With 25 ultra-luxury transactions already recorded in 2026, sales have more than doubled since 2024, reflecting continued demand for exceptional Peninsula estates.
Atherton Dominates the Ultra-Luxury Market as $20M+ Sales Reach a Three-Year High
The ultra-luxury real estate market across the San Francisco Peninsula and Silicon Valley continues to demonstrate remarkable strength in 2026. Through mid-October, 25 homes have sold for $20 million or more in San Mateo and Santa Clara counties, already surpassing the 17 sales recorded during all of 2025 and the 11 sales in 2024.
These figures reflect sales reported through the Multiple Listing Service (MLS) and do not include privately negotiated off-market transactions, which represent an important segment of the region's ultra-luxury market. As discussed in our previous article, Why Off-Market Sales Matter in Atherton, the full scope of activity at this price level extends beyond publicly reported transactions.
Atherton Accounts for 60% of Ultra-Luxury Sales
Atherton continues to lead the region by a substantial margin. Read the article Wealthy Bay Area town is once again the most expensive in the country published last week by sfgate.com. Of the 25 MLS-reported sales at or above $20 million this year, 15 were in Atherton, representing 60% of the total across both counties.
The breakdown by community illustrates Atherton's commanding position:
Community | 2026 Sales of $20 Million+ |
Atherton | 15 |
Palo Alto | 3 |
Woodside | 3 |
Hillsborough | 2 |
Los Altos Hills | 1 |
Portola Valley | 1 |
Total | 25 |
The highest-priced MLS sale this year was a $70 million property in Hillsborough. However, the next three highest-priced sales, ranging from $32.5 million to $38 million, were all in Atherton.
These results reinforce Atherton's longstanding reputation as the center of the Peninsula's ultra-luxury residential market.
A Dramatic Increase in $20 Million-Plus Transactions
The increase in sales over the past three years is particularly noteworthy.
In 2024, just 11 MLS-reported homes sold for $20 million or more across the two counties. That number increased to 17 in 2025, and has already reached 25 in 2026, with more than two months remaining in the year.
The 2026 total represents a 47% increase over the entire previous year and more than double the number recorded in 2024.
Although transactions at this price level represent a small portion of the overall housing market, the increase is a significant indication of continued demand for exceptional properties across the Peninsula and Silicon Valley.
The Gullixson Team's Leadership in the Ultra-Luxury Market
For us at the Gullixson Team, this highly specialized segment of the market has been a central focus of ours for decades. Our list of Atherton sales is a clear indication of this.
As an example, just since the beginning of 2024, we have represented the buyer or seller in 14 MLS-reported transactions involving homes priced at $20 million or more, more than twice the number represented by the next closest Realtor.
This record is particularly meaningful because it reflects only publicly reported MLS transactions. When our privately negotiated off-market sales are included, the Gullixson Team involvement in the ultra-luxury market is even more substantial.
With more than $4.7 billion in career Atherton sales, our experience encompasses some of the Peninsula's most significant residential properties. At this level, transactions often involve complex considerations, from discreet marketing and confidential negotiations to the specialized knowledge required to accurately position and represent extraordinary estates.
Our extensive experience in this market provides a valuable perspective on property values, buyer expectations, and the strategies that can make a meaningful difference in the outcome of a sale.
Looking Ahead
The continued growth in $20 million-plus transactions is an encouraging sign for the Peninsula's ultra-luxury residential market. Atherton's substantial share of these sales reinforces its position as the region's leading community for exceptional estates.
As the market continues to evolve, our team remains committed to providing the experience, discretion, and market knowledge that have been the foundation of our work in Atherton and the surrounding communities for decades.
We welcome the opportunity to share our perspective on this highly specialized market.