The New York City real estate market remains remarkably resilient, with especially strong demand for Manhattan properties in pristine, move-in condition.
That’s the consensus among three top Manhattan-based brokers at Sotheby’s International Realty, who spoke with The Real Deal about what’s driving sales, the challenges ahead, standout listings, and a new administration in City Hall. Amanda Field Jordan, Chris Poore, and Kaptan Unugur, who together have closed hundreds of millions in career sales volume, shared their insights on Manhattan’s resilient market.
Market strength builds
A Sotheby’s International Realty snapshot report of Q3 activity in 2025 found that more than 3,200 sales closed in Manhattan, totaling roughly $6.6 billion. The median sale price rose year over year, as did price-per-square-foot, while luxury sales climbed by double digits, according to ACRIS and REBNY’s RLS.
“In terms of the luxury or ultra-luxury market, overall, we are seeing a growing number of record transactions, as properties continue to sell at historic highs,” said Poore, Senior Global Real Estate Advisor for Sotheby’s International Realty. “This surge is being driven by a combination of limited supply, increased global wealth, and buyers who are prioritizing exclusivity, location, and long-term value. As a result, the top tier of the market remains highly competitive despite broader economic uncertainty.”
Today, supply continues to remain tight across every price point, from mid-market to luxury. While additional inventory has come to the Manhattan market, it cannot offset demand.
“It has not meaningfully shifted the balance,” said Jordan, Senior Global Real Estate Advisor for Sotheby’s International Realty. “Manhattan continues to benefit from long-term structural desirability. Demand is driven by careers, education, culture, and global relevance, and it helps insulate the market from short-term economic cycles. The sentiment going into 2026 is bullish.”
“Buyer demand has remained steady,” said Unugur, Senior Global Real Estate Advisor at Sotheby’s International Realty, “but it’s selective. Active buyers are primarily focused on value, quality, and location. Mortgage rates have eased slightly, which has unlocked some pent-up demand, and sentiment has shifted from hesitation to somewhat more optimistic.”
The Manhattan rental market is also tightening. Rents have climbed year over year, with downtown averages rising and leasing velocity picking up, particularly for newer or recently renovated units, according to a report by Sotheby’s International Realty.
“A lot of buyers in the $15 to $20 million range can’t find what they’re looking for. That’s why they are renting for a year while continuing to search,” Unugur said.
Turnkey is tops
The best-known rule of real estate may be “location, location, location”, but a steady driver of demand in Manhattan can be summed up in one word: turnkey. With that supply limited, bidding wars are not uncommon.
“The cost of renovation has gotten so high, and the rental market is so strong, that clients would prefer to pay a premium for move-in ready rather than wait to create exactly what they want,” said Jordan, Senior Global Real Estate Advisor for Sotheby’s International Realty.
New development continues to be a key driver in ultra-luxury, with strong activity across newly built and repositioned projects.
“You’re seeing so many transactions of about $4 to $10 million that are trading in these new developments,” said Poore, citing the waterfront West Village project, 80 Clarkson, as an example. The Real Deal reported in December that an unknown buyer was in contract to purchase multiple apartments there for a record-breaking $129 million.
“The units over $10 million are performing very well, and it’s not even publicly listed,” Poore said.
Historic properties remain a draw for buyers, Jordan said, as long as they are move-in ready. She highlighted a restored historic townhouse on West 82nd Street. Built in the late 1800s, the townhouse has been fully renovated with modernized amenities, such as central air, and features a serene outdoor space.
Neighborhood momentum
Neighborhood preferences are also evolving.
The Upper East Side has demonstrated some of the strongest sales volume in Manhattan, with price per square foot rising by double-digit percentages year over year, according to a report by Sotheby’s International Realty.
“You get the fast pace of New York, but you also get the feeling of livability,” Jordan said. “You have the park, plus accessibility to the rest of the city, and it feels very residential.”
Downtown Manhattan has also posted solid gains, with price per square foot rising by double digits year over year, according to Sotheby’s third-quarter report.
“Specifically in the West Village there’s always an inventory shortage,” Unugur said.
Standout examples of turnkey luxury include a Greenwich Village elevator townhouse designed by Stephen Gambrell, priced just under $20 million, and a sprawling Tribeca duplex penthouse with more than 7,100 square feet of interior space and outdoor terraces.
A durable city and market
The change at City Hall is unlikely to meaningfully impact the market. Luxury and ultra-luxury sales remained brisk after the election, Poore said, including for listings above the $4 million mark. A stalled third and fourth quarter never materialized.
“People love to bet against New York and the New York real estate market,” he said. “But New York is resilient. I don’t think just by having a new mayor that this could change the trajectory of the city or the market.”
The city’s economic diversity and cultural significance override whoever is leading it, Jordan said.
Unugur agreed.
“New York City operates differently than any other city,” he said. “And it’s been durable historically across all administrations.”
To learn more, visit Sotheby’s International Realty.