Manhattan Luxury Market Report
September 2025 – The Month of “Wait… Maybe?”
Contracts Signed: A Mid-Month Rebound
September usually struts back into Manhattan like it owns the place: buyers return from Europe and The Hamptons, sellers roll out glossy new listings, and the market pretends it’s spring in a maroon turtleneck.
This year? More like a cautious shuffle.
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Sep 1–7: 15 contracts signed ($4M+)
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Sep 8–14: 11 contracts (cue awkward silence)
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Sep 15–21: 21 contracts, a much-needed rebound worth about $144M combined
The four-week rolling total still lags 26% year over year (64 vs. 87 in 2024), but mid-September showed the first signs of thaw.
Property Mix: Condos Carry the Torch
Buyers have made their preferences clear:
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15 condos
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5 co-ops (surprise co-op cameo)
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1 lonely townhouse wondering if anyone swipes right on four flights of stairs
Condos remain the runway model of this market, all glass and turn-key.
Price Tags: The Tale of Two Averages
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Average asking price: ~$6.9M
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Median asking price: ~$6.0M
Translation? A few trophy hunters are still in the game, but most deals are circling the “practical luxury” band.
Political Wild Card: The “Mamdani Effect”
Zohran Mamdani’s primary win has wealthy New Yorkers nervously refreshing Zillow in Palm Beach.
His platform includes:
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Higher taxes on $1M+ earners
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Rent freezes and bulked-up tenant protections
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City-run groceries (Whole Foods, meet Whole Folks)
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Social workers dispatched before police in some cases
Result:
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50% spike in Florida real estate interest
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Whisper listings multiplying faster than Pilates studios
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Developers worrying about liquidity like it’s 2009 all over again
FYI - No political opinions here; just what we are hearing and seeing in the field.
Rate Cuts Are Here: But Do They Matter?
The Fed finally trimmed rates for the first time in over a year. Mortgage rates ticked down, but here is the fine print:
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Under $3M: Big help, more affordability, more buyers qualifying
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$4M–$8M: Moderate boost, financing helps but not a game-changer
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$10M+: Minimal impact, mostly cash or private banking anyway
In other words, great news if you are eyeing a $2.8M two-bed, less exciting if you are trying to move a $28M penthouse with a lap pool.
Strategy Session: What This Means for You
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Sellers: Do not overprice. Be flexible. Think concessions over price cuts (nobody brags about lowering their ask, but you can throw in closing credits like a pro).
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Buyers: You have leverage. This is your pre-holiday shopping season. Make the clean, quick offer and you might snag a discount before the next champagne brunch.
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Investors: Target mid-luxury resales with 60+ DOM. That is where motivation lives, and motivation equals value.
The Final Sip
September 2025 is all about restraint, like ordering the salad when you really want the fries.
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The market is not frozen, but it is selective.
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Trophy homes are admired, not chased.
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Confidence, not comps, is running the show.
So whether you are listing, buying, or investing, the winners this fall will be the ones who adapt quickly, act decisively, and maybe even laugh at the absurdity of timing a $12M purchase around the Fed.
Because if Manhattan luxury is anything, it is a little dramatic. And honestly, would we not be bored if it were not?
