Despite the fact that most Americans struggle with affordability challenges, the market for homes over $10 million is growing.
“Even as the broader U.S. housing (market) marked the third consecutive year of soft home sales, the story of ultra-luxury homes is taking a different turn,” said Mike Simonsen, chief economist at Compass. a press release.
“As record gains in the stock market and major liquidity events turn money on paper into real purchasing power, activity at the top of the housing market increases. This dynamic explains why ultra-luxury sales surged in 2025 and spread across metros.”
As for Americans buying homes worth more than $10 million, sales are concentrated primarily in Manhattan, Greater Los Angeles and South Florida — but they have expanded beyond these supply-constrained areas as wealthier buyers look for more development-friendly markets.
Take a look at the 10 markets with the most home sales of more than $10 million in 2025, according to Compass.
Also check out five luxury real estate markets where the ultra-wealthy are buying.