Luxury home buyers in New York City are currently hesitant to purchase multimillion-dollar properties, as indicated by the latest Olshan Luxury Market Report. The trophy market, defined as properties valued at $10 million or more, recorded only 12 contracts signed in four weeks, the lowest since 2017. Although the overall luxury market in NYC still saw 113 contracts signed at above $4 million average asking price, weak stock market performance appears to have impacted buyer confidence, prompting a decline in high-end sales.
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.
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%.
Despite the slight dip in April, the year-to-date trophy market numbers are fine for 2025.
The No. 1 contract signed for the last full week of April was 16 East 64th Street, with an asking price of $25 million.
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