NYC Luxury Condo Market Sees 35% Sales Surge as High-End Buyers Stay Active
Luxury Living in NYC Defies Market Volatility
Despite stock market swings and rising mortgage rates, New York City’s luxury condo market remains remarkably resilient. In March 2025, the city recorded 131 condo sales priced at $4 million and above, a 35% increase from the same period last year, according to the Olshan Luxury Market Report.
Buyers in the upper echelons of the market are clearly undeterred. “The luxury market has held up surprisingly well,” says Donna Olshan, president of Olshan Realty. “But buyers are increasingly cautious—anything that needs work tends to sit. Renovation hesitancy is real, and tariffs haven’t helped.”
Strong Weekly Sales Continue into April
Between April 14–20, Manhattan saw 33 signed contracts for properties priced at $4 million and up, marking a slight uptick from the previous week. The median asking price during that week? A hefty $6,372,500.
Condos continue to dominate the luxury landscape, outselling co-ops 19 to 2, even amid the holiday season.
Top Contract: A West Village Gem
The highest-priced contract of the week was a $19.95 million listing at 140 Jane Street in the West Village—up from its original price of $19.35 million. The 4,573-square-foot unit features four bedrooms, 4.5 bathrooms, a conservatory, Juliet balcony, and panoramic views of the Hudson River from a nearly 10-foot-tall great room.
Located in a boutique building with only 14 units across 11 floors, the amenities are top-tier: a lap pool, hot tub, fitness center, automated parking, and a private green space. There’s a catch, though—the building won’t be move-in ready until late 2026, with only four units left on the market.
Buyers Favor Turnkey and “Priced Right” Listings
Olshan notes that properties that are “priced to the bone” move quickly. The luxury buyer in 2025 expects top-quality finishes and immediate livability. “If it needs work, it lingers. But large, move-in-ready condos that are properly priced can go fast,” she adds.
Florida’s Luxury Condo Scene Stays Competitive
New York isn’t alone in the condo craze. Markets in Florida are also holding strong in the luxury segment.
In Miami Beach, 52 condos/townhomes priced above $1 million were sold in February 2025, compared to 31 in February 2024. West Palm Beach also saw a jump, with nine sales over $1 million—up from five the year prior. Palm Beach, however, saw a minor dip, from 11 luxury condo sales in February 2024 to seven in February 2025.
Rising Rates, Resilient Buyers
Even with the mortgage rate climbing to 6.83% as of April 17—the largest weekly jump in a year—luxury buyers appear largely unaffected.
“High-income buyers are less sensitive to rate changes,” explains Hannah Jones, senior economic research analyst at Realtor.com. “They often pay in cash or use financing as a strategic tool, not a necessity. This insulation helps keep the luxury segment stable.”
NYC’s High-End Market: Still in High Demand
From Manhattan penthouses to luxury waterfront units, NYC continues to attract wealthy buyers, even in a high-rate, high-stakes environment. Turnkey properties with standout views and exclusive amenities are still flying off the market.
As luxury buyers become more discerning, developers and sellers must match the pace with quality, condition, and competitive pricing. In a market where taste, timing, and trust reign supreme, luxury is no longer just about price—it’s about precision.
