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$10 Million-Plus Home Sales Are Surging in Palm Beach and New York

Abby Montanez
·2 min read

The ultra-luxury real estate market in the U.S. continues to dominate as deep-pocketed home buyers in cities across the country press on with forking over record prices for trophy residences.

According to a new report from Knight Frank, the number of homes that sold for $10 million or more soared to new heights in the second quarter of 2024. More specifically, Palm Beach, Florida, noted a hefty 44 percent uptick in sales over $10 million, while Miami recorded a 27 percent spike. Farther north, New York City saw a 16 percent increase.

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“Despite the recent slowing in activity, the legacy of the pandemic has been a step-change in the size of the super-prime market,” writes the report.

New York, which had the highest number of $10 million-plus home sales in 2023, came out on top again in terms of the number of eight-figure deals across the United States. The Big Apple clocked 72 sales, the largest total in two years, per the report. Elsewhere, Miami secured second place with 55, followed by Los Angeles with 42, a significant number but still a 29 percent decrease over the same period last year. According to Knight Frank, the dip is the result of L.A.’s recently implemented mansion tax, which imposes a 5.5 percent charge on residential properties sold for $10 million or more.

Palm Beach, which came in fourth with 36 sales above $10 million, nabbed the biggest sale of the quarter. In May, an Australian infrastructure investor snapped up Palm Beach’s only private island for an eye-watering $150 million. Dubbed Tarpon Isle, the man-made spread was previously on the market for a whopping $218 million. And, just a month later, investor Daren Metropoulos, the owner of the famed Playboy Mansion, shelled out $148 million for a storied 3.8-acre Palm Beach estate.

While Dubai led the world in super-prime sales with a staggering 85 sales in the second quarter, on a global scale, the number of $10 million-plus deals fell 4 percent over the past year in the 11 key luxury markets that Knight Frank analyzed in the report.

RELATED: The 25 Most Expensive Homes in the World for Sale

Given these trends, industry insiders are cautiously optimistic. “Substantial wealth creation has supported the growth in the global super-prime sales market,” said Liam Bailey, Knight Frank’s global head of research, in the report. “The transformation of markets like Dubai, Palm Beach, and Miami has more than offset the slowing experienced by some more mature markets. With rates moving lower, total transaction volumes are likely to tick higher into 2025.”

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