Despite stock market volatility, New York City's luxury real estate market is thriving, with a 35% increase in condo sales from last year. In March 2025, 131 luxury condos sold for over $4 million. Buyers are keen on properties in good condition, showing reluctance towards those needing renovation. Recent reports indicate a spike in contracts for high-end properties, signaling strong demand. A notable sale includes a high-value condo in the West Village, showcasing additional amenities and luxury features, though the building won’t be complete until late 2026.
"The luxury market has held up surprisingly well since the beginning of the year considering huge stock market volatility," Donna Olshan states.
"Buyers are very sensitive to condition, and anything that needs work tends to sit. People are fearful of renovation," highlights Donna Olshan.
The demand in the luxury market is evident as the report reveals 33 contracts were signed in just a week in Manhattan for properties listed at $4 million and above.
Condos outsold co-ops, 19-2, last week, despite a holiday week, showcasing the preference for luxury condos among buyers.
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