RANKING MARKETS BY $10M+ SALES
The following tables provide a snapshot of the total number of sales and sales volume of $10 million-plus trades in 2023 in the top 10 US markets, ranked by performance. This data is compiled from all public MLS data across US residential real estate brokerages. For a complete summary of all Compass markets, kindly review the following pages.
Featured Quote on North Tahoe and Truckee Ultra Luxe Market by Samantha Swigard:
“In the North Tahoe and Truckee regions of Lake Tahoe, our $10 million-plus market features lakefront properties and Martis Camp estates, catering to buyers seeking unparalleled amenities for second homes. In 2023, only seven homes over $10 million sold—a 50% decrease from 2022 and 2021. Cash buyers, immune to interest rate fluctuations, prefer taking time to find the perfect property. However, some sellers, influenced by past dynamics, set prices higher. Buyers now expect concessions, leading to a standoff, with both parties cautious. The ongoing insurance crisis in California adds cost considerations, further slowing decisions. The ultra-luxury market, marked by nuanced dynamics, anticipates a trend continuation in 2024, emphasizing patience and discernment for both buyers and sellers.”
Samantha Swigard
2023 RANKING ANALYSIS
Overall, 23 markets experienced more sales than in 2022, showcasing the resilience of the desirability of owning special properties. In a stellar performance this year, Manhattan triumphed as the leading ultra-luxury market, boasting 256 trades and a staggering $4.92 billion in sales volume. While eight of the top 20 markets witnessed a surge in year-over-year transaction volume, Greater Palm Springs stood out as a beacon of interest for global high-net-worth individuals and experienced a remarkable 114% increase in transactions, totaling $678.18 million—a 227% surge from 2022. Despite a slight year-over-year dip in sales, Greater Los Angeles exhibited extraordinary resilience, posting a remarkable 66% surge compared to 2019. This feat is especially noteworthy given the new 5.5% transfer tax on ultra-luxury home sales introduced in early 2023. Elevating the narrative, the report highlights the unwavering appeal of architecturally significant homes. These unique properties garnered persistent attention in the luxury marketplace, attracting discerning buyers ready to invest at a premium. Even with Manhattan experiencing a slight decline in deals above $10 million compared to 2019, the ultra-luxury market still made its way to the #1 spot nationwide amidst notable macroeconomic shifts. Overall, 23 markets experienced more sales than in 2022, showcasing the resilience of the desirability of owning special properties.
