Surge in Ultra-Luxury Home Sales in Miami, Palm Beach, and New York in Q2 2024

Photo: Recently Sold | 100 South Pointe Drive, Residence 3507
by Alex Algarin | License # 3271319 | alex.algarin@compass.com

According to CNBC’s Inside Wealth newsletter, sales of ultra-luxury homes priced at $10 million or more surged in Miami, Palm Beach, and New York during the second quarter of 2024, even as global markets saw a decline.

Palm Beach led the way with a 44% increase in sales, while Miami experienced a 27% rise and New York recorded a 16% jump.

New York led the U.S. with 72 sales of homes priced over $10 million, marking its highest total in two years. Miami followed with 55 sales, while Los Angeles reported 42 and Palm Beach recorded 36. Los Angeles experienced a 29% drop in $10 million-plus sales, largely attributed to the newly introduced “mansion tax,” which imposes a 5.5% fee on properties sold for more than $10 million.

Despite a slowdown in certain luxury markets, ultra-wealthy buyers remain focused on acquiring trophy properties, bolstered by strong financial markets. With falling interest rates, transaction volumes are projected to rise heading into 2025.

Source: CNBC’s Inside Wealth Newsletter

For those looking to invest in Miami’s thriving ultra-luxury market, the combination of high demand, limited inventory, and a desirable lifestyle makes this city a prime location for real estate investments.