Properties costing over $100 million filled all the top spots in a recent analysis of the most expensive property sales in 2025 in the United States. How many people are realistically in this market? This passage provides some hints:

Affluent buyers are scooping up luxury real estate as a way to diversify their portfolios, store wealth or as a hedge against inflation. “People feel the stock market is trading high, so they are investing in hard assets,” said Ryan Serhant, of real-estate brokerage Serhant. “Luxury real-estate is recession resistant.”…

Throughout the U.S., agents said domestic buyers are dominating the luxury market. In Palm Beach and Miami, deep-pocketed buyers are chasing the same properties, resulting in off-market deals being struck for astronomical sums. “It isn’t as much comp driven as it is, ‘This is what we’re willing to pay,’” said Miami agent Danny Hertzberg of the Jills Zeder Group at Coldwell Banker Realty.

I suspect that more than just listing the most expensive properties sold – is more expensive better or more noteworthy? – it would be interesting to know about how this exclusive market works. It sounds like the market involves wealthy people from the United States who are looking to avoid the swings of the stock market. They want an investment with a good return and assume real estate will provide this. They need to have the funds to make such a purpose. In the meantime, they might get some use out of the property.

Some searching suggests there are around 1,000 billionaires living in the United States. The Forbes 400 for 2025 says all the people on the list have a net worth of over $3.8 billion. It would be interesting to see how many of those on this list own properties worth more than $100 million or even $50 million. Do see they see as expensive real estate as a good deal?

And then there is the matter of how such properties are known. I imagine they are not on regular listing services. Either online or in real estate magazines, I do not remember seeings listings over $10 or so million. These tend to be expensive waterside properties or big city residences. How big is the network of agents who work with such properties? How do they contact prospective buyers or let them know that an expensive property is available? What kinds of fees are generated by agents, brokers, and other actors involved with real estate when one of these expensive properties is sold? Are there showings of these properties and what are these like?

Since these sales are still rare, it might not be hard to identify them and try to track down more information. On the other hand, operating at this level likely involves lots of behind the scenes activity and quiet operators and methods.