Manhattan led the U.S. last year when it came to $10 million-plus home sales, according to a report from Compass on Thursday. 

The New York City borough logged 307 ultra-luxury transactions, nearly 20% more than the prior year, totaling $7.55 billion in sales volumes. It was the third consecutive year that Manhattan was the top city for trophy-home sales in the U.S.

Despite a 17.75% drop in $10 million-plus sales, greater Los Angeles ranked second for $10 million-plus units sold, with 190 sales that totaled $3.328 billion. There, buyers are shifting away from the sprawling estates and looking toward luxury high-rises that offer its residents amenities and views and require less maintenance. 

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“We’ve seen a significant increase in interest for luxury condominium purchases, and we anticipate this momentum will carry into 2025 and beyond as more of these projects come to market,” said Sally Forster Jones, a Compass agent based in Beverly Hills. 

Miami-Dade County, Florida; Palm Beach County, Florida; and Orange County, California, rounded out the top five markets for $10 million-plus home sales, each seeing a more than 20% annual increase in sales.

Like L.A., Palm Beach County is also seeing an increase in demand for new condo developments, according to the report. 

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Even smaller luxury markets outside the top five saw notable surges in ultra-luxury sales, with 78% of markets that posted 10 or more transactions surpassing the prior year’s totals. Overall, 42 of the 83 markets analyzed surpassed or matched their 2023 totals. 

Uber-wealthy home buyers have kept the high-end market thriving, even as the overall market has struggled with high mortgage rates. Across the 83 markets, 1,744 homes sold at $10 million and above, totaling $31.39 billion. 

“The premium market continues to defy expectations with a wave of momentum from coast to coast,” said Felipe Hernandez Smith, head of Compass Luxury. 

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Snowmass, Colorado—often overshadowed by neighboring Aspen—saw $10 million-plus deals triple, from seven sales in 2023 to 21 in 2024. Sales at new developments, which are attracting younger buyers, fueled last year’s total.

“In just two months, seven Aura condominiums closed between $10 million and $12 million, with one quickly reselling for $15 million—a 25% value increase,” said BJ Adams, a Snowmass Village Compass agent, referencing a new 21-unit development that has sold out.

The Nashville, Tennessee, area also saw a significant increase in ultra-luxury sales, rising from just one $10 million-plus deal in 2023 to nine last year. 

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“The luxury real estate market in Nashville and Williamson County is thriving, fueled by a vibrant entertainment scene, corporate relocations and scenic landscapes,” said Jennifer Bickerstaff, a Compass Nashville agent. “As the region continues to expand, the luxury market balances tradition and innovation, solidifying its status as one of the Southeast’s most desirable locations.”

On the West Coast, ultra-luxury sales nearly doubled in the Lake Tahoe, Incline and Reno area, which spans California and Nevada. Sales increased from 12 in 2023 to 23 last year, signaling a resurgence for the market, which has year-round recreational appeal. 

“With 12 ski resorts and over 30 golf courses, limited development opportunities and increasing price-per-foot have elevated the market,” said Clayton Humphries, a Compass Lake Tahoe agent. “Luxury buyers seek architectural excellence and active lifestyles, making Tahoe a legacy destination for multi-generational homes and enduring value.”