Even as the Rest of the Market Frets, U.S. Trophy-Home Sales Are Booming

According to mansionglobal.com, sales of homes priced at $10 million or more in the U.S. demonstrated notable strength in the first half of this year, recording a 5.4% increase compared to 2023, despite a broader slowdown in the housing market. A mid-year report from Compass highlights this trend.

In total, there were 838 sales of ultra-luxury homes with a combined dollar volume of $14.6 billion, up from $13.85 billion during the same period last year. Notably, Palm Beach County in Florida surpassed Miami-Dade County to become the third-largest luxury market, with both regions experiencing substantial growth in ultra-luxury sales.

The resilience of the luxury market is attributed to a mix of factors, including strong interest from international buyers and high-net-worth individuals who view real estate as a stable investment amidst economic uncertainties.

Florida’s luxury market continues to thrive, with Miami-Dade experiencing a 21% increase in sales. Broward County, which includes Fort Lauderdale, saw a 25% rise, and both Palm Beach County and Southwest Florida reported a remarkable 46% increase. Central Florida also made gains, emerging as a notable luxury market with five sales totaling $56.1 million.

Source: mansionglobal.com