Greetings,
As we move into the final month of the year, Manhattan’s real estate market remains steady. Pre-election uncertainty slowed activity, yet pricing held firm. This resilience reinforces the long-term value of New York, a point echoed in recent global research.
Following Mamdani’s primary win in June, and subsequent win in November, median sales prices reached $1.18 million in the third quarter, a 5.8 percent annual increase. Luxury prices rose 2.8 percent. Sales outpaced supply, which explains the upward pressure on pricing, according to Jonathan Miller of Miller Samuel.
Knight Frank’s Global Super-Prime Intelligence 2025 Q3 Report places New York among the world’s top luxury markets, despite a quieter summer tied to the mayoral election. Globally, there were 474 transactions over $10 million this quarter, totaling $8.5 billion. On a 12-month basis, super-prime sales reached 2,185, the strongest total since 2021.
In November there was a modest increase in median days on market from 78 to 83. Even so, the median sale price remained steady at roughly $1.07 million, compared with $1.1 million a year ago, underscoring stability rather than softness in the market.
The data points to a market that remains resilient, orderly, and well-positioned for long-term buyers and sellers. New York continues to demonstrate why it is viewed as one of the world’s most durable real estate markets.
Continue reading below for this month’s key market insights, and feel free to contact me with any questions you may have.
