L
uxury home buyers in New York City are reevaluating their purchases, with the city's trophy market showing signs of weakness. According to the Olshan Luxury Market Report, Manhattan's trophy market, which includes properties listed at $10 million-plus, is experiencing a decline. In the past four weeks, only 12 contracts were signed for such properties, the lowest level in April since 2017.

    The overall luxury market in Manhattan also saw a slight dip in contract signings last week, with just 28 deals closed in the $4 million-plus range. However, the city's broader luxury market remains strong, with 113 contracts signed at $4 million-plus and an average asking price of $7.5 million.

    Experts attribute the decline in trophy sales to the volatility of the stock market. "The wild swings in the stock market are causing buyers to take a wait-and-see approach," says Donna Olshan, president of Olshan Realty. Despite this, the year-to-date trophy market numbers for 2025 remain positive.

    In Manhattan's luxury market, there were 450 homes listed at $10 million-plus in April, with an average asking price of $25 million. The top contract signed last week was a townhome on East 64th Street, listed for $25 million and now under contract after just one month on the market.

    The slowdown in the ultraluxury market may be due to widespread economic uncertainty and stock market turmoil. Buyers are taking a cautious approach, waiting for the right moment to make a purchase. According to Realtor.com's Hannah Jones, homes at this price point often require a specific buyer, which can take months to find.

    Despite the challenges in the luxury market, high demand for properties in Manhattan keeps prices elevated and the market pace quick. The typical home in New York City spends just four more days on the market than the national average.