Luxury home buyers in New York City are becoming cautious about purchasing high-value properties, particularly in Manhattan, where trophy contract signings for homes over $10 million have dropped to the lowest level since 2017. The Olshan Luxury Market Report indicates that while the overall market for homes priced at $4 million and above remains steady, fluctuations in the stock marketâsuch as the recent decline of the S&P 500âare influencing buyer confidence. Despite concerns, the year-to-date numbers for the trophy market appear stable for 2025.
"The reason for the decline in trophy sales is linked to the wild swings in the stock market," Donna Olshan, president of Olshan Realty, comments, reflecting how financial instability impacts high-end real estate purchasing.
"At the end of April, the S&P 500 was down 5.3%, but the financial markets looked much worse earlier in the month," Olshan explains, indicating a correlation between market performance and luxury home buying trends.
Collection
[
|
...
]