The 2023 Ultra-Luxury Report

The $10m+ National Luxury Report

Presenting the third annual end-of-year Ultra-Luxury Report, delving into $10M+ residential transactions and sales volume in 2023. Inside this issue, explore four years’ worth of ultra-luxury sales data across 79 markets in 29 states.

As Compass’ top ultra-luxury agents reflected on $10 million-plus sales for this 2023 Ultra-Luxury Report, many noted the marked increase in all-cash sales, which may be in response to the sharp rise in borrowing rates along with the rise in liquidity among ultra-high-net-worth individuals. The data collected and analyzed for the report by Compass Luxury is essential to deciphering the synergy between wealth and ultra-luxury real estate. Where and how the ultra-wealthy choose to live have powerful impacts on both specific communities and our nation’s overall economy. Compass is the #1 residential brokerage in the US, and Compass Luxury and luxury agents at Compass are experts in translating four years of nationwide economic data into insights and opportunity on behalf of our high-net-worth clientele. We invite you to explore this annual report and discover our learnings in the pages within.

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As financial markets defied predictions and surged to new heights, ultra-luxury real estate also enjoyed unexpected year-over-year sales volume growth in 28 key markets in 2023, and 23 markets had more ultra-luxury transactions than in 2022. Overall total $10 million-plus transactions in the U.S. contracted to 1,560, resulting in a total sales volume of $26.84 billion, indicating that the ultra wealthy are willing to pay ever-rising prices for trophy homes and properties.

A selection of vacation and second-home markets saw remarkable annual growth, continuing the trend detailed in the 2023 Mid-Year Ultra-Luxury Report. Leading these markets was Palm Springs, with total ultra-luxury sales volume up a whopping 227% year-over-year. Jackson Hole, Martha’s Vineyard, and Sun Valley also made significant gains in total annual sales volume, up 96%, 67%, and 45%, respectively. Some primary home markets outperformed expectations and grew by impressive amounts this year, too. $10 million-plus properties in the City of Boston had a surpassing 200% increase in total transactions and a 224% increase in total sales volume. In addition, Greater Boston saw considerable gains, along with Boulder, Dallas, Greenwich, and Westchester County.