showing that the ultra-wealthy continue to pay rising prices for trophy homes and properties.

Vacation and second-home markets experienced remarkable annual growth, continuing trends discussed in the 2023 Ultra Luxury Real Estate Report.

“The ultra-high-end market on Seven Mile Island has shown remarkable resilience since the explosive climate of 2020. By the end of 2023, five properties sold, including two just under $10 million, and one was under contract. This represents over 5% of total sales in 2023, compared to less than 0.7% in 2020. As we enter the new year, just under 8% of active inventory is priced at $10 million or more.

A variety of property types and __cpLocations contributed to ultra-high-end sales. These included six beachfronts, four bayfronts, three dune __cpLocations, one interior __cpLocation, five new constructions, and three tear-down/vacant land sales. Notably, the highest sale was a $21 million beachfront parcel measuring 110’ x 110’. Compass continues to lead this category, with over 57% of all sales since 2020—twice that of the second agency.” – RJ Soens

Compass ranks as the #1 residential brokerage in the U.S. Furthermore, Compass Luxury and its agents excel at translating four years of nationwide economic data into valuable insights for our high-net-worth clientele. We invite you to explore this annual report and uncover our insights. For details specific to the Jersey Shore, see pages 152-156.

See pages 152-156 for the Jersey Shore. 

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