Each of these alpha markets has evolved this year amid shifting macroeconomic dynamics and global wealth migration patterns, but a consistent theme remains: discerning buyers are prioritizing properties that deliver enduring value — whether through location, design, or long-term lifestyle appeal. Increasingly, that value is being defined by rarity. In an era of heightened selectivity, it is the truly rarefied, irreplaceable trophy properties — those with iconic provenance, architectural distinction, or irreplicable settings — that are commanding premium attention. Scarcity, more than ever, is the new luxury.
Year-to-date, each has posted its strongest performance since 2021, underscoring not only continued buyer confidence but also the maturation of demand across the high-end price spectrum.
After a record-setting first half, the Hamptons market maintained exceptional momentum in Q3 2025. Total $10M+ trade volume rose 102% year-over-year, reaching $1.29 billion across 71 trades, marking the best year-to-date performance since 2021. Average sale price surged 38% to $17.81M, a reflection of the market’s renewed appetite for premium inventory.
Oceanfront and waterfront properties led the charge, with oceanfront activity increasing 300% in trade quantity and over 1,000% in dollar volume compared to last year. The inland and turn-key segments also posted their strongest third quarter in three years, highlighting continued demand for immediate livability and well-positioned value.
In Manhattan, the luxury market maintained a steady ascent. Total dollar volume climbed to $1.17B across 72 trades, a 13% increase year-over-year, while trade quantity surged by 53%, signaling a broadening base of active buyers.
Momentum was particularly evident in the $10–$30M range, which saw a 67% gain in trade quantity and a 72% increase in dollar volume. The Upper East Side recorded its strongest quarter since 2020, doubling its trade count from 14 to 28 and increasing dollar volume by 96% year-over-year, from $246.3M in Q3 2024 to $482.8M in Q3 2025. Downtown Manhattan achieved its best Q3 in three years, generating 23 trades at $353.3M, reflecting a 130% increase in trade quantity and a strong 124% increase in dollar volume year-over-year.
Although average prices in new development softened by 66% year-over-year — dropping from $46.9M in Q3 2024 to $15.7M in Q3 2025 — this correction invited renewed engagement from buyers seeking long-term assets in landmark buildings. Meanwhile, resale and townhouse segments flourished, reflecting a market that remains both active and resilient — balancing stability with opportunity.
South Florida continued to solidify its status as one of the country’s most dynamic ultra-luxury markets. The region recorded 86 trades above $10M totaling $1.7 billion, representing a 21% increase in dollar volume and 9% increase in trade quantity compared to Q3 2024. With Miami and Palm Beach each achieving their best-performing third quarters on record, South Florida officially surpassed its 2024 totals, setting the stage for what could become the strongest year in history for $10M+ transactions.
Waterfront properties dominated activity, accounting for over 80% of total dollar volume. The $10–$20M segments also expanded significantly, as buyers continued to target move-in-ready, design-forward homes in premier coastal locations. Miami’s steady growth, coupled with Palm Beach’s 52% year-over-year increase in dollar volume, underscores the region’s dual appeal: modern luxury on one hand and private estate living on the other.
Looking Ahead
As we head into Q4 2025, all three markets are positioned for a strong close to the year. With more than 190 properties currently in contract across these regions, Bespoke anticipates continued momentum through year-end. Buyer sentiment remains confident, focused on long-term lifestyle assets and tangible value.
The ultra-luxury real estate landscape continues to evolve — but in every market we serve, Bespoke remains at the forefront, shaping the narrative of modern luxury through record-setting performance, visionary representation, and an unwavering commitment to excellence.
