NYC Trophy market of $ 10 million plus shows ‘weakness’ signatures after ‘wild shakes in the stock market’

Buyers of luxury houses in New York City are thinking twice before creating a multimillion dollar property.

The market of the Big Apple trophy has long been resilient, but describing as “an area of ​​weakness”, according to the Olshan luxury market report.

The trophy market includes property that is ranked $ 10 million plus. In the past four weeks, 12 property contracts were signed at that price point. This is the lowest April level since 2017, when 11 were signed.

Other parts of the Manhattan luxury market are also seeing a slight decline. Despite a strong week of contract signatures during the Easter holiday, there was a slight decline in contract signatures in the last week of April. Only 28 contracts in the $ 4 million-plus rank were signed in Manhattan.

However, in general, 113 contracts were signed in $ 4 million Plus in New York City. The average required pricing was $ 7,542,857.

“The reason for the fall of trophy sales is associated with wild shakes in the stock market,” says Donna Olshan, president and real estate mediator at Olshan Realty, tells Realtor.comâ®. “At the end of April, S&P 500 decreased 5.3%, but the financial markets were closed much worse earlier in the month.”

Despite the slight fall in April, Olshan adds, “Trophy market numbers from year to date are finally for 2025.”

At the top of the class

Contract number 1 signed for the last full week of April was 16 Eastern Street, on the upper side of Manhattan’s birth. Had a demanding price of $ 25 million and was ranked in March 2024. Now it’s under contract – no word for the price still accepted.

The city of the city is 8,700 square meters and six high stories. It includes five bedrooms, seven bathrooms, two power rooms, one gym and, of course, an elevator. The house has a marble scale, garden and two terraces that offer proper intimacy in the Big Apple heart.

The seller initially paid $ 21.5 million in August 2005 and made a renovation of property. The annual real estate taxes are $ 137,643.

Manhattan market

In April 2025, 450 houses were on sale at $ 10 million plus price fell “constituting the” trophy market “, according to data from our Realtor.com economists.

There were also 775 lists priced between $ 5 million and $ 10 million in April, which spent an average of 82 days in the market. Moreover, there were 3,789 lists in the primary market between $ 1 million and $ 5 million in April, which spent an average of 59 days in the market.

“Widespread economic uncertainty and stock market unrest can be blamed for a slow ultratraluxury market. Buyers looking to buy a” trophy “home can be taking a waiting approach and one instead of being launched on the market, analyst on Realtor.com.” Houses at this point price have to wait for a very specific buyer who can take months. “

Jones points out that, despite the high price of houses in New York City, the typical house spends only four days more in the market than the national norm.

“High question for Manhattan property keeps market peace and prices of houses raised,” Jones says.