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.
The 2022 Ultra-Luxury Report – The Luxury Division | COMPASS