The short answer: things are looking good.

Heading into late 2025, there was a great deal of hand‑wringing in the New York real estate industry about what a Mamdani win might mean for the city’s wealthiest residents. The fear was that higher‑tax headlines would spur an exodus of high‑net‑worth New Yorkers and, with it, a sharp slowdown in the market.

That narrative has not played out in the data. Sales volume picked up meaningfully after the election, and fourth‑quarter numbers showed no sudden spike in inventory that would signal a looming flight from the city. Instead, the end of 2025 looked predominantly healthy—and in some segments, very strong.

Key Q4 2025 Numbers at a Glance

A few highlights from the fourth quarter:

• Median and average prices
  • The median apartment price reached $1,180,000, a 7% increase year‑over‑year, though down 2% from the prior quarter.
  • The average price rose 1% annually to $2,129,000.
  • These gains were driven largely by sales over $3M, which outperformed lower price bands.
• Price per square foot
  • The average price per square foot landed at $1,849, a 3% decrease year‑over‑year but an 8% increase compared to the previous quarter.
  • The year‑over‑year softness was influenced by fewer ultra‑luxury sales in this particular quarter versus last year.
• Closings and sales volume
  • Closings were up 3% year‑over‑year to just over 2,800 transactions, marking the strongest fourth quarter in three years.
  • Sales volume increased 4% to $6 billion, bolstered by higher prices in certain segments.
• Signed contracts and days on market
  • Signed contracts rose 5% to just under 3,000 transactions.
  • Average days on market declined for the sixth consecutive quarter, falling by about one week year‑over‑year to 108 days.

Taken together, these figures describe a market that is active, resilient, and increasingly efficient.

Co‑ops, Condos, and New Development

Breaking the numbers down by category offers a more detailed view:

• Resale co‑ops
  • Resale co‑op sales rose 9% year‑over‑year to a four‑year high of approximately 1,600 closings.
  • Every apartment size except studios saw gains in closings, underscoring the continued appeal of co‑ops for many buyers.
• Resale condos
  • Resale condo sales declined 6% year‑over‑year—the first such decline in several years.
  • Every condo size posted declines except the three‑bedroom‑plus segment, which increased, reflecting ongoing demand at the larger, often higher‑end end of the market.
• New development
  • New development sales dipped 1% year‑over‑year, primarily due to inventory constraints rather than a collapse in demand.
• Inventory levels
  • Overall inventory rose 4% annually to 6,118 active listings.
  • Inventory increased across every apartment size except three‑bedroom‑plus homes, where it declined 2%, reinforcing the tightness at the larger, family‑size end of the spectrum.

Cash Is Still King

One of the most striking data points from 2025 is just how dominant cash has become.

• 64% of co‑op and condo sales in 2025 were all‑cash, up from 61% in 2024.
• At price points over $3M, an extraordinary 90% of deals were done all‑cash.

This reflects several realities:

• A robust Wall Street year, with strong profits and large bonuses.
• A meaningful cohort of buyers who preferred to deploy cash rather than navigate financing.
• A continued competitive edge for well‑capitalized purchasers in desirable segments.

For sellers, all‑cash buyers often bring greater certainty and speed. For buyers relying on financing, it underscores the importance of strategy, preparation, and positioning.

What This Market Feels Like on the Ground

Beyond the numbers, what matters most is how this environment translates into real outcomes for real people.

A healthy, active market creates opportunities:

• Sellers can achieve strong prices when properties are well‑priced and well‑presented.
• Buyers have enough inventory to make thoughtful choices, but still face competition in the best pockets of the market.
• Both sides benefit from shorter days on market and clearer signals about where demand is strongest.

For my team and me, 2025 was one of the most rewarding years of our careers:

• We closed or went into contract on over $180 million in transactions.
• Most importantly, we had the privilege of guiding 82 individuals and families through the purchase or sale of a home—one of the most meaningful decisions many of them will ever make.

That, ultimately, is where the data comes to life. Each number on a chart reflects real people making real decisions about their lives, their families, and their future in New York.

What This Means If You’re Thinking of Buying or Selling
If you are considering a move, a few practical implications from the Q4 2025 data:

• For sellers:
  • This is not a distressed environment. With the right pricing and presentation, the market is very much “there,” especially in segments with limited quality inventory.
  • Co‑ops are seeing strong activity; larger condos remain in demand.
• For buyers:
  • Expect competition for the best properties, particularly larger apartments and standout listings.
  • Come prepared—financially and strategically—especially if you are competing against all‑cash buyers.

As always, broad statistics are just the starting point. The real work lies in understanding how these trends apply to your specific building, apartment, and goals.

If you would like to talk through how this market update connects to your own plans—whether you are thinking of selling, trading up, downsizing, or simply curious about where you stand—I am always happy to have that conversation.

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