The Ultra-Luxury Report by The Luxury Division at COMPASS
The Luxury Division at Compass Real Estate just released its Ultra-Luxury Report, an analysis of over 50 real estate markets and their sales of $10 million and above since 2019.
2022 displayed over $29.5 billion in sales of ultra-luxury properties across the United States alone, according to the report. This is a 95.3% increase in sales volume since pre-pandemic levels in 2019.
Though the impacts of interest rate increases have affected many other real estate markets, the ultra-luxury real estate market has been less phased due to high-net-worth purchasers’ lesser need for financing.
Sally Forster Jones of Compass – Beverly Hills notes, “Prices in the ultra-luxury market last year were far above pre-pandemic numbers, realizing a substantial increase in value.”
Compass ultra-luxury specialists predict the continuation of strong market demand throughout 2023 as factors like relocation add to demand, and low inventory continues to add competitiveness to the market.