Manhattan’s Prime Property Market Posts Strongest First Quarter Since 2019

Manhattan apartment sales surged by 29% in the first quarter compared to the same period last year, as affluent buyers turned to real estate as a safe haven amid stock market volatility, according to recent reports.

A total of 2,560 apartment sales were finalized during the quarter, rising from 1,988 the year before, based on data from real estate appraisal firm Miller Samuel and brokerage Douglas Elliman. The overall value of those sales saw an even steeper climb, hitting $5.7 billion—an increase of 56% year-over-year.

Because ultra-wealthy buyers typically purchase apartments outright without relying on mortgages, they’ve been largely unaffected by persistently high interest rates. In the first quarter, 58% of all transactions were all-cash deals, and among properties priced above $3 million, that figure jumped to 90%.

The softest segment of the market was Manhattan’s so-called “mid-market,” encompassing homes priced between $1 million and $3 million. Signed contracts for these properties dropped by 10%. Meanwhile, sales in the lower price tier—from $500,000 to $1 million—showed stronger performance.

Real estate brokers attribute Manhattan’s renewed momentum to a mix of broad economic trends and local dynamics.

While the city's housing market has traditionally mirrored the stock market—due to its close ties to the finance sector—apartment sales appeared to break away from the market’s volatility in Q1. Brokers say that with an uncertain stock market, high-net-worth individuals are increasingly drawn to real estate and other tangible assets, particularly in key wealth hubs like Manhattan.

Additionally, the return-to-office policies rolled out by major banks and corporations are bringing high-income earners back to the city more permanently. Another trend helping to fuel demand is the rise of the “boomerang wealthy”—affluent individuals who relocated to places like Florida during the pandemic and are now returning to New York.