Data confirms: Mamdani effect never reached NYC luxury market

"In the luxury market, defined as homes asking at least $4 million, contracts rose over 24 percent in the 60 days after Mamdani's election compared to the 60 days before. The median listing discount fell to 6 percent from 6.5 percent in that same period."

"How much power buyers have, it's best measured in discount, said UrbanDigs co-founder John Walkup. If sellers are rushing to get out of Dodge or desperate for a deal, you would expect to see drastic price cuts to homes on the market. We just didn't see it, Walkup said."

"Compass' Vickey Barron said that the luxury market's resilience is a testament to the intangible qualities of owning property in the city. They want an address in New York City, and if they didn't want it, they wouldn't buy it, because they have many options, Barron said of luxury buyers."

Following Zohran Mamdani's election in November, New York's luxury real estate market experienced significant growth. Contracts for homes listed at $4 million or above increased over 24 percent in the 60 days after the election compared to the preceding 60 days. Median listing discounts fell from 6.5 percent to 6 percent during the same period. This data suggests buyers are expressing confidence in the market rather than wealthy residents selling at discounts to leave the city. Supply actually decreased by over 3 percent post-election, contradicting predictions that anxious sellers would flood the market. Real estate experts attribute this resilience to the enduring appeal of New York City property ownership among luxury buyers.

Read at therealdeal.com