Despite a tumultuous economic year that included DOGE cuts, tariff tensions, AI roller coasters and the longest government shutdown in U.S. history, Wall Street triumphed—posting record returns and new highs over the course of 2025.
And as Wall Street goes, so goes Manhattan’s real estate market—which saw nearly $12 billion worth of luxury-home contracts in 2025, according to Olshan Realty.
In total, there were 1,436 contracts signed for homes asking $4 million or more in 2025, up 11% from the previous year, and the second highest since Olshan started counting in 2006. The only year with more deals was the Covid rebound year of 2021.
The total asking volume of $11.977 billion was only 6.5% higher than 2024, however, prices slipped. The median asking price in 2025 was $6.31 million, down from the $6.65 million in 2024, which marked a peak for Manhattan. Time on market was also longer than usual, with an average of 676 days on market, the highest since at least 2014.
Price cuts and negotiability helped fuel the increase in sales, according to the report from Olshan. “The average asking price slipped 4% from the prior year and better pricing is always a strong incentive,” per the report. “At the same time, Wall Street had a good year, and at various points the S&P 500 hit new highs.”
The split among condos, co-ops and townhouses stayed consistent with previous years, as did the number of sponsor deals. Of 941 condo contracts signed above $4 million, 464 were sold by developers.
Trophy sales—defined as those priced at $10 million or higher—were slightly more tame this year, with 284 deals compared to 278 in 2024. The most expensive deal didn’t break $100 million. In fact, Manhattan’s top sale this year was an $82.5 million resale at 220 Central Park South and only four sales crossed the $50 million mark, according to a ranking by PropertyShark.
