“It wasn’t the boom that many were anticipating before factoring in the trade wars,” said Jonathan Miller, president of Miller Samuel. “More contingencies reflects the heightened uncertainty. It’s the polar opposite of more cash sales.”
Buyers relying on financing moved more cautiously. While mortgage-backed sales increased 5.7%, nearly 81% included a financing contingency—allowing buyers to back out if a loan was not secured—the second-highest figure in a decade. The average level for such contingencies over the last 10 years was 64%.
Luxury buyers—those in the top 10% of the market—showed particular confidence. Transactions in this segment rose 18% compared to the same period in 2024. The median sale price was $6.52 million, up 8.8%. These high-end sales were concentrated in areas like Billionaire’s Row and Tribeca.
According to Miller Samuel, the success of the luxury market is closely tied to the performance of financial markets. When Wall Street does well, so does Billionaire’s Row, a report from New York Post highlighted.
Still, while the upper tier thrives, the broader market reflects deeper divisions. The middle of the market, often reliant on financing, is cooling. Total inventory rose modestly by 3%, but luxury listings dropped sharply—down 21% from last year.