August 11, 2025 | New York City
Manhattan’s high-end real estate market showed signs of cooling last week, with just nine contracts signed for homes priced at $4 million or more, according to Olshan Realty. The slowdown mirrors similar trends in South Florida’s luxury sector and could be a seasonal pause as wealthy buyers head off for summer vacations. However, off-market deals and private listings may mean the actual numbers are higher.
This dip comes after a strong July, when 91 contracts were signed for condos, co-ops, and one- to three-family homes at $4 million and above — a 12% increase compared to the same month last year. Despite the uptick in deals, new inventory has not kept pace, with listings in this price range falling 13% year-over-year. The Upper East Side led Manhattan’s luxury activity in July, logging 193 recorded transactions.
Industry earnings reports for the second quarter reflected mixed outcomes among major brokerages. Compass posted a $39 million profit and record $2 billion revenue, while Anywhere Real Estate maintained stable performance. Douglas Elliman, however, reported a $23 million loss, reversing earlier revenue gains.
The current inventory shortage could impact Manhattan’s third-quarter luxury sales performance. Without fresh listings to meet demand, market activity may slow further as summer draws to a close. Still, the market’s resilience earlier this year suggests that high-end buyers remain active — provided the right properties become available.