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2025 U.S. real estate predictions
Zillow predicted a more active market with additional inventory for 2025, giving buyers more room to negotiate. However, homebuyers should expect some turbulence with fluctuating mortgage rates, even as more homes become available. Alana Mann, President of The Statesman Group of Companies, joined LiveNOW from FOX to discuss.
2024 was a good year for the ultra-luxury real estate market, with a handful of areas standing out as the leading markets in that category, according to a report from Compass.
Compass found America’s ultra-luxury market notched over 1,700 sales of homes of at least $10 million over the course of last year, marking a 350% jump from 2023. Those sales, the real estate firm said, were worth a combined $31.39 billion.
Of that staggering figure, nearly $23.2 billion came from ten places in four states that dominated the ultra-luxury market by sales volume, according to the report.
HOMEOWNERSHIP REMAINS A BIG PART OF THE AMERICAN DREAM
New York, California, Florida and Colorado all had representation among 2024’s top ultra-luxury markets in the U.S, the Compass report showed.
Here are the five markets that topped Compass’ rankings for ultra-luxury properties by sales volume and how many homes of at least $10 million changed hands in each last year. FOX Business also calculated the average ultra-luxury sale price for each by dividing the sales volume by the number of homes sold, based on the firm’s report.
Manhattan
Total ultra-luxury sales volume: $7.5 billion
Homes sold: 307
Average price: $24.6 million
Greater Los Angeles
Total ultra-luxury sales volume: $3.3 billion
Homes sold: 190
Average price:$17.5 million
Miami-Dade
Total ultra-luxury sales volume: $2.7 billion
Homes sold: 152
Average price: $18 million
Palm Beach County
Total ultra-luxury sales volume: $2.5 billion
Homes sold: 132
Average price: $18.8 million
Orange County
Total ultra-luxury sales volume: $1.6 billion
Homes sold: 107
Average price: $14.8 million
By sales volume of ultra-luxury homes, Compass found that Aspen placed No. 6 with $1.4 billion, the Hamptons placed No. 7 with $1.2 billion, Silicon Valley placed No. 8 with $1.06 billion, Southwest Florida placed No. 9 with $1.03 billion and San Diego placed No. 10 with $835. 8 million.
"The premium market continues to defy expectations with a wave of momentum from coast-to-coast," Compass Luxury Head Felipe Hernandez Smith said in a press release.
Read more of this story from FOX Business.