While luxury housing markets from Dallas to Miami are struggling to keep pace, Manhattan\u2019s high-end sector is one of the few bright spots. Sales of the borough\u2019s priciest homes surged in the third quarter, even as nationwide numbers slid to their weakest summer in more than a decade. Yet a slowdown in the month of September \u2014 and the looming uncertainty of New York\u2019s mayoral race \u2014 suggests the city\u2019s luxury surge may not be on unshakable ground.<\/p>\n
Manhattan\u2019s luxury housing market has outperformed the rest of the country this year, with third-quarter sales jumping 13.6% and prices rising as inventory shrank, even as nationwide luxury sales fell to their lowest summer levels in more than a decade. Across the US, luxury sales \u2014 defined as the top 5% of the market \u2014 dropped 0.7% in the three months ended Aug. 31, according to Redfin, marking the lowest summer tally since 2013.<\/p>\n
\u201cThe luxury market seems to be weaker than the rest of the housing market right now \u2014 which is already pretty weak,\u201d Chen Zhao, Redfin\u2019s head of economics research, told the Wall Street Journal. Agents from Dallas to San Francisco reported buyers hesitating over volatility and refusing to pay the steep premiums that defined the COVID boom. Manhattan, by contrast, saw luxury co-op and condo sales rise 13.6% year-over-year in the third quarter, according to newly released numbers from Miller Samuel and Douglas Elliman.<\/p>\n
More than 90% of deals above $3 million were paid in cash, helping insulate buyers from rising rates. Inventory fell 16.1% as buyers snapped up the few listings available, pushing the median sales price above $5.9 million. \u201cSales in the Manhattan luxury housing market grew 64% faster than the overall market over the past year,\u201d said Jonathan Miller, president of Miller Samuel, who authors Elliman\u2019s market reports. He noted that sales above $4 million climbed 20.8% while those below rose 12.7%.<\/p>\n
Cash has been king. More than 90% of Manhattan deals over $3 million closed without financing, insulating buyers from the mortgage market. And it begs the question as to whether the city\u2019s wealthy are looking to flee should democratic-socialist candidate Zohran Mamdani win the mayoral election in less than five weeks. \u201cIf you have $3 million in disposable cash to purchase a home, then you have reached a point of wealth where you probably are not making decisions based on who is mayor,\u201d Douglas Elliman agent Keyan Sanai told The Post. \u201cAt that point you\u2019re at a level where market conditions are not as concerning.\u201d<\/p>\n
While Jonathan Miller and Donna Olshan describe the market as stable, they acknowledge September\u2019s dip is puzzling. With the city\u2019s mayoral race adding political uncertainty \u2014 particularly if a progressive candidate like Zohran Mamdani wins \u2014 brokers warn the resilience of Manhattan\u2019s luxury sector may not be guaranteed heading into winter. Even so, September offered a sobering pause. Just 70 luxury homes went into contract \u2014 down nearly 40% from the 97 signed in September 2024, according to Olshan Realty.<\/p>\n
While the month featured headline deals at buildings like 111 W. 57th St. and 70 Vestry, some units lingered for years and sold at marked-down prices. \u201cOverall, the luxury market is stable,\u201d said Olshan president Donna Olshan. \u201cThere is nothing I can put my finger on \u2014 yet. Jonathan Miller echoed the uncertainty: \u201cI can\u2019t explain the variation in results for September.\u201d <\/p>\n
<\/p>\n
That hesitation has real implications if it extends into the fall. Manhattan\u2019s momentum is being fueled by strong Wall Street bonuses and stock-market highs. But if September\u2019s dip proves to be more than seasonal, and especially if political uncertainty grows around the upcoming mayoral election, buyers may pull back.<\/p>\n
In conclusion, Manhattan’s luxury housing market is experiencing a boom, with sales and prices rising despite a national slowdown. However, the market’s stability is uncertain due to factors such as political uncertainty and a slowdown in September. As the city’s mayoral race approaches, buyers may be hesitant to make purchases, which could impact the market’s momentum.<\/p>\n
A: Manhattan’s luxury housing market is booming, with sales and prices rising despite a national slowdown.<\/p>\n
A: Factors such as strong Wall Street bonuses, stock-market highs, and cash purchases are driving the market.<\/p>\n
A: Yes, the market’s stability is uncertain due to factors such as political uncertainty and a slowdown in September.<\/p>\n
A: The upcoming mayoral election may impact the market by creating uncertainty and hesitation among buyers, which could slow down the market’s momentum.<\/p>\n
A: Cash purchases are significant in the market as they insulate buyers from rising rates and mortgage market volatility, with over 90% of deals above $3 million being paid in cash.<\/p>\n","protected":false},"excerpt":{"rendered":"
Manhattan’s Luxury Housing Market Boom Introduction to the Boom While luxury housing markets from Dallas to Miami are struggling to keep pace, Manhattan\u2019s high-end sector is one of the few bright spots. Sales of the borough\u2019s priciest homes surged in the third quarter, even as nationwide numbers slid to their weakest summer in more than […]<\/p>\n","protected":false},"author":6,"featured_media":23533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-23531","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nypost.com\/wp-content%2Fuploads%2Fsites%2F2%2F2025%2F10%2Fnewspress-collage-0gb8r1ztw-1759429858353.jpg?quality%3D90%26strip%3Dall%261759415482&w=1920&resize=1920,1279&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/23531"}],"collection":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/comments?post=23531"}],"version-history":[{"count":1,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/23531\/revisions"}],"predecessor-version":[{"id":23534,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/23531\/revisions\/23534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media\/23533"}],"wp:attachment":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media?parent=23531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/categories?post=23531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/tags?post=23531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}