R
yan Serhant argues that the U.S. housing market isn’t broken; it’s simply shifting. In a Fox News Digital interview, he described the current climate as a “nobody’s market,” where buyers and sellers feel equally trapped and traditional rules no longer hold. High, stagnant rates have erased the clear advantage of either side, creating a new equilibrium that he sees as the most significant change in the luxury market in half a century.
He warns that the affordability crisis extends beyond real estate into everyday life. “I’m not worried about luxury per se,” Serhant said. “I’m concerned about the silent affordability crisis—wage growth lagging behind the cost of living, forcing people to rely on debt to maintain their lifestyle.” If rates remain elevated, he predicts household strain will become the dominant economic narrative, regardless of whether one is buying or selling.
Serhant’s brokerage, which is gearing up for the release of Season 2 of its Netflix series *Owning Manhattan*, has already proven its resilience. Within the first 35 days of 2025, the firm closed and secured over $1 billion in sales and contracts, a testament to its ability to navigate the current market turbulence.
A key trend Serhant highlights is the move away from single‑home ownership toward a portfolio approach. “People are no longer choosing one city to live in,” he explained. “They’re selecting a mix of cities, much like diversifying a stock portfolio.” This strategy is driven by hybrid work models, tax considerations, lifestyle diversification, and the relative affordability of second homes compared to major markets. He cites clients who now own multiple properties to accommodate changing life circumstances.
Serhant also points to a geographic shift. While the wealth exodus from New York City is reportedly over, the city’s streets are busier than pre‑COVID levels. “We’re seeing a surge in interest in luxury properties—those above $4 million—over the past month,” he noted. “The market has had its strongest four weeks in a long time.”
Beyond New York, Serhant’s firm is expanding into states and cities that offer attractive tax structures and lifestyle benefits. New Hampshire, just a few hours north of NYC, has become a magnet for hedge fund managers, private equity professionals, and executives who split their time between the city and the state. He also mentions Washington, D.C. for its stability and global influence, Rhode Island as a niche luxury migration spot, and Las Vegas for its explosive, tax‑driven growth. These markets illustrate the diversification of modern American buyers.
Serhant’s vision for his brokerage goes beyond transactions. “I’m building a company for people, not just for property,” he said. “We’re integrating content, technology, and brokerage under one roof to create the next‑generation real‑estate platform.” He sees his firm as the engine propelling America’s new real‑estate era, with the country itself serving as the runway.
Season 2 of *Owning Manhattan*, set to premiere on Netflix on December 5, 2025, will showcase this new reality. The show promises larger listings, bigger personalities, and higher stakes, offering a candid look at how real estate, wealth, and culture intersect in New York’s competitive market.
In summary, Serhant paints a picture of a housing market that has moved beyond the buyer‑seller dichotomy into a “nobody’s market” defined by high rates and shifting buyer behavior. The trend toward multi‑city portfolios, the rise of new markets like New Hampshire and Las Vegas, and the continued resilience of New York City’s luxury segment all signal a transformative era. His brokerage’s strategy—combining content, tech, and brokerage—aims to meet the needs of this new generation of buyers and sellers, positioning the firm as a leader in the evolving real‑estate landscape.
