According to luxuryatcompass.com, the ultra-luxury real estate market in the United States demonstrated exceptional resilience in the first half of 2024, attracting high-net-worth buyers who view prime properties as secure investments.
Public sales of homes priced at $10 million and above surged to 838 transactions, generating a staggering $14.66 billion in sales volume. This represents a significant increase compared to the first half of 2023, highlighting the growing preference among affluent buyers for real estate as a hedge against inflation. Many of these transactions were completed with all-cash offers, a strategic move to avoid the impact of high mortgage rates.
A consistent observation among Compass agents in this report is the heightened competition for ultra-luxury properties, often outpacing the available supply. This trend has driven many buyers to seek exclusive Compass listings, prioritizing confidentiality and access to premier properties. As a result, partnering with a trusted Compass agent has become increasingly important. With Compass Private Exclusives, sellers can discreetly test market interest, while buyers gain access to exclusive listings, enabling them to make informed, competitive offers.
The strong performance of the ultra-luxury market in H1 2024 suggests that annual sales could surpass previous records, even in the context of an election year.
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Source: luxuryatcompass.com
Explore the 2024 Mid-Year Ultra-Luxury Report to discover more trends and insights shaping the future of luxury real estate. For exclusive access to the finest luxury properties and personalized guidance through today’s competitive market, reach out to The Wiley Team.
