Ultra-Luxury Real Estate: Wealth, Movement, and What Comes Next
The 2025 Compass Ultra-Luxury Report offers a clear view into where wealth is forming, where it is moving, and how it is being deployed through real estate. At the highest end of the market, residential real estate continues to function as both a reflection of economic growth and a strategic store of value.
In 2025, national sales volume for homes priced at $10 million and above reached $38.63 billion, with 2,261 closed transactions nationwide. These figures reinforce an important distinction. Ultra-luxury housing is not a barometer of overall housing health. It is a barometer of wealth creation, capital migration, and long-term confidence.
As Compass Chief Economist Mike Simonsen explains, the data tells a straightforward story. Wealth continues to be created, and it wants to live somewhere. In 2025, that meant continued strength in established ultra-luxury markets such as Manhattan, Palm Beach, Aspen, and Silicon Valley. At the same time, emerging luxury hubs including Scottsdale, Dallas–Fort Worth, and Brooklyn gained momentum, signaling a broader shift in how affluent buyers are underwriting lifestyle, opportunity, and long-term value.
Chicago and the North Shore: Local Luxury Strength
Chicago’s luxury market showed notable strength in 2025, particularly at the upper end of the price spectrum. According to Crain’s Chicago Business, the number of homes selling at $4 million and above reached record levels, marking a meaningful milestone for high-end activity in the region. This performance underscores continued demand among affluent buyers despite broader market normalization.
Price trends further support this resilience. Case-Shiller data cited by Crain’s shows that Chicago-area home values continued to grow steadily year over year, placing the metro among stronger-performing large U.S. markets. While growth has moderated, pricing stability at the top end reflects confidence and disciplined demand.
Suburban luxury markets remain equally compelling. The North Shore, including Winnetka, Kenilworth, and Lake Forest, continues to attract buyers seeking space, privacy, and proximity to the city. Homes in these communities frequently establish regional benchmarks, while Hinsdale and surrounding affluent suburbs regularly see transactions well above $1 million, reinforcing sustained demand at higher price points.
Within the city, core luxury neighborhoods such as the Gold Coast, Lincoln Park, River North, and the Near North lakefront continue to appeal to buyers prioritizing architecture, views, and long-term livability. Limited inventory in these areas keeps well-positioned properties competitive, particularly those offering iconic design or premier locations.
Insight, Influence, and Impact in Today’s Luxury Market
Compass frames the ultra-luxury segment through three essential lenses: insight, influence, and impact. At this level of the market, data alone is not enough. What matters is how that data is interpreted and applied.
Ultra-luxury buyers in 2025 were not simply purchasing homes. They were making long-term decisions about lifestyle, capital allocation, and where they want to anchor wealth. Buyer psychology, design trends, technology adoption, privacy considerations, and global mobility all played a meaningful role in how decisions were made.
At Busby Group, our Luxury Collective mirrors this approach. We track not only national and local market data, but also top-tier sales activity and the qualitative signals that influence outcomes. Understanding how buyers think, what they prioritize, and how they evaluate value allows us to guide clients beyond the transaction and toward informed, strategic decisions.
From Resilience to Recalibration in 2026
If 2025 was defined by resilience, early indicators suggest that 2026 will be a year of recalibration and opportunity. The $10 million-plus segment is entering a more deliberate phase, marked less by urgency and more by discernment.
Buyers are taking additional time, underwriting decisions carefully, and prioritizing assets that align with long-term lifestyle, security, and value creation. This shift does not signal weakness. Instead, it reflects maturity and confidence in the market.
For sellers, this environment rewards thoughtful pricing, strong presentation, and strategic positioning. Well-prepared properties in premier neighborhoods continue to command attention and strong results. For buyers, moments of recalibration may create windows where quality, leverage, and timing intersect.
What This Means for Luxury Buyers and Sellers
For clients operating at the highest levels of the market, ultra-luxury real estate remains a powerful tool. It reflects confidence in long-term economic growth and serves as a tangible expression of wealth strategy.
Across Chicagoland, from the Gold Coast and Lincoln Park to the North Shore and Hinsdale, demand continues to be driven by location, quality, and long-term livability. Limited inventory in these markets reinforces the importance of informed strategy and experienced guidance.
At Busby Group, our Luxury Collective closely tracks national and local data, notable sales, and emerging trends to help clients navigate this evolving landscape with clarity. Whether buying, selling, or evaluating timing, informed strategy remains the defining advantage.
Contact us for a private consultation to review your real estate goals.
Read the full report here.