Compass just released its annual ultra-luxury housing report. If you're tracking what's happening at the high end of the market, it's worth reading.
2025 wasn't just another year of luxury real estate activity. The $10M+ segment saw 31% more transactions and 23% higher volume than 2024, even as the broader housing market experienced its third consecutive year of softness. That gap is notable.
The report shows that ultra-luxury real estate has become a barometer for wealth creation itself. Tech valuations, IPO proceeds, M&A activity, and venture capital deployment all translate directly into housing demand at the top of the market. When people cash out equity or exit companies successfully, a lot of that money ends up in real estate.
Geography tells the story. Manhattan posted 30% growth in transaction volume. Los Angeles surged 54% despite wildfires and mansion tax concerns. Palm Beach continued its post-pandemic momentum with 46% growth. San Francisco rebounded with 50% growth in sales after years of pandemic exodus. The data shows capital concentrating in metros where equity compensation and startup liquidity create buyers with real purchasing power.
For Aspen, the insights apply differently but meaningfully. Buyers here prioritize location, quality, and value. Aspirational pricing doesn't work unless a property delivers on substance and gets them into a home without lengthy timelines. Aspen real estate is perceived as a relatively safe store of value, a place to park capital while getting utility from the asset. It's an investment they can share with family and friends, not just hold on paper.
The full report is linked below.
https://www.luxuryatcompass.com/ultra-luxury
