NYC’s Lagging Growth in the Luxury Market: Redfin

27 November 2025

The last decade has seen New York City’s luxury market overtaken by its biggest rivals.

A report from Redfin shows how the Big Apple’s market has stood stagnant in the last decade as prices in the Sun Belt and South Florida surged.

Between October 2015 and October 2025, luxury home prices in New York have hardly budged, rising just 15 percent in the same time period to $4.1 million. The market notched the smallest growth among major metropolitan areas, followed by Houston with over 49 percent luxury price growth.

On the leaderboard were West Palm Beach and Miami, where prices grew by over 187 percent and 148 percent to hit just over $4 million and $4.3 million, respectively.

The Sunshine State’s ascent among the country’s top luxury markets has been well-documented, riding a wealth migration sparked first by the 2017 tax regulation changes and exacerbated during the pandemic supported a wave of activity and a boom in new development.

“The luxury market has expanded far beyond its traditional boundaries,” Redfin’s Head of Economic Research, Chen Zhao, said in a statement. “The priciest homes used to be more concentrated in a smaller number of East and West Coast metros. Today, high-end wealth is increasingly distributed across the Sun Belt — from Florida to Texas to Arizona.”

The discrepancy in growth rates could be a sign that the luxury market across the five boroughs is just more mature — it didn’t have the same growth potential because prices had already hit a reasonable ceiling.

But other metrics included in the report indicate that market maturity isn’t the only explanation. In the platform’s rankings of luxury markets, New York fell from No. 2 in 2015 to No. 6 in 2025, slipping behind San Francisco, which claimed the top spot in both years, Los Angeles and Miami.

“New York’s luxury housing market was already cooling before the pandemic as new taxes on high-priced homes and a flood of new condo developments tempered demand,” the report explains. “When the pandemic hit, that slowdown deepened as wealthy buyers fled the city for larger suburban or Sun Belt homes and foreign investment dried up.”

Despite its 10-year downward trend, the city could be preparing for a rebound, if last month’s deal prices are any indication. Luxury home prices rose 10 percent in October compared to the same month last year.

Not so fast…

Alexander Zakharin, a broker and real estate content creator, is the newest addition to a team at Ryan Serhant’s eponymous brokerage.

Zakharin, who counts roughly 1 million followers across his Instagram, TikTok and YouTube accounts, has joined a team led by Nile Lundgren, a broker who was featured on the first season of Netflix’s “Owning Manhattan.”

Before teaming up with Lundgren, Zakharin was an agent with Compass for just six months after a two-and-a-half-year stint with Nest Seekers, the brokerage where Serhant began his real estate career.

Lundgren is bringing on a new team member just in time for the premiere of the second season of “Owning Manhattan,” which follows Serhant and brokers with his firm. The show’s eight episodes will be available starting Friday, Dec. 5.

Earlier this month, the streaming service released a sneak peek of the season, which featured a new cast member, Serhant’s Peter Zaitzeff, who heads sales at some of the city’s buzziest new developments such as Naftali’s Williamsburg Wharf. Previously with Corcoran, Zaitzeff was also one of agents behind a $60 million deal for a penthouse at 150 Charles, which set the record for the most expensive condo ever sold in Downtown Manhattan.

Inside a New York courtroom…

Disgraced brokers Tal and Oren Alexander and their brother, Alon Alexander, were back in a New York federal courtroom this week, ahead of their sex trafficking trial set to begin in January.

Their appearance came days after prosecutors dropped a fourth indictment against the trio, adding a new charge accusing Oren of sexually exploiting a minor in 2009. In total, the government has brought 11 charges against one or more of the brothers.

The latest indictment also broadened the scope of the conspiracy charge. Prosecutors now claim the alleged “sex trafficking scheme” stretched from 2008 to 2021, pushing the start date back by a year.

Defense attorneys on Monday pushed back against the government’s proposed witness list, which included 17 alleged victims whose accounts don’t form the basis of standalone charges but would instead be used to support the conspiracy count or a history of alleged sexual assault.

Two of those victims were taken off the list, and United States District Judge Valerie E. Caproni said that while prosecutors can choose how to pare down their case, she won’t allow all of the remaining witnesses to take the stand during the trial.

The brothers are due back in court on Tuesday, when Caproni will hear arguments over whether the newly added charge against Oren should be separated from the rest — a response to the defense’s argument that it came too close to trial — and the inclusion of certain expert witnesses.