From CNBC: 2025-04-02 09:33:00

Manhattan apartment sales surged 29% in Q1 compared to last year, totaling 2,560 closed sales worth $5.7 billion. Luxury sales over $5 million soared by 49%, with ultra-high-end properties having their best Q1 since 2019. The market’s strength is driven by wealthy buyers and confidence in real estate as a wealth-building asset.

The high-end luxury market in Manhattan is thriving, with sales of properties priced over $20 million increasing significantly. The demand for luxury real estate remains strong, driven by all-cash purchases by ultra-wealthy buyers who are less deterred by high interest rates. The mid-market segment saw a decline in signed contracts, while lower-end properties performed better.

Macro and micro forces are fueling the resurgence of Manhattan real estate, with buyers attracted to hard assets amid stock market uncertainty. Back-to-office mandates and the return of affluent “boomerang wealthy” individuals are boosting sales. The great wealth transfer from baby boomers to their children is also driving activity, with family offices acquiring real estate as legacy assets.

Despite market uncertainty in March, Manhattan’s real estate market is thriving, with strong signed contracts pointing to continued growth. Sales in Q1 2025 rebounded from a slow Q1 2024, reflecting renewed confidence in the market. Luxury sales, especially those over $10 million, tripled in March, indicating sustained demand for high-end properties.



Read more at CNBC: Manhattan luxury real estate market has best first quarter since 2019