"Despite reported concerns of a slowdown and deterrants for wealthy buyers, the borough still nabbed its second-biggest period for luxury contracts since 2006, when Olshan Realty began tracking data. Buyers inked deals for more than 1,400 homes asking $4 million or more this year, up 11 percent from 2024, according to the brokerage's annual report. The signed contracts totaled just under $12 billion, up from just $11.2 billion last year."
"Olshan Realty chalked the increase up to sellers finally reckoning with the realities of the market and lowering asking prices. The average asking price dropped 4 percent compared to last year. The report also pointed to a strong year for Wall Street as a bolster to the market. For every one co-op to find a buyer, three condo contracts were signed, which has been the case for more than a decade."
"The short week leading up to Christmas was a quieter one. Buyers signed just 13 contracts for Manhattan homes asking $4 million or more, which was on par with the last time Christmas was on a Thursday but lower than the decade average of 17 for the week. The total was also less than the 21 deals inked in the previous period. The priciest home to land a signed contract was a penthouse at 65 West 13th Street, with an asking price of $13.5 million."
Manhattan's luxury market closed 2025 strongly with over 1,400 contracts for homes asking $4 million or more, an 11% rise from 2024. Signed contracts totaled just under $12 billion, up from $11.2 billion. Sellers reduced asking prices, contributing to increased activity; the average asking price fell 4% year-over-year. Wall Street strength supported demand. Condos outpaced co-ops roughly three-to-one, with half of condo contracts for new developments. More than 280 homes asking $10 million-plus went into contract, six more than the prior year but well below the 2021 peak. Activity dipped in the short week before Christmas.
Read at therealdeal.com
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