2023 Compass Ultra Luxury Report

COMPASS

2023 ULTRA LUXURY REPORT

As financial markets defied predictions and surged to new heights, ultra-luxury real estate also
enjoyed unexpected year-over-year sales volume growth in 28 key markets in 2023, and 23 markets
had more ultra-luxury transactions than in 2022. Overall total $10 million-plus transactions in the
U.S. contracted to 1,560, resulting in a total sales volume of $26.84 billion, indicating that the ultra
wealthy are willing to pay ever-rising prices for trophy homes and properties.

A selection of vacation and second-home markets saw remarkable annual growth, continuing the
trend detailed in the 2023 Mid-Year Ultra-Luxury Report.

“The ultra high-end market on Seven Mile Island has proven remarkably resilient since the explosive
climate of 2020. At of the end of 2023, there were five properties sold (including two just under $10
million) and one under contract. This represents over 5% of total sales in 2023 compared to less than
0.7% in 2020. Just under 8% of active inventory is priced at $10 million-plus as we enter the new year.
A variety of property types and locations were among the ultra-high-end sales, including six
beachfronts, four bayfronts, three dune locations, one interior location, five new constructions, and three
tear-down/vacant land sales, including the highest price of $21 million for a 110’ x 110’ beachfront parcel.
Compass continues to lead the way in this category with involvement in over 57% of all sales since 2020 –
twice that of the second agency.”

– RJ Soens

Compass is the #1 residential brokerage in the US, and Compass Luxury and luxury agents at
Compass are experts in translating four years of nationwide economic data into insights and
opportunity on behalf of our high-net-worth clientele. We invite you to explore this annual report
and discover our learnings in the pages within. See pages 152-156 for the Jersey Shore. 


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