Luxury home buyers in New York City are increasingly cautious, leading to a notable decline in the sale of multimillion-dollar properties. The Olshan Luxury Market Report indicates that only 12 trophy contracts were signed in April, the lowest since 2017. Other segments of the Manhattan luxury market are also dipped slightly, despite an initial surge during the Easter holiday. Economic fluctuations, particularly the stock market's instability, play a significant role in buyers' reluctance, though projections for the rest of 2025 remain optimistic according to market analysts.
The trophy market includes properties that are listed at $10 million-plus. In the past four weeks, 12 contracts were signed for properties at that price point. That's the lowest April level since 2017, when 11 were signed.
Despite a strong week of contract signings over the Easter holiday, there was a slight dip in contract signings in the last week of April. Only 28 contracts in the $4 million-plus range were signed in Manhattan.
The reason for the decline in trophy sales is linked to the wild swings in the stock market. At the end of April, the S&P 500 was down 5.3%, but the financial markets looked much worse earlier in the month.
Despite the slight dip in April, Olshan adds, 'The year-to-date trophy market numbers are fine for 2025.'
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