$10 Million Luxury Homes: Top US Cities for 2024

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The ultra-wealthy were on a real estate shopping spree at the end of last year, new data by global property consultancy Knight Frank shows, reported Mansion Global.

The boom has been fueled by a strong global economy, end-of-year gains in the S&P 500 and Nasdaq cutting losses for some otherwise difficult-to-stomach years as well as increasing wealth among high-net-worth individuals, according to the company.

The sale of homes costing $10 million or more — referred to as “trophy homes” — totaled 558 transactions in 12 major financial centers, an increase of 30% over the previous year.

Dubai led the way, followed by New York City, with 87 purchases — almost double from the year prior — reported Knight Frank.

Other cities that saw large increases in sales of luxury homes in the fourth quarter of 2024 included Miami and Palm Beach, Fla., where former President Donald Trump’s Mar-a-Lago estate is located.

Among cities, the size, amenities and views of $10 million homes vary. Here’s what kind of home that sort of money can buy in some of America’s top luxury markets.

Los Angeles, California

Home prices in Los Angeles can be as high as $177 million, according to Zillow.

But $10 million buys a single-family home or luxury condo in areas like Bel Air, Beverly Hills, Brentwood and along the beach in Malibu.

Such homes can feature inland estates and private beach access with pools, multiple bedrooms and bathrooms along with guesthouses, panoramic views.

Roughly half of these homes sell for cash to celebrities or to buyers from around the world, so your financing choices can be slim.

New York City

In Manhattan and Brooklyn, the trophy market runs from townhouses and condos to co-ops and lofts.

Some luxury homes have private elevators, roof decks, private outdoor space and breathtaking skyline views.

You may also have doormen, concierges or dry cleaning.

White Plains, New York

To Manhattan’s north, in Westchester County, the Ritz-Carlton Residences Westchester is among the luxury properties.

Prospective buyers will find single family homes or penthouse floorplans with multiple bedrooms and bathrooms.

Homes may feature imported marble, chef’s kitchens, natural outdoor spaces and upscale finishes.

East Hampton and Southampton N.Y.

East Hampton and Southampton offer waterfront and inland estates, for year-round or vacation homes.

Sure, there will be some houses that sell for $95 million, but there will also be an awful lot of product for little old you at $10 million too.

What buyers tend to want in this area are pools, beach access, enough acres of land and fine finishes —and walking distance to local shops and restaurants.