Map Most Expensive Home Sales

...

Giulia Carbonaro

By Giulia Carbonaro

Senior Reporter

0

Share

Newsweek is a Trust Project member

See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.

While a growing number of listings sit idle in the United States' housing market, as buyers are kept on the sidelines by sky-high prices and prohibitive borrowing costs, multimillion-dollar homes are still going under contract in some of the most expensive parts of the country.

In early May, a seven-bedroom single-family home in Los Angeles' Bel Air neighborhood sold for $110 million—a hefty price tag which made the sale the most expensive in the entire nation last month. The home, which spans 2.2 acres and is nestled in lush, green surroundings, had fetched nearly half the price the last time it was sold in 2018, at $56 million. Redfin estimates its value at just over $67 million.

Not only has the price of the Bel Air mansion jumped over the last decade, but also the property taxes paid by its owners. In 2024, the estimated property tax bill for the home was $755,231, according to Redfin, up from $676,205 in 2018.

Read More on U.S.

These rising costs are unlikely to scare off wealthy buyers, who are keeping the U.S. luxury market afloat while the regular market is starting to sink under the weight of surging inventory and dwindling sales.

The Most Expensive Home Sales in the Country

A list of the top 10 most expensive home sales in the country last month is dominated by Southern California, Florida and Manhattan—some of the most exclusive and costly markets in the nation.

These are the 10 homes that sold for the highest sums in the entire nation over the last month, according to Redfin:

  1. 630 Nimes Rd., Los Angeles, CA 90077: Sold for $110 million
  2. 391 N. Carolwood Dr., Los Angeles, CA 90077: Sold for $57.3 million
  3. 1140 S. Ocean Blvd., Manalapan, FL 33462: Sold for $55 million
  4. 12032 E. End, North Palm Beach, FL 33408: Sold for $55 million
  5. 1519 N. Ocean Way, Palm Beach, FL 33480: Sold for $48.5 million
  6. 973 5th Ave., New York, NY 10075: Sold for $46 million
  7. 1 Pelican Crest Dr., Newport Coast, CA 92657: Sold for $42 million
  8. 25 Bond St., Penthouse West, New York, NY 10012: Sold for $34.5 million
  9. 63 Monarch Bay Dr., Dana Point, CA 92629: Sold for $34 million
  10. 1788 Royal Palm Way, Boca Raton, FL 33432: Sold for $31.5 million

The home at 391 N. Carolwood Dr. in Los Angeles was sold as part of a multi-property sale that saw the buyers acquire the "legendary" Spanish Villa designed by iconic architect George Washington Smith and built in 1926. The home had not been on the market in decades: the last time it was listed, in 1992, it sold for $6.2 million.

The Florida home in Manalapan, on the other hand, is a new building finished this year. The single-family beachfront home covers 1.6 acres and features a swimming pool, 13 bedrooms and 14.5 bathrooms.

While beachfront properties on the Florida coast are facing the growing risk of being hit by more frequent and severe natural disasters, such as hurricanes and flooding, high-end buyers are unlikely to be swayed from their purchase by higher home insurance premiums.

"Despite the increasing risk of climate disasters and skyrocketing insurance costs in those places, mega-wealthy homebuyers have the means to rebuild, repair, or take a loss," Redfin wrote in its report.

Moving away from Palm Beach's lavish properties, ranked fourth and fifth in terms of most expensive sales, the homes selling for the highest sums in New York offer a very different atmosphere. One is a Gilded Age mansion designed by architect Stanford White, and the other is a penthouse built in 2007. Both are in Manhattan.

Trouble Ahead For The Luxury Market

While wealthy buyers are largely unfazed by the affordability challenges that keep most Americans out of the market, growing economic uncertainty is now prompting them to reconsider whether this is a good time for such a significant investment.

Pending sales of luxury homes were down 9.9 percent year-over-year in April, according to the latest data made available by Redfin. It was the lowest level since August 2023 and the lowest level for any April since 2014, when the real estate brokerage started tracking data.

"Many luxury buyers are adopting a wait-and-see approach because of volatility across financial markets and shifting tariff policies," said Redfin Senior Economist Sheharyar Bokhari in a press release. "These high-end buyers often sell stock to help with down payments, but many pressed pause on their home search when the stock market tumbled in April. As a result, what is usually a fiercely competitive space is cooling."

View 0 Comments

Request Reprint & Licensing

Submit Correction

View Editorial & AI Guidelines