The uppermost end of the real estate market wasn’t all roses in 2024, but some pockets of the U.S. fared better than others and are poised to have a busy 12 months. According to a slew of new reports, all signs point toward 2025 being a good year with home sales in the million-dollar-plus sector growing and Manhattan clocking in the busiest week for luxury home sales since 2022.
“The luxury market continues to ride an impressive streak,” wrote Donna Olshan, president of Olshan Realty, in the firms report. In the past year, approximately 300,000 homes sold for over $1 million, an impressive increase from 275,000 the previous year, based on Realtor.com data. In cities such as Colorado Springs, 14.2 percent of homes sold in 2024 surpassed the $1 million mark, up 6.3 percent from the year before. Similarly in Durham-Chapel Hill, 12.6 percent of homes sold in 2024 exceeded $1 million, reflecting a 5.5 percentage-point increase year-over-year. Meanwhile, the share of $1 million-plus home sales in Seattle rose by 5.5 percent, now making up 27 percent of the market.
When it came to which markets led the pack, Compass revealed that New York, California, Florida, and Colorado were all represented among the top ultra-luxury markets in the U.S. for 2024, as reported in The New York Post. The real estate brokerage 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 percent jump from 2023. Those sales, the real estate firm said, were worth a combined $31.39 billion and interestingly, nearly $23.2 billion of that total came from just 10 locales within the four previously mentioned states. “The premium market continues to defy expectations with a wave of momentum from coast-to-coast,” said Felipe Hernandez Smith, head of Compass Luxury.
Most recently, Manhattan logged more activity in the last week than it has in any other week over the past three years, Mansion Global reported. Luxury home sales in the New York City borough gained momentum in the seven days leading up to Sunday, with 41 contracts signed for properties priced at $4 million or more. The deals, which included 26 condos, 10 cooperative unit, and five townhouses, totaled $366.4 million based on their most recent listing prices.
The priciest home to go under contract last week was a Fifth Avenue townhome directly across from the Metropolitan Museum of Art. Originally listed in 2021 for $80 million and last priced at $49.9 million, the property comprises a whopping 16,000 square feet of living space, including 10 bedrooms, seven full bathrooms, and five kitchens. The second-highest deal of the week was for a not-yet-completed West Village condo that actually saw a price increase before scoring a buyer. The roughtly 4,600-square-foot apartment at 140 Jane Street was initially listed in September for $20.5 million but went into contract with an asking price of $22 million. Once completed, the apartment will feature four bedrooms and a conservatory.
Authors
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Abby Montanez