The $10 Million Market Is Surging — What It Means for Los Angeles Luxury Real Estate

While the broader United States housing market recorded its third consecutive year of subdued activity in 2025, an entirely different story unfolded at the highest echelon of residential real estate. According to a recent Wall Street Journal analysis, sales of homes priced at $10 million and above surged dramatically across the nation’s premier markets, with Los Angeles emerging as the clear standout.

For Jade Mills, who has spent more than thirty years representing the finest properties in Los Angeles, the numbers reflect something she has always understood: at this level, the decision to buy or sell a home is rarely about market conditions. It is about the feeling a property gives you when you walk through the door. It is about finding a place where a family can truly be themselves, where memories will be made for generations, and where the beauty of the space matches the life being built inside it.

That philosophy, rooted in more than $9 billion in career sales and the trust of clients who return to her again and again, is what distinguishes Jade’s approach. The data tells a remarkable story. Her career tells the rest.

A Remarkable Year in Numbers

The scale of the 2025 ultra-luxury surge is striking by any measure. The Wall Street Journal reported that the nation’s top ten luxury markets collectively posted more than 1,600 home sales at or above $10 million, a 32 percent increase over the prior year. Total dollar volume rose nearly 24 percent to $28.6 billion. Across 84 markets nationwide, industry data shows more than 2,260 homes traded at this level, generating $38.6 billion in total sales.

Los Angeles County delivered the most dramatic gains of any major market in the country:

• 292 sales above $10 million, a jump of nearly 54 percent from 2024

• $5.36 billion in total dollar volume, a 61 percent year-over-year increase

• One of the strongest ultra-luxury performances recorded in Los Angeles in recent memory

The following table illustrates the breadth of the 2025 surge across key markets:

 

The momentum also extended well beyond established luxury corridors. Markets such as Scottsdale, San Diego, and Dallas, which recorded few or no $10 million sales before 2020, are now posting consistent double-digit transactions at that level each year. Scottsdale recorded zero such sales in 2019 and saw 13 in 2025 alone. The ultra-luxury buyer pool is broadening, and wealth is finding new places to anchor.

A Market That Operates by Different Rules

The conventional forces that shape housing markets across the country, including mortgage rates, inventory cycles, and affordability pressures, hold little influence at the $10 million threshold. This is a segment driven almost entirely by liquidity, conviction, and the deeply personal desire to own something exceptional.

What defines this market:

• Cash is the standard. Industry data indicates that approximately 90 percent of transactions at this level are completed entirely in cash. Interest rates, in practical terms, do not factor into the decision.

• Wealth creation is the catalyst. Artificial intelligence, technology, and financial services have generated substantial new fortunes in recent years, much of which has flowed directly into residential real estate.

• It is about more than an investment. At this tier, buyers are seeking homes that offer tranquility, beauty, and a sense of arrival. They are looking for spaces that feel right the moment they step inside.

The connection between Silicon Valley’s AI-driven expansion and the resurgence of $10 million-plus sales across California is unmistakable. In the Silicon Valley area alone, such sales rose more than 36 percent in 2025. San Francisco, which experienced several sluggish years in the luxury segment, saw a 50 percent jump as the technology sector’s renewed energy translated directly into housing demand.

Generational wealth transfer is further broadening the buyer pool. As significant fortunes move from one generation to the next, a new cohort of buyers is entering the ultra-luxury market with both the means and the desire to acquire properties that offer privacy, architectural distinction, and the kind of enduring value that can be passed down.

What This Means for Los Angeles

There is a reason people fall in love with Los Angeles and never leave. The weather, the proximity to the beach and the mountains, the world-class dining and art, the energy of a city that draws talent and ambition from every corner of the globe. For Jade, who has called Beverly Hills home for decades, the appeal of this city is not abstract. It is something she has watched her clients feel the moment they arrive.

The 2025 data confirms what that instinct has always suggested: Los Angeles remains one of the most powerful luxury real estate markets in the world, and its pull is only growing stronger.

Measure ULA: From Resistance to Acceptance

The transfer tax on high-end home sales that took effect in April 2023 initially created meaningful friction in the Los Angeles luxury market. Sellers resisted the additional cost, and transaction volume at the top end slowed. In the early months, the frustration was palpable.

But the market has adapted. Jade has watched sellers move through that resistance and into a place of pragmatic acceptance, factoring the tax into their pricing strategies rather than allowing it to stall a sale. Buyers at this level have demonstrated that Measure ULA has not diminished their appetite for world-class properties in the city’s most desirable neighborhoods. The 2025 data bears that out: Los Angeles recorded its strongest year of ultra-luxury sales activity in recent memory, with the tax still firmly in place.

The Wildfires: Heartbreak and Resilience

The wildfires that struck parts of Los Angeles in early 2025 left devastation in their wake. Thousands of families lost their homes, their belongings, and the sense of safety that a home is supposed to provide. For Jade, who has always believed that a home should be the place where you feel most comfortable and most at peace, the fires were deeply personal.

Her own son and daughter-in-law lost their home in Pacific Palisades. In the days that followed, Jade spent hours on the phone reaching out to sellers in her network, asking if they would be willing to rent, working to find displaced families a place to land. The professional and the personal were inseparable.

In the months since, the displacement has accelerated demand into neighborhoods that offer both prestige and resilience:

• Beverly Hills sits on flat, developed terrain outside California’s designated high fire hazard severity zones. Standard home insurance remains readily available in the city’s core, a meaningful advantage at a time when coverage has become difficult to secure in hillside communities.

• Bel Air and Holmby Hills have similarly drawn buyers who are recalibrating their priorities, seeking the combination of privacy, space, and safety that these neighborhoods have long provided.

• Brentwood’s flatter corridors, closer to developed streets and farther from canyon exposure, are receiving increased attention from families who previously considered hillside properties.

And yet, despite the hardship, the story of Los Angeles after the fires is ultimately one of resilience. People who leave this city tend to come back. The weather, the culture, the mountains meeting the ocean, the energy that comes from living in a place where so much of the world’s creativity and ambition converges: it is, quite simply, hard to replicate anywhere else.

A Global Perspective

The surge in $10 million-plus sales is not confined to domestic buyers. International demand for premier United States real estate has strengthened considerably, driven in part by favorable currency dynamics. With the dollar softening relative to several major currencies, international buyers are finding exceptional value in American luxury properties.

As the International Ambassador for Coldwell Banker and the leader of an exclusive global network of 80 of the world’s foremost agents, Jade is uniquely positioned to connect international buyers with Los Angeles’s finest properties, and to give her sellers a level of worldwide exposure that few agents can deliver.

Why international buyers continue to choose Los Angeles:

• Currency advantage: A softer dollar increases purchasing power for buyers transacting in euros, pounds, and other major currencies

• Lifestyle without compromise: The climate, the culture, the coastline, the dining, the proximity to both entertainment and technology centers of gravity

• A tangible store of value: In periods of global uncertainty, premier real estate in a stable market provides both security and long-term appreciation

• Multigenerational appeal: Families seeking homes that serve multiple generations are drawn to the space, privacy, and world-class amenities that Los Angeles offers

Through the International Luxury Alliance and relationships cultivated over decades with leading luxury brokers, family offices, and private clients across North America, Europe, Asia, and the Middle East, Jade’s listings reach buyers that most properties never will. For sellers at this level, that global reach is not a luxury. It is a necessity.

Looking Ahead to 2026

The forces that propelled the ultra-luxury market in 2025 show no signs of slowing:

• Wealth creation in technology and artificial intelligence continues to accelerate, generating new buyers with both the means and the motivation to acquire trophy properties

• Financial markets remain elevated, translating equity gains into real purchasing power

• The pool of qualified ultra-luxury buyers is expanding, both domestically and from international markets

• The supply of truly exceptional properties in Los Angeles’s most sought-after neighborhoods remains extraordinarily limited

Properties that offer an irreplaceable combination of location, privacy, architectural significance, and the kind of beauty that moves you the moment you see it will continue to command premium valuations. For sellers, the message is clear: demand at this level is robust, global, and growing. Properties that are positioned thoughtfully, marketed with sophistication, and represented with discretion will find the right buyer.

After more than thirty years in this business, Jade’s passion for helping people find the right home has never wavered. Whether it is a young family searching for their first Beverly Hills residence or an international client seeking a once-in-a-generation estate, the commitment is the same: to listen carefully, to protect her clients’ privacy absolutely, and to bring a depth of knowledge and care to every relationship.

The numbers tell part of the story. The relationships tell the rest. And for Jade Mills, it has always been the relationships that matter most.

Frequently Asked Questions

Are Homes Above $10 Million Still a Strong Investment in Los Angeles?

The 2025 data strongly suggests they are. Los Angeles recorded one of the highest year-over-year increases in $10 million-plus sales of any market in the country, with both unit volume and dollar volume climbing sharply. Trophy properties in the city’s premier neighborhoods have historically held and appreciated in value over time, and the current combination of limited supply and strong demand supports continued strength at this level.

How Does the Transfer Tax Affect Selling a Luxury Home in Los Angeles?

Measure ULA, which took effect in April 2023, imposes a transfer tax of up to 5.5 percent on high-end property sales. While the tax initially slowed activity, sellers have increasingly adapted their pricing strategies to account for it. The 2025 surge in ultra-luxury sales demonstrates that the tax has not diminished buyer demand for world-class properties in Los Angeles’s most desirable neighborhoods.

Why Are So Many Ultra-Luxury Purchases Made in Cash?

Buyers at the $10 million level and above typically have access to significant liquid wealth generated through business exits, equity-based compensation, investment returns, or generational wealth. Purchasing in cash allows for faster closings, greater privacy, and stronger negotiating positions. Industry data indicates that roughly 90 percent of transactions at this tier are completed without mortgage financing.

How Has Wildfire Displacement Affected the Beverly Hills Market?

The wildfires that struck parts of Los Angeles in early 2025 displaced thousands of families, many of whom sought homes in neighborhoods with lower fire risk. Beverly Hills, with its flat terrain and position outside high fire hazard severity zones, has experienced increased buyer interest as a result. This trend has reinforced the city’s standing as one of the most secure and desirable luxury markets in the country.

Is International Buyer Interest Growing in Los Angeles Luxury Real Estate?

Yes. Favorable currency dynamics, the enduring global appeal of Los Angeles as a lifestyle destination, and the perception of American real estate as a stable long-term asset have all contributed to growing international interest. Buyers from Europe, Asia, and the Middle East continue to view Beverly Hills and surrounding communities as premier destinations for significant property acquisitions.

For those considering a move at this level, Jade Mills Estates offers the discretion, global reach, and personal care that the world’s most discerning buyers and sellers deserve. To begin a confidential conversation, contact Jade and her team at 310.285.7508.

Sources

The data and insights referenced in this article were drawn from the following sources:

• The Wall Street Journal — “The Housing Market Is Slumping—but Sales Over $10 Million Are Skyrocketing” (wsj.com/real-estate/luxury-homes/luxury-home-sales-deaeeb89)

• 2025 Ultra-Luxury Report — Industry analysis of U.S. home sales at $10 million and above across 84 markets, examining 2,261 transactions totaling $38.63 billion in 2025 sales volume

• CNN Business — Reporting on the Los Angeles wildfire displacement and its impact on the luxury housing and rental markets, including interviews with Beverly Hills agents (January 2025)

• Los Angeles Business Journal — Q+A with Jade Mills on 2024 market conditions, Measure ULA, and the impact of the Los Angeles wildfires (March 2025)

• Robb Report — “Ultra-Luxury Real Estate Is Booming Even as the General Housing Market Cools” — national analysis of ultra-luxury market trends (February 2026)

• RISMedia — “Report: $10M-Plus U.S. Home Sales Accelerate to More Than $38B Beyond Top Metros” (February 2026)

• Knight Frank Global Research — Q4 2025 ultra-luxury sales data across 12 major global cities, reporting 555 transactions above $10 million totaling $10.3 billion