Inside the $10M+ Market: What Top Compass Agents Are Seeing Nationwide
As the summer sun casts its golden glow over the country’s most coveted enclaves - from the coastal estates of the Hamptons to the rugged elegance of Jackson Hole - we turned to the experts at the forefront of luxury real estate to understand what’s truly happening at the highest tier of the market today. We surveyed elite Compass agents nationwide to take the pulse of the ultra-luxury space and gain deeper insight into this ever-evolving landscape.
"Luxury buyers want it all—access, privacy, home automation, lifestyle." — Matt Faupel, Jackson Hole
"The right pricing backed by great presentation and targeted marketing still wins." — Erika Borunda Ahajanian
"Most ultra-luxury clients are looking for turn-key properties." — Craig Lotzof, La Jolla
"Sellers should know that most people wish to personalize their homes, so doing a bit extra work may deliver exceptional upside." — Leonard Steinberg
"We’re seeing more caution than urgency. Buyers are still active, but they’re taking their time, doing their due diligence." — Landy Frost Group
"Buyers are thoughtful and meticulous, yet quick to act when something exceptional comes to the market." — Bob Bennion
"Homes that are not turnkey or that lack a strong architectural point of view are seeing longer days on market." — Shana Rohde-Lynch
"The best homes in the $10–20M range aren’t lingering. When something feels right, hesitation can cost you." — Tony Sargent, NYC
"Ultra-luxury real estate isn’t a commodity—it’s a relationship-driven space." — Gary Dolch, Austin
"Many sellers are still in the peak pricing mindset, but today’s luxury buyers are more cautious and value-driven." — Diane Cookson
"Even cash buyers are being cautious, looking for value and ensuring their purchase aligns with long-term goals." — Summer Perry
"We’re seeing an increase in international buyers once again." — Michael Carucci
"Today’s buyers want something unique—properties that tell a story." — Lauren Forbes
"Inventory is tight, but the demand for quality remains strong." — Kristen Routh Silberman
"Buyers want to feel emotionally connected to a home the minute they walk in." — Amy Doerr
"In New York, many $10M+ buyers are looking off-market to find true value." — Jason Walker
"Sellers need to understand that high price tags must be backed by high-quality product and presentation." — Marcie Williams
"Presentation is everything—buyers won’t compromise on visuals in this price range." — Julie B.
"We are seeing a preference for newly renovated homes or those with incredible outdoor living potential." — Megan Gallagher
"Turnkey properties in premier neighborhoods are moving faster than ever." — Michelle Linder
"In Austin, ultra-luxury buyers are looking for trophy properties on the water or in premier gated golf communities." — Scott Michaels
"Smart sellers are investing in staging and lifestyle marketing to make their listings irresistible." — Sherrie L. Moody
"Authenticity is key. Luxury buyers want a home that feels real and lived-in, not staged and cold." — Neal Ward
"Luxury buyers are leaning into brand-name architects and designers—they want pedigree." — Paul Lester
"In this market, relationships and timing matter more than ever." — Joe Velasco
"Lifestyle remains the number one driver—whether it's waterfront, golf, or gated estates." — The Onyx Team
"Luxury buyers are being selective, but they’re still buying. The properties just have to feel worth it." — Chris Kromer
"Our clients are global—they want homes that align with international standards of luxury." — Barr Haney Team
"Second-home buyers are especially focused on privacy and amenities that support remote work and relaxation." — The Waterfront Team
"We’re seeing increased interest in unique architecture and historic charm." — Beth Wexler
"Buyers are looking for spaces that enhance everyday life—wellness rooms, chef kitchens, and indoor-outdoor living." — Yassi Bigham
"Even when inventory is low, the right home priced correctly will sell quickly." — Lindsay Reishman
"Luxury buyers want it all—access, privacy, home automation, lifestyle." — Matt Faupel, Jackson Hole "The right pricing backed by great presentation and targeted marketing still wins." — Erika Borunda Ahajanian "Most ultra-luxury clients are looking for turn-key properties." — Craig Lotzof, La Jolla "Sellers should know that most people wish to personalize their homes, so doing a bit extra work may deliver exceptional upside." — Leonard Steinberg "We’re seeing more caution than urgency. Buyers are still active, but they’re taking their time, doing their due diligence." — Landy Frost Group "Buyers are thoughtful and meticulous, yet quick to act when something exceptional comes to the market." — Bob Bennion "Homes that are not turnkey or that lack a strong architectural point of view are seeing longer days on market." — Shana Rohde-Lynch "The best homes in the $10–20M range aren’t lingering. When something feels right, hesitation can cost you." — Tony Sargent, NYC "Ultra-luxury real estate isn’t a commodity—it’s a relationship-driven space." — Gary Dolch, Austin "Many sellers are still in the peak pricing mindset, but today’s luxury buyers are more cautious and value-driven." — Diane Cookson "Even cash buyers are being cautious, looking for value and ensuring their purchase aligns with long-term goals." — Summer Perry "We’re seeing an increase in international buyers once again." — Michael Carucci "Today’s buyers want something unique—properties that tell a story." — Lauren Forbes "Inventory is tight, but the demand for quality remains strong." — Kristen Routh Silberman "Buyers want to feel emotionally connected to a home the minute they walk in." — Amy Doerr "In New York, many $10M+ buyers are looking off-market to find true value." — Jason Walker "Sellers need to understand that high price tags must be backed by high-quality product and presentation." — Marcie Williams "Presentation is everything—buyers won’t compromise on visuals in this price range." — Julie B. "We are seeing a preference for newly renovated homes or those with incredible outdoor living potential." — Megan Gallagher "Turnkey properties in premier neighborhoods are moving faster than ever." — Michelle Linder "In Austin, ultra-luxury buyers are looking for trophy properties on the water or in premier gated golf communities." — Scott Michaels "Smart sellers are investing in staging and lifestyle marketing to make their listings irresistible." — Sherrie L. Moody "Authenticity is key. Luxury buyers want a home that feels real and lived-in, not staged and cold." — Neal Ward "Luxury buyers are leaning into brand-name architects and designers—they want pedigree." — Paul Lester "In this market, relationships and timing matter more than ever." — Joe Velasco "Lifestyle remains the number one driver—whether it's waterfront, golf, or gated estates." — The Onyx Team "Luxury buyers are being selective, but they’re still buying. The properties just have to feel worth it." — Chris Kromer "Our clients are global—they want homes that align with international standards of luxury." — Barr Haney Team "Second-home buyers are especially focused on privacy and amenities that support remote work and relaxation." — The Waterfront Team "We’re seeing increased interest in unique architecture and historic charm." — Beth Wexler "Buyers are looking for spaces that enhance everyday life—wellness rooms, chef kitchens, and indoor-outdoor living." — Yassi Bigham "Even when inventory is low, the right home priced correctly will sell quickly." — Lindsay Reishman
A Market Defined by Nuance
Nearly 40% of agents describe today’s $10 million plus market as a strong buyer’s market - a noticeable shift from the frenzied pace of recent years. But rather than stalling, the market is evolving.
“This season, I’m seeing a mix of urgency and caution among buyers,” shares Summer Perry, Compass agent in Orange County. “Some are ready to make bold moves before interest rates or inventory shift, while others are taking a moment - seeking long-term value and alignment with their lifestyle goals.”
This strategic patience is echoed across regions, particularly in Aspen’s luxury mountain markets.
“While buyers are active this season, there’s a willingness to wait for the right deal,” notes Blake Appleby, whose clients span Vail, Aspen, and Telluride.
Measured Demand & Refined Expectations
60% of surveyed agents say demand for $10 million and above properties has remained flat or slightly decreased compared to this time last year. In contrast, the $2 million to $5 million segment remains the most competitive across markets.
“The greatest challenge we see is sellers pricing too aspirationally,” says Byron Anderson of New York’s Westchester and Mid-Hudson Valley. “The key is balance - grounded pricing with trusted agent guidance.”
“Buyers should expand their price range to increase choice, and be prepared to make upgrades on those properties in prime locations,” adds Jack Pearson from the Hamptons.
Unlike most of the nation, Greenwich CT has seen tremendous growth in the ultra-luxury space. “The $10 million-plus market in Greenwich, CT is actually booming. In fact, $10 million-plus sales are on track to double year-over year and $20 million-plus sales are on track to increase 8X,” notes Kevin Sneddon.
Cash is King, But So is Caution
A defining feature of this market? Liquidity. The vast majority of $10M+ purchases are all-cash transactions. Yet, even affluent buyers are proceeding thoughtfully, watching for signs of a correction.
“Many buyers are entering the season with caution.” shares Johnny Noris in San Diego. “Even cash buyers are pausing, waiting to see if a market correction is on the horizon with interest rates holding steady.”
And as tax policy shifts in some states, agents are noting the geographic repositioning of wealth.
“In our market, there’s an exodus of high-net-worth individuals due to recent State tax law changes.” observes Sam Cunningham in Seattle.
Desire: Waterfronts, Privacy, and Turnkey Perfection
While architecture and provenance matter, today’s ultra-luxury buyer is equally driven by lifestyle. The second-home market reigns supreme, with demand concentrated on properties offering waterfront access, boating lifestyle, and immediate usability.
“Most luxury buyers want instant gratification and prefer to do little to no renovation,” says Leonard Steinberg of Manhattan. “They are highly attuned to design trends and follow Pinterest, Architectural Digest, Instagram, etc feeds daily which can make certain interiors date faster than in prior years.”
According to Compass agents, privacy tops the amenity wish list - particularly gated estates and secluded grounds - followed by pools, outdoor living, and wellness features.
“Luxury buyers want it all - access, privacy, home automation, lifestyle” explains Matt Faupel in Jackson Hole.
“It's a lifestyle investment as much as it is a real estate investment,” adds Byron Anderson - New York, Westchester & Mid Hudson Valley agent. “Natural resources like lakes, farmland, and open space are highly sought after.”
What Comes Next: Cautious Optimism
Looking ahead to the second half of the year, 68% of agents believe demand for luxury will grow. While interest rates remain a variable, many see a steady return of confidence as buyers adapt to new market norms.
“Buyers are approaching with measured urgency” reflects Liz Hogan of Greater Miami. “They're active and interested, but also more cautious and value-conscious than during the frenzy of previous years.”
Or, as Lindsay Dunlap in San Diego puts it: “Taking action is always better than watching from the sidelines and missing out on opportunities that may not come back around.”
Today’s luxury buyer isn’t stepping back - they’re becoming more intentional. They’re prioritizing privacy, quality, and meaning. While many are transacting in cash, they’re making measured decisions grounded in long-term value.
In this market, patience is a strategy. But excellence - timeless design, inspired setting, and curated lifestyle - always commands action.