As the leaves fall and the temperatures cool, it’s clear fall is in full swing in New York City. With the looming mayoral election influencing economic and policy expectations, how are New York City buyers and investors adjusting their strategies in the fall market? Have there been any noticeable shifts in buyer behavior and market dynamics?
Deanna Kory
THE CORCORAN GROUP
New Yorkers are a hardy bunch — resilient, pragmatic, and deeply tied to this city. Yes, there’s concern, as there always is when a potential new mayor is on the horizon. But at the same time, many buyers remain committed to living in New York; they’re just proceeding with a bit more caution this fall. You can sense some hesitancy – people are making offers, but there’s a nervous energy behind them. Still, there are plenty of savvy buyers who recognize that this is actually a smart moment to purchase, with less competition and more room to negotiate. Interest rates have stabilized somewhat, and for many, the long-term value of owning in New York outweighs any short-term uncertainty. Overall, while there’s definitely a note of caution in the air, the commitment to New York still feels steady – maybe a touch more measured, but very much alive.
Ravi Kantha
THE KANTHA TEAM
SERHANT.
As the leaves fall and temps drop, New York City buyers are heating up. The market has shifted: buyers are more motivated, more decisive, and interest rates are the pressure point driving that urgency. They’re looking for value, yes, but they’re moving quicker, especially in the sub- $4 million space where competition has tightened. The looming mayoral election is absolutely part of the conversation; it’s influencing economic forecasts and policy expectations. But so far, it’s not slowing activity. If anything, it’s created a window where uncertainty is motivating people to buy or sell before policy shifts impact the market or tax strategy. The broader economy is still humming and the stock market is solid. As rates continue to ease, we’re going to see even more buyer aggression. We’re already seeing buyers who were waiting on the sidelines in spring and summer now coming in with higher confidence and lower tolerance for hesitation. The message is simple: smart money moves in moments of transition. And we are in one of those moments.
Jared Halpern
THE MICHAEL LORBER TEAM
DOUGLAS ELLIMAN
This fall, buyers and investors in New York City are taking a more thoughtful approach. The upcoming mayoral election has definitely added a sense of “wait and see,” especially around how policies on taxes and housing might shift. Still, the motivated buyers are out there — they’re just being more selective and focused on long-term value rather than chasing the market. We’re seeing people prioritize quality: turnkey condition, strong buildings, good layouts, and neighborhoods with steady demand. Investors are leaning into stability—properties that will rent easily or hold value through any policy or rate changes. While there’s a bit more hesitation in the air, there’s also opportunity. Fewer casual buyers mean less competition for those ready to act. The buyers we’re working with are serious and strategic, which has made for a very real, grounded fall season.
Maggie Marshall
COMPASS
As we get closer to the holiday season, buyer behavior is shifting. My team and I are seeing more aggressive offers, especially on properties that have been at the same price since earlier in the fall. Late fall is a great time for savvy investors to get a good deal, as sellers get eager to trade before the long lull before spring. Other buyers are waiting for the new year, when new inventory will come on the market. The NYC mayoral election is throwing an additional curveball at this season, though. Some high-end buyers have hit pause, waiting to see who will be the city’s next leader. There is real concern that a Mamdani administration could reshape the real estate market through rent freezes and higher taxes on luxury properties. On the more entry-level, buyers are hoping that by staying in their current rentals, they will reap the benefit of those proposed rent freezes.
Serena Boardman
SOTHEBY’S INTERNATIONAL REALTY
EAST SIDE MANHATTAN BROKERAGE
Without a doubt, the city is vibrant again after five long and hard years. As for the election, buyers seem to be taking it in stride despite not loving the likely end result. Frankly, at this point, the people who do not want to remain in the city have left. So the people, and specifically the buyers who are present in this market, have made a choice. They want to be in NYC for the stellar school and work opportunities that the city offers, as well as the dynamic social scene. Likewise, we have been seeing the return of pied-à-terre buyers in droves. And the election is something that they worry and talk about, but their appetite to buy does not seem to be significantly affected by it. In the end, this concern seems to be overridden by the desire to partake of the city’s many attributes. So my strong hunch is that as long as the new leadership does not institute policies that reduce quality of life here, the locals are committed and will stay and even expand their footprint, buying increasingly expensive homes. Meanwhile, the out-of-town types will keep coming back to “The city that never sleeps to take a bite out of the Big Apple.”
Krista Nickols
SERHANT.
As we move into the fall season, Downtown Manhattan’s market continues to demonstrate resilience, even amid broader economic uncertainty and the anticipation surrounding the upcoming mayoral election. Buyers and investors are approaching decisions more strategically, focusing on long-term stability and value rather than short-term speculation. In neighborhoods like Tribeca, SoHo, and the West Village, demand remains strong for quality inventory — particularly turnkey properties with distinctive architecture, thoughtful design, and lifestyle-driven amenities. Pricing has largely stabilized, and while the pace of transactions has become more deliberate, serious buyers are still engaging when the right property comes along. Investors are also recognizing this period as a window of opportunity to secure favorable terms and position themselves ahead of renewed market confidence expected in early 2026. With limited inventory and sustained global interest in New York real estate, Downtown remains one of the most desirable and reliable investment areas in the city. Overall, the fall market feels intentional and well-balanced — less defined by urgency and more by opportunity. Buyers are proceeding thoughtfully, but their confidence in New York’s enduring appeal remains as strong as ever.
Louise Phillips Forbes
LOUISE PHILLIPS
FORBES TEAM
BROWN HARRIS STEVENS
EAST SIDE OFFICE
Every fall, New York finds a new rhythm. This year, that rhythm is reshaping the real estate market. With a mayoral election on the horizon, buyers and investors are paying close attention. There is heightened awareness of proposed housing reforms, shifting tax structures, and how new leadership could reshape development and regulation in the years ahead. To be clear, this is not a distressed market. It is a recalibrated one. High-end buyers, most of whom are purchasing in cash, are not tremendously sensitive to interest rates. They are focused on policy, wealth preservation and timing. They are not stepping back. This sophisticated purchaser is leaning in. Working closely with trusted advisors, they are refining their criteria, tracking tax and zoning signals, and using this moment of reduced competition to secure standout properties on favorable terms. Take 249 West 99th Street, for example. This historic townhouse sits quietly between West End Avenue and Broadway, beautifully renovated by a renowned designer. With a finished ground level perfect for a home office or income-producing suite, and steps from both Riverside and Central Park, it offers rare scale, flexibility, and long-term value on the Upper West Side. In today’s market, real opportunity comes from collaboration between brokers who know the terrain, buyers who know what they want, and sellers who are ready to deal
This article appears in the November issue of Behind The Hedges in Dan’s Papers NYC. Tap this link to read the full digital version. For previous Real Estate Roundtable articles, click here.
