Big deals

REAL ESTATE • Market Report

It was a strong year for ultra luxury home purchases in 2024, with 1,744 properties trading hands nationwide at $10M or above. That’s a 12% increase over last year, per Compass’s year-end Ultra Luxury Report. Ten markets accounted for 70% of all sales, with Silicon Valley & the Peninsula in the sixth slot.

The full top 10:

1. Manhattan NY • 307 sales (20%)

2. Greater Los Angeles CA • 190 (-18% YoY)

3. Miami-Dade FL • 152 (29%)

4. Palm Beach County FL • 132 (21%)

5. Orange County CA • 107 (32%)

6. Silicon Valley & Peninsula CA • 72 (1%)

6. Southwest Florida FL • 72 (76%)

8. The Hamptons NY • 70 (-3%)

9. Aspen CO • 58 (-12%)

10. San Diego CA • 56 (30%)

San Francisco notched 16 sales for the year, one more than last year. Elsewhere in the ultra-luxe neighborhood, the Lake Tahoe region tallied 23 ultra-luxury sales, compared to 12 in 2023, Carmel, Monterrey, & Pebble Beach (9 sales, -36%) dipped, and Santa Barbara & Montecito (38 sales, 12%) remained players.

Some other emerging markets: Snowmass Village, Colorado notched 21 $10M+ sales, 3x last year’s number. Tampa Bay and Sarasota, Florida doubled, with 26 sales across the market. Finally, Greater Nashville splashed onto the scene, with nine transactions in 2024 versus last year’s single sale.