South Florida was heavily represented in the top 10 ranks of COMPASS‘ 2024 Mid-Year Ultra-Luxury Report, which tracks home sales of $10 million and up.

By the number of sales, Palm Beach and Miami-Dade counties took third and fourth places with 79 and 74 transactions in the first half of the year, respectively, representing year-over-year increases of 46.3% and 21.3%. Southwest Florida ranked No. 6., with 41 sales, a 46.4% jump from 28 transactions in 2023.

By sales volume, Palm Beach and Miami-Dade counties took third and fourth places again, with $1.59 billion and $1.3 billion of sales, which were up 69% and 28.2% year over year, respectively. Southwest Florida ranked No. 8 after a 31% rise to $620.1 million.

Nationwide, the number of ultra-luxury homes sold in the first half rose 3.9% year over year to 838 transactions valued at $14.67 billion. Greater Los Angeles led among all metro areas, with 135 sales representing $2.67 billion, followed by Manhattan with 121 sales worth $2.34 billion, and Palm Beach and Miami-Dade counties.

Together, the top 10 markets represented 75% of all sales in the study. Of the top 81 markets covered in the report, 20 experienced increases in ultra-luxury sales.

“Premium properties remain timeless, and the findings of this report demonstrate a strong commitment from both buyers and sellers to complete transactions,” said Felipe Hernandez Smith, head of COMPASS Luxury. “There are exceptional homes nationwide catering to every lifestyle, and it’s encouraging to see that premium real estate is always in vogue.”

by John Yellig