth.
Orange County, CA – Elite Beachfront Living
The luxury housing market in Newport Beach, Laguna Beach, and Dana Point thrived in 2024, drawing Silicon Valley executives, international investors, and Hollywood elites. Buyers sought exclusive hillside mansions and beachfront estates in the most picturesque parts of Southern California.
Why Orange County Stands Out
- Views & Lifestyle: Prime oceanfront real estate with private beach access is highly coveted.
- Strong Demand From Tech Wealth: Many buyers migrated south from Silicon Valley for a more relaxed luxury lifestyle.
- Limited Inventory: High demand for ultra-luxury properties amid limited supply propelled record-breaking sales.
Emerging Ultra-Luxury Hotspots in 2024
Aspen, CO – A Billionaire’s Playground
Luxury real estate sales in Aspen surpassed $1.4 billion in 2024 as high-net-worth individuals flocked to this mountain retreat (Compass, 2024).
The Hamptons, NY – New York’s Ultimate Summer Haven
With $1.2 billion in $10M+ home sales, The Hamptons remained a favorite for second-home buyers seeking luxury beach estates.
Silicon Valley, CA – The Tech Wealth Hub
Fueled by record-breaking IPOs and sky-high tech salaries, Silicon Valley’s ultra-luxury market saw over $1 billion in high-end sales.
Las Vegas, NV – A Surprising Luxury Contender
Traditionally overlooked in the ultra-luxury space, Las Vegas is rapidly emerging as a premier destination for wealthy buyers seeking exclusive gated communities like The Ridges and MacDonald Highlands.
The Key Drivers of the Ultra-Luxury Boom in 2024
Several critical trends contributed to the remarkable surge in US ultra-luxury real estate sales
- Stock Market Gains: A bullish market in early 2024 supercharged the purchasing power of ultra-high-net-worth individuals.
- Record-Breaking Wealth Transfers: As baby boomers pass on wealth, younger high-net-worth buyers are investing in prime real estate.
- Limited Inventory: The scarcity of ultra-luxury homes has driven bidding wars and record-breaking transactions.
- Global Economic Uncertainty: Luxury real estate remains a safe-haven asset class during times of economic volatility.
Will the Ultra-Luxury Market Continue to Thrive?
Industry experts predict that demand for $10M+ homes will remain strong through 2025, but potential market headwinds—such as interest rate fluctuations and economic slowdowns—could slightly temper growth. However, luxury properties in sought-after markets with limited inventory are expected to hold or increase their values.
Final Takeaways for Investors and Buyers
- Manhattan, Los Angeles, Miami, Palm Beach, and Orange County were the top-selling US ultra-luxury markets in 2024.
- Low inventory in prime areas continues to drive competition and price growth.
- Ultra-luxury real estate remains a stable investment, providing long-term appreciation.
- High-net-worth individuals are prioritizing tax-friendly states like Florida for real estate purchases.
For investors and high-net-worth buyers, now may be the ideal time to secure a premier ultra-luxury property before price appreciation accelerates further. Whether you’re looking for a New York penthouse, a Beverly Hills estate, or a Miami mansion, the US ultra-luxury real estate market offers exceptional opportunities for wealth preservation and growth.
Citations
- Compass. (2024). U.S. Ultra-Luxury Real Estate Report. Retrieved from luxuryatcompass.com.
- Redfin. (2024). These Were the Most Expensive Homes Sold in 2024. Retrieved from Redfin.com.