Realtor.com
The luxury housing market in New York City is seeing a slight slowdown, despite summer being in full swing.
The latest Olshan Luxury Market Report reveals 19 contracts were signed for the week ending July 13.
That’s only one more than the prior week—when 18 condo contracts were signed.
“We have been signaling that the market would slow down in the summer,” Donna Olshan, luxury real estate broker and president of Olshan Realty, tells Realtor.com®. “But now that we are heading into the summer and 90-plus degree days, the expectation for a strong luxury market to continue should be tempered.”
Of the 19 contracts, the most expensive is for a 15th-floor condo at 825 Fifth Ave. The asking price is $34.75 million, reduced from $37 million when it was listed in December 2024. The unique property was originally four units.
“The sellers purchased the units between 2018 and 2019, totaling $15,675,000, and renovated,” says Olshan. “The full floor has three bedrooms and 4.5 bathrooms.”
The primary bedroom overlooks Central Park, and two other bedrooms open onto terraces. The buyer has deep pockets, as the co-op board does not allow financing and the monthly maintenance is $27,193.
(Realtor.com)
Political plays
New Yorkers went to the polls for the Democratic primary on June 25, when Zohran Mamdani, a state assemblyman, defeated 10 other candidates to represent the party for mayor of New York City.
Mamdani’s win has sparked controversy among the Democratic establishment over his progressive views. He ran on the agenda of free buses, health care, and more affordable housing.
While his win won the attention of Americans across the country, wealthy New Yorkers are toying with the idea of leaving the Big Apple for good.
But, Olshan says not so fast.
“It’s way too early to see how this will affect the luxury market in Manhattan,” says Olshan. “Have I gotten nervous calls? Yes, but at the end of the day, most people are not going to pick up roots and move somewhere else because they don’t like the mayor and are afraid of the direction the city will go in.”
Realtor.com® senior economist Joel Berner says before June 24, Manhattan luxury shoppers had a higher share of page views right in the city “this year” compared with 2024.
“Since June 24th, that share has fallen back off a bit,” adds Berner. “Long Island and New Jersey counties have seen the most gains in terms of share of luxury page views from Manhattan, both year over year and before and after the primary.”
Olshan says that right after the primary, a buyer submitted a low offer on an apartment she was representing. She explains they were looking for a “Mamdani discount”—which they didn’t get.
“I thought this was ironic,” Olshan adds. “They were perfectly happy to live in New York City—even with Mamdani—if they could get a discount on an apartment.”
But Manhattan residents are staying local. In the past, New Yorkers were looking to move to places such as Palm Beach and Orange Counties in Florida—among the top five counties for New York luxury home shoppers, according to Realtor.com—but the numbers have shifted in favor of New York counties such as Suffolk and Nassau (Long Island).
“It appears that more Manhattan residents are interested in staying within the New York City metro, but outside the city proper,” says Berner.
Seasonal breather
Olshan refers to the recent dip in trophy market sales as a seasonal breather. She says this time of summer is always the slowest.
“Many luxury buyers evacuate for vacation or extended stays in places like the Hamptons, Martha’s Vineyard, Nantucket, Maine, Aspen, Jackson Hole, Sun Valley, Europe, and elsewhere.”
“In 7 of the last 10 years, the third quarter has been the worst quarter of the year” for sales, says Olshan. “In the last decade, it averaged 20 contracts per week at $4 million and above.”
During the three-week period of June 23–July 14, 2025, 64 contracts were signed at $4 million and above, with a total volume of $555,258,988, according to Olshan data.
A similar period in 2024 (June 23–July 14) saw 72 contracts signed at $4 million and above, with a total volume of $538,645,000.
Olshan adds this is also the best time to buy: “The competition is out of town, activity slows, and sellers get antsy. Real buyers come out in 100-degree heat.”