Manhattan Luxury Home Sales Cool Off as Summer Retreats Lure Buyers
NEW YORK, July 1, 2025 – After posting its third‑best June on record, Manhattan’s high‑end real estate market is showing early signs of a seasonal slowdown as affluent buyers decamp for summer homes in the Hamptons, Nantucket and beyond, according to the latest weekly report from Olshan Realty.
In the final week of the second quarter, luxury transactions in the borough dipped slightly: 27 deals above $4 million closed, totaling $215.6 million in asking price—just one more than the previous week, but far off the blistering pace seen in May, when 183 contracts were signed over the same threshold. Overall, June recorded 153 luxury contracts, trailing only 2023 and 2021 for the best June tallies since Olshan began tracking in 2006.
“We’re seeing the market shift now,” wrote Donna Olshan, founder of Olshan Realty, in her weekly commentary. “In the summer many luxury buyers evacuate for vacation or extended stays in places like the Hamptons, Martha’s Vineyard, Nantucket, Maine, Aspen, Sun Valley, Europe or elsewhere.” This seasonal migration traditionally eases New York City’s luxury market in July and August, as owners favor second residences or invest in resort‑area properties.
The top deal of the week was a three‑bedroom unit at 111 West 57th Street, asking $20.5 million—down from its original $23.75 million listing in 2016 when the Billionaire’s Row tower first launched. This marks the eighth time this year a residence at that address has led weekly luxury sales; 46 of the building’s 60 units are now under contract or sold.
A West Village townhouse in the 66 Bethune Street condominium complex took second place, fetching an undisclosed price after initially listing in April for $18 million. The four‑story home, which last sold in 2010 for $11.5 million, boasts over 5,000 square feet of living space, plus a private garden, roof terrace and access to full building amenities.
Looking back at the quarter, the market averaged 33 weekly deals above $4 million with an average asking price just shy of $8 million. Excluding a standout May week that saw 55 contracts, volume generally ranged between 26 and 37 weekly transactions. While these figures underscore the resilience of Manhattan’s luxury segment, brokers caution that summer typically brings a lull in activity as decision‑makers shift their attention to seasonal travels and country homes.
As July begins, sellers and agents will be watching to see if this annual ebb accelerates or if stronger demand—bolstered by sustained low inventory and international interest—can moderate the seasonal dip. For now, Manhattan’s luxury corridors can expect a quieter summer, with the promise of renewed activity arriving in the fall.
