Q4 added a final boost, recording 66 $10M+ transactions but generating a 9% increase in dollar volume to $1.27 billion, allowing the city to recover ground after three years of underperformance. The full-year total of $4.69 billion in dollar volume approached 2021’s record of $4.8 billion, marking 2025 as the second-best year in recent history and reinforcing NYC’s enduring appeal as a global epicenter for luxury real estate.
“Manhattan’s luxury market came alive in 2025, with a broad surge in activity across high-end condos, co-ops, and townhouses,” says Michael Cantwell, Founding Partner & CMO at Bespoke. “Buyers moved decisively where quality, location, and long-term value aligned, fueling double-digit growth across key price ranges. The market’s resilience—particularly in the $10–$40M segment—reflects a renewed confidence and a selective approach, as purchasers target properties that offer both lifestyle appeal and lasting investment potential.”
Manhattan’s new development market surged in 2025, with 81 trades totaling $1.44 billion—up 62% in quantity and 18% in dollar volume compared to 2024—marking the strongest new development trade count in three years. The average sale price fell 27%, from $24.41 million to $17.75 million, creating a rare window for buyers to secure luxury residences in landmark buildings at comparatively accessible pricing. Meanwhile, the resale market remained a cornerstone of the city’s luxury landscape, closing 185 trades for $3.25 billion—up 13% in quantity and 15% in dollar volume from 2024’s 164 trades at $2.83 billion—reflecting strong demand for turnkey homes that offer established layouts, modern upgrades, and immediate livability in prime Manhattan neighborhoods. For both segments, buyers were motivated not just by prestige but by a combination of opportunity and readiness: new development offered the promise of architecturally distinctive spaces, while resale provided move-in-ready luxury without the delays or uncertainties of construction.
Condos and co-ops dominated Manhattan’s luxury landscape in 2025, with 227 trades totaling $4.03 billion—up 35% in quantity and 26% in dollar volume from 2024's 168 trades at $3.2 billion—marking the strongest performance ever in both metrics. In contrast, townhouses saw 39 trades totaling $660.76 million, down modestly in both quantity and dollar volume, with average prices easing 7% to $16.94 million. The slight dip made select townhouses more accessible to buyers seeking spacious layouts, historic character, and long-term investment potential in Manhattan’s most coveted neighborhoods.
Luxury transactions in Manhattan saw broad-based growth across all price segments in 2025. The $10M–$20M range led activity with 197 trades totaling $2.68 billion, up 25% in quantity and 22% in dollar volume, appealing to buyers seeking a combination of prime location, manageable scale, and strong long-term value. The $20M–$30M tier also set records with 46 trades totaling $1.08 billion—with the strongest trade count and dollar volume ever seen historically—reflecting demand for spacious, high-quality residences in prestigious neighborhoods. Higher-end segments saw continued strength: $30M–$40M transactions rose 33% in quantity and 39% in dollar volume to $430 million at 12 trades, while the $40M+ range recorded 11 trades totaling $503.57 million, offering rare, ultra-exclusive properties that attract buyers prioritizing exceptional architecture, privacy, and lifestyle over immediate liquidity.
Regionally, the Upper East Side and Downtown Manhattan posted a majority of market-share as they typically do historically in the city. Midtown West achieved a new record for transaction counts with 65 trades at $1.2 billion, underscoring the city’s continued appeal across diverse luxury submarkets.
Entering 2026, Manhattan is positioned for continued stability, supported by disciplined pricing, renewed new development engagement, and a buyer base increasingly focused on long-term value alignment.
