The Luxury Division at Compass proudly presents this year’s Ultra-Luxury Report, carefully compiled to
encapsulate comprehensive data for the past four years with a priority of accuracy. Over 50 markets
were analyzed, exploring residential sales since 2019 priced at $10 million and above.
2022 was another strong year for ultra-luxury real estate, with a seemingly insatiable appetite for legacy
properties. Nationally, there was $30 billion in sales volume of homes priced at $10 million and above,
soaring 96.07% compared to before the pandemic (2019).1
With respect to transaction volume, 1810 homes priced at $10 million and above across 56 markets traded in 2022, representing a 105.4% increase
compared to 2019.2
Compass - Hamptons agent Lori Schiaffino summarizes the basis of these gains,
which were greatly distributed across the country, “Inventory was depleted during the pandemic and
product has not yet caught up to demand.”
The impact of rising interest rates has not been felt in the ultra-luxury market, primarily because the
high-net-worth individuals purchasing these properties are generally not reliant on financing. Compass
- Westport agent Hyleri Katzenberg explains, “The most affluent and liquid buyers feel comfortable
bidding up and taking higher risk in their offers.” Last year’s flourishing Los Angeles ultra-high end
market especially well-illustrates this consideration, where sales of homes over $30 million were up an
astonishing 30% year over year, and homes over $40 million (including two sales over $100 million) were
up nearly 24%.3
Compass - Beverly Hills agent Sally Forster Jones corroborates, “Prices in the ultra
luxury market last year were far above pre-pandemic numbers, realizing a substantial increase in value.”
Looking ahead, Compass ultra-luxury specialists anticipate continued strong demand in 2023. Liz
Hogan of Compass - Miami notes, “We are still seeing an unprecedented level of relocations to
Florida from high tax states.” Broward County saw especially robust ultra-luxury sales in 2022, with
a 528.7% increase in sales volume compared to 2019.4
The best indicator of likely 2023 performance
may ultimately be signed contracts for sales in the final quarter of 2022: In Manhattan, there were 44
signed contracts in Q4 on homes over $10 million, with an average contract price of $18.3 million. This is
approximately one third the amount of contracts signed in Q4 2021, and nearly $2 million above 2021’s
average contract price of $16.6 million.5
Ian Slater of Compass - Manhattan pulls back the curtain on buyer sentiment in this tight and
competitive ultra-luxury market: “Lack of inventory has caused my buyers to seek exclusive or pre
market inventory, and I am actively working to find homeowners who may be willing to sell.”
As we emerge from the extraordinary events and market shifts over these past years, Compass -
Greenwich agent Shelly Tretter Lynch eloquently underscores, “Luxury never goes away.” The Luxury
Division at Compass shares in this sentiment as we navigate the ultra-luxury market with you.
For more information about the Luxury Division at Compass, reach out today. We would be happy to discuss the Luxury Division and what makes it a unique experience.
1 Source: Aggregate MLS and public data as reported in The 2022 Ultra-Luxury Report by Compass
2 Source: Aggregate MLS and public data as reported in The 2022 Ultra-Luxury Report by Compass
3 Source: CLAW MLS
4 Source: Beaches MLS
5 Source: ACRIS, REBNY/RLS