Cities Where Ultraluxury Homes Are Selling Fast

The Booming Ultra-High-End Real Estate Market

The ultraluxury residential real estate market experienced an extraordinary boom in 2024, with exclusive properties flying off the market at record prices. According to Compass's 2024 Ultra-Luxury Report, an impressive 1,744 homes sold for $10 million or more last year, generating a staggering $31.39 billion in total sales.

What's driving this luxury buying spree? Compass researchers point to two primary factors: significant wealth creation among the already wealthy and unprecedented wealth transfer between generations. This combination has created both established ultrawealthy buyers and a new wave of affluent purchasers entering the market simultaneously.

The Top 10 Ultraluxury Markets

Just ten markets across four states dominated the ultraluxury landscape, accounting for nearly three-quarters ($23.2 billion) of total sales volume. These elite markets showed remarkable resilience even as other segments of real estate faced challenges.

1. Manhattan, NY
Total sales volume: $7.55 billion
Number of $10M+ homes sold: 307
Average home price: $24.6 million

Manhattan continues its reign as the undisputed king of ultraluxury real estate, with transaction volume more than double that of its nearest competitor.

2. Greater Los Angeles, CA
Total sales volume: $3.33 billion
Number of $10M+ homes sold: 190
Average home price: $17.52 million

Los Angeles remains a perennial favorite for entertainment industry elites and tech moguls seeking palatial estates in prestigious neighborhoods like Beverly Hills and Bel Air.

3. Miami-Dade, FL
Total sales volume: $2.73 billion
Number of $10M+ homes sold: 152
Average home price: $17.96 million

Miami has transformed from a seasonal destination to a year-round ultraluxury powerhouse, attracting wealthy transplants from New York and beyond since the pandemic.

4. Palm Beach County, FL
Total sales volume: $2.48 billion
Number of $10M+ homes sold: 132
Average home price: $18.78 million

Palm Beach has cemented its status as a premier luxury enclave, with properties commanding some of the highest average prices in the country.

5. Orange County, CA
Total sales volume: $1.58 billion
Number of $10M+ homes sold: 107
Average home price: $14.76 million

Orange County's coastal communities like Newport Beach and Laguna Beach continue to attract ultrawealthy buyers seeking oceanfront properties.

6. Aspen, CO
Total sales volume: $1.41 billion
Number of $10M+ homes sold: 58
Average home price: $24.31 million

Aspen stands out as Colorado's luxury jewel, commanding Manhattan-level average prices despite fewer total transactions.

7. The Hamptons, NY
Total sales volume: $1.15 billion
Number of $10M+ homes sold: 70
Average home price: $16.42 million

This traditional playground for New York City's elite continues to thrive, with oceanfront estates and sprawling compounds changing hands at premium prices.

8. Silicon Valley, CA
Total sales volume: $1.06 billion
Number of $10M+ homes sold: 72
Average home price: $14.72 million

Tech wealth continues to drive Silicon Valley's ultraluxury market, with estates in communities like Atherton and Woodside commanding premium prices.

9. Southwest Florida
Total sales volume: $1.03 billion
Number of $10M+ homes sold: 72
Average home price: $14.3 million

Naples, Cape Coral, and surrounding areas have emerged as significant players in the ultraluxury space, particularly attracting wealthy Midwestern and Northeastern buyers.

10. San Diego, CA
Total sales volume: $835.76 million
Number of $10M+ homes sold: 56
Average home price: $14.92 million

San Diego rounds out the top ten with its desirable coastal communities like La Jolla and Del Mar attracting ultrawealthy buyers.

What This Means for 2025

Industry experts predict the ultraluxury market will remain resilient throughout 2025, with continued strong demand for trophy properties and private sanctuaries. While four states currently dominate the ultraluxury landscape, we may see emerging markets in places like Texas, Arizona, and Washington state begin to challenge the established leaders.

For ultrawealthy buyers and investors, these ten markets represent not just prime real estate opportunities but also communities with the amenities, privacy, and exclusivity that cater to the most discerning residents.

What Defines Today's Ultraluxury Buyer?

Today's ultraluxury buyers increasingly prioritize privacy, security, and turnkey properties with resort-style amenities. Many seek multiple homes across different markets rather than consolidating wealth in a single property. The pandemic-driven desire for more space and home-based amenities continues to influence purchasing decisions at the highest end of the market.

Whether you're looking to invest in ultraluxury real estate or simply curious about where the wealthiest buyers are flocking, these ten markets represent the pinnacle of residential real estate in today's market.