“Despite lingering uncertainties around the broader economy and the outcome of the mayoral election, Manhattan’s residential market continues to show resilience,” Walkup said. “In October 2025, 1,054 contracts were signed, up from 1,001 in October 2024—a 5.3% year-over-year increase. The data points to steady buyer interest and an underlying confidence that the city’s housing market can hold its ground, regardless of political crosscurrents.”
A resilient Big Apple
Other real estate veterans believe that if there was going to be a dramatic impact on the market, it may have happened earlier this year after Mamdani’s dominant primary victory.
Lindsay Barton Barrett, a broker with Douglas Elliman with more than 20 years of experience, has seen political swings of all kinds in the city, and most haven’t caused major population changes either way.
“In my view, there was a significant reaction back in the summer when he won the primary, but I think at this point it’s already priced in,” she told Mortgage Professional America. “Anyone who wasn’t going to buy because of whatever changes might be coming has already made that decision. The incremental difference in taxes just isn’t going to drive a critical mass of people out of New York City—it hasn’t in the past, and I haven’t seen anything change since the election discussions started.
“People love to speculate, but at the end of the day, New York is always going to be New York, and people will always want to live here for all sorts of reasons—the mayoralty isn’t changing that.”