Compass 2025 Ultra-Luxury Report: $10M-Plus U.S. Home Sales Re-Accelerate to $31.4 Billion as Wealth Spreads Across and Beyond Top Metros

• A new wave of wealth creation and wealth migration is reshaping U.S. ultra-luxury housing, accelerating demand in established wealth centers while extending momentum into emerging and re-emerging metros.

• Sales of U.S. ultra-luxury homes priced at $10 million or more reached 2,261 transactions totaling $38.63 billion in 2025, with transactions in this year's top 10 markets up 31.66% compared to the prior year's top 10 markets.

• Manhattan, Greater Los Angeles, and South Florida continue to lead the nation as the top ultra-luxury hubs. Greater Los Angeles was notable with 53.7% year-over-year transaction growth and a 61% surge in total sales volume.

• Metros that historically saw little to no sales at $10 million or above before the pandemic are now sustaining ultra-luxury sales in consecutive years, as wealthy buyers look beyond supply-constrained hubs toward more development-friendly areas such as San Diego, as well as distinctive homes offering greater privacy and tax advantages, including Scottsdale and Dallas.

• Strong wealth creation has driven outsized gains in markets where ultra-luxury sales had previously declined, including the San Francisco Bay Area and Greenwich, Conn.

New York, New York, January 29, 2026 - Compass, the largest residential real estate brokerage in the United States, released its 2025 Ultra-Luxury Report, which examines U.S. home sales of $10 million and above across 84 markets. The findings point to a renewed acceleration in ultra-luxury housing, driven by resurgent public and private financial markets. Across the markets analyzed, 2,261 homes sold for $10 million or more, collectively generating $38.63 billion in sales. The results show that ultra-luxury home sales are less a measure of broader housing conditions and more a reflection of where wealth is being created, how it migrates, and where it ultimately anchors, with 2025 delivering a clear and consistent signal across markets.

"Even as broader U.S. housing marked its third consecutive year of soft home sales, the story for ultra-luxury homes plays out on a different arc," said Compass Chief Economist Mike Simonsen. "As record gains in the stock market and major liquidity events turn wealth on paper into real purchasing power, activity at the top of the housing market tends to pick up. That dynamic explains why ultra-luxury sales grew in 2025 and spilled over across metros."

Top 10 Markets Grow Substantially

The top 10 ultra-luxury markets recorded 1,601 transactions totaling $28.62 billion, with every market achieving unit growth, representing a 31% year-over-year increase in transactions from the previous year's top 10 leaderboard. Total sales volume in the top 10 markets also increased by $5.47 billion year over year from $23.14 billion, a 23.67% gain.

Manhattan, the nation's largest ultra-luxury destination, completed nearly 30% more transactions at $10 million than in 2024, while Greater Los Angeles delivered one of the strongest ultra-luxury performances nationwide, surging nearly 54% in unit sales compared to the prior year despite wildfire impacts and the existing mansion tax. The Greater Los Angeles region also recorded more than 100 ultra-luxury transactions year over year, rebounding sharply from a 17.75% decline in the prior year, as renewed buyer confidence, equity-driven wealth creation, and the city's enduring appeal as both a primary residence and global lifestyle destination fueled demand.

South Florida extended its post-pandemic momentum, posting 46% unit growth as it continues to attract high-net-worth buyers and capital inflows. Fueled by the migration of financial services, the growth of family offices, and tax-driven relocations, Palm Beach and Miami-Dade together now form the nation's second-largest ultra-luxury region by volume, surpassed only by Manhattan.

"We're seeing renewed interest in New York City from both domestic and international buyers," said Nick Gavin of Compass New York. "At the ultra-luxury level, ownership is deeply emotional; buyers want a lasting stake in New York City itself. Developers are responding with once-in-a-generation residences such as 80 Clarkson, 140 Jane, 125 Perry, and the Flatiron Building, achieving record pricing in the process. Through political change and global uncertainty, New York City remains the ultimate luxury asset."

"2025 will be remembered as a defining year for Los Angeles," said Ginger Glass of Compass Los Angeles. "The city not only endured the devastating January fires, but emerged from them as a more resilient and deeply connected community. Despite early uncertainty surrounding the mansion tax, the luxury market demonstrated its strength, thriving amid unparalleled weather, lifestyle advantages, and a supported workforce that continues to drive growth across industries. With sustained global attention and a wave of new-generation wealth, Los Angeles continues its reign as one of the world's most desired ultra-luxury destinations."

In South Florida, Ina Bloom of Compass Boca Raton said, "Today's buyers prefer homes that feel crafted, welcoming, and sophisticated, with an emphasis on character and warmth. Buyers are moving away from stark modern homes and gravitating toward classic, timeless design. Warm materials, soft curves, natural textures, and layered tones are gaining strong appeal."

Wealth Creation Leads to Spillover Effect, Expands Ultra-Luxury Footprint Across U.S. Metros

What was once a category of a handful of coastal cities has evolved into a far broader national landscape, with emerging markets not only entering the $10 million-and-above sector but also sustaining momentum year after year.

Houston is a clear example of this shift. After recording just one sale of $10 million or more in 2019, the market has posted double-digit ultra-luxury transactions for the second consecutive year and now leads all emerging markets, with 900% more sales in 2025 than in 2019. This growth has been fueled in part by wealth migration, as wealthy buyers have sought Texas for its tax advantages, expansive properties, and heightened privacy.

Laura Sweeney of Compass Houston said, "The Houston market for ultra-luxury homes sustained strength driven by steady wealth migration and the city's competitive value proposition. I'm seeing a clear trend toward turnkey modern estates with comprehensive wellness spaces and backup power. Buyers prioritize privacy, making gated streets and advanced security desirable amenities."

San Diego also has benefited from a spillover wealth effect. The region achieved its highest residential sale on record last year at $47 million, surpassing $40 million for the first time, and has seen a record number of ultra-luxury transactions in consecutive years. It remains a magnet for buyers seeking modern coastal living, waterfront homes, and elevated hillside properties, supported by development policies that have enabled steady growth in high-end inventory. With projects like La Jolla's first luxury gated community in over 40 years underway, San Diego's trajectory within the ultra-luxury segment remains firmly intact.

Neda Nouri of Compass San Diego said, "San Diego's ultra-luxury market in 2025 has been defined by what today's high-end buyers want most: ocean views and proximity to the beach, or generous land that allows for a true indoor-outdoor lifestyle."

Fastest-Growing Markets Show Sales Re-Acceleration

Ultra-luxury demand is picking up pace in areas that have seen a slowdown. Boston and Marin County both saw strong year-over-year gains, returning to sales levels more in line with recent highs and signaling renewed strength. Greenwich more than doubled ultra-luxury unit sales year over year, Jackson Hole posted triple-digit growth, and markets such as Cape Cod, Lake Tahoe/Incline/ Reno, Aspen, and Santa Barbara & Montecito continued to build on momentum, reflecting sustained demand across high-end destination markets.

"Greenwich continues to distinguish itself as one of the most desirable ultra-luxury markets in the country," said Kevin Sneddon of Compass Greenwich. "The influx of elite buyers from New York, Los Angeles, and other major wealth centers has fueled an unprecedented level of demand at the $10 million-plus level - rendering it the strongest segment of this market. What's notable is that these purchases are lifestyle-driven, not speculative, as buyers seek generational homes in a community that offers both privacy and cachet."

Many markets also reversed multi-year declines with outsized year-over-year gains between 2024 and 2025, including Greater Los Angeles, Marin County, Silicon Valley/Peninsula, and San Francisco, signaling renewed confidence at the $10 million-plus level. Markets tied directly to stock-based compensation and startup liquidity rebounded meaningfully, reinforcing the link between equity wealth creation and ultra-luxury housing demand.

"2025 has provided a clear signal over noise: the San Francisco luxury market is back," said Isabelle Grotte of Compass San Francisco. "Stabilized interest rates have unlocked pent-up liquidity, specifically targeting the SFR sector. Unlike previous years, the holiday season exhibited no drop in contract volume, signaling that buyers are pricing in a strong 2026 economic outlook. We are entering the new year with a tailwind that supports both competition and reduced days-on-market for A-class properties."

Demand Expands Into Markets With No Ultra-Luxury Activity Before the Pandemic

Markets that previously had no ultra-luxury sales before the pandemic are now firmly established as ultra-luxury destinations, consistently recording double-digit transactions of $10 million or more.

Scottsdale/Phoenix recorded no $10M-plus sales in 2019 but saw 13 in 2025 alone. Looking ahead, approximately 75 ultra-luxury homes are under construction, reflecting strong confidence that the area's desert lifestyle-defined by golf, trails, and resort-style social clubs-will continue to attract high-net-worth buyers, many from outside Arizona.

Dallas-Fort Worth is another breakout metro. Ultra-luxury activity grew from zero pre-pandemic to 15 sales in 2025, as both domestic and international buyers seek bespoke residences offering privacy in a market with competitive tax rates and a robust economy. "Dallas has firmly established itself in the ultra-luxury arena," said Jonathan Rosen of Compass Dallas. "As wealth continues to migrate to Texas and existing local buyers move up the market, purchasers are prioritizing privacy, design, and lifestyle over price sensitivity."

Brooklyn has sustained its position as a player in the ultra-luxury market. "The speed of Brooklyn's renaissance over the past 15 years is unmatched in any U.S. city," said Sarah Sawyer of Compass Brooklyn. "In prime neighborhoods, brownstones once valued at $1.5 million now command $9-$15 million or more. Landmark developments-from Brooklyn Bridge Park to a new skyline and the Brooklyn Nets arena-have transformed the borough, attracting a diverse mix of luxury buyers, including Manhattanites passing down generational wealth."

2026 Outlook

Looking ahead to 2026 and beyond, the ultra-luxury housing market is well-positioned to benefit from forces beyond traditional real estate cycles. Rapid advancements in technology such as artificial intelligence, robotics, and biotechnology-alongside broader economic and market forces-could continue to drive wealth creation, much of which may flow into the $10 million-plus ultra-luxury real estate market. Financial markets are trading near record highs, with equity valuations remaining elevated by historical standards and gains translating into real purchasing power. Demographically, the early stages of a generational wealth transfer and real estate's appeal as a tangible asset indicate the ultra-luxury buyer pool may continue to broaden, with demand focusing on standout luxury and trophy properties that offer exceptional lifestyle, amenities, privacy, and long-term value.

To delve deeper into the insights and findings of Compass' Ultra-Luxury Report, please visit the Compass Luxury website: https://www.luxuryatcompass.com/ultra-luxury.

Report Findings & Methodology

[^1] All data in this press release is derived from the Compass Ultra-Luxury Report 2025 available on the Compass Luxury website. Please refer to that report for additional information, including all of the publicly available sources from which each market's data was derived.

[^2] Sales Volume, in this context, is calculated as the monetary value of exchanges of property rights from one entity to another at and above $10 million during the periods described.

[^3] Transaction Volume, in this context, is calculated as the number of exchanges of property rights from one entity to another at and above $10 million, during the periods described.

[^4] All analyzed residential real estate transactions are sourced exclusively from Multiple Listing Services (MLS) across the United States. Data is pulled at the state level and, where applicable, from select counties used to define each individual market. Sales activity reflects closed transactions from January 1, 2025, through December 31, 2025.