The luxury real estate market entered 2026 facing no shortage of uncertainty.
Interest rates remained elevated. Buyers continued to scrutinize value. New York City faced significant housing policy changes. Sellers across the country had to adjust to a market where pricing, condition, and location mattered more than ever.
Yet activity at the top of the market did not retreat.
According to the SERHANT. 2026 Mid Year Signature Luxury Report, transactions involving properties priced at $10 million and above increased across Manhattan, the Hamptons, and South Florida during the first half of the year. Signed contracts strengthened, inventory tightened in New York City, and buyers continued moving toward larger homes in the Hamptons and Palm Beach.
The data does not suggest that every luxury property will sell easily.
It shows that buyers remain active when the asset offers the right combination of location, scarcity, quality, and long term value.
Manhattan’s Luxury Market Remained Confident
Manhattan recorded 146 closed sales at $10 million and above during the first half of 2026.
The average sale price reached $17,528,927, while the median price stood at $14,949,250. The average price per square foot across the market was $4,309, and properties spent an average of 296 days on the market.
Condominiums continued to drive the market.
There were 120 condominium sales above $10 million, representing a 6.2 percent increase from the same period in 2025. The average condominium price was approximately $17.53 million, with a median price just below $15 million.
The average condominium price per square foot climbed 4.1 percent to $4,356, even as the average size of sold residences declined by 8.1 percent.
That combination is significant.
Buyers purchased smaller properties on average, but they paid more for each square foot. This suggests that the market rewarded better buildings, stronger locations, superior views, and more refined residences rather than size alone.
The average discount for luxury condominiums also narrowed to 6 percent, down from 11 percent in 2025. Sellers still had to negotiate, but accurately priced properties faced less resistance than they did one year earlier.
The Upper West Side Became the Most Active Luxury Submarket
One of the most notable shifts occurred on the Upper West Side.
The neighborhood accounted for 31.7 percent of Manhattan’s recorded luxury closings, narrowly surpassing Downtown, which represented 30.2 percent.
Upper West Side condominium sales reached 38 transactions. The average sale price climbed to approximately $17.83 million, a 20.5 percent annual increase. The average price per square foot rose 31 percent to $4,462.
This does not mean Downtown lost its relevance.
Downtown still recorded 41 luxury condominium sales, more individual transactions than any other condominium submarket. However, the homes sold there were smaller and generally traded at lower average prices than the previous year.
The data points to a more selective luxury buyer.
Downtown remains a major center of high end activity, particularly for new development and architecturally distinctive residences. At the same time, the Upper West Side is benefiting from renewed demand for established neighborhoods, larger homes, cultural access, and proximity to Central Park.
The shift reinforces a broader lesson in Manhattan luxury real estate.
Buyer preferences can change faster than the city’s reputation maps.
Neighborhoods that offer privacy, scale, park access, and limited supply can gain momentum quickly when the right inventory becomes available.
Signed Contracts Point to a Stronger Second Half
Closed sales describe what has already happened.
Signed contracts offer a clearer view of what may happen next.
Manhattan recorded 170 luxury contracts during the first half of 2026, a 25 percent increase from the same period last year.
Downtown led the market with 78 condominium contracts, an increase of 40.4 percent. The Upper East Side followed with 29 contracts, representing growth of 22.9 percent.
Approximately 78 percent of all contracts involved properties priced between $10 million and $20 million. Another 15 percent were between $20 million and $30 million, while 7 percent involved properties asking $30 million or more.
The strongest transaction volume remains concentrated in the lower portion of the ultra luxury market.
That does not weaken the trophy segment. It clarifies where liquidity is deepest.
Properties priced from $10 million to $20 million serve a broader group of buyers, including families seeking larger primary residences, international purchasers, executives, and buyers moving between major global markets.
The data also indicates that demand was accelerating as the first half ended. With signed contracts rising and inventory declining, competition could intensify for the best properties during the remainder of the year.
Luxury Inventory Tightened
Manhattan ended the first half of 2026 with 230 active listings priced at $10 million and above, an 8.7 percent decline from the previous year.
Condominiums represented nearly 79 percent of that inventory.
Downtown had the largest concentration, with 70 active condominium listings. Midtown followed with 52, while the Upper West Side had 30 and the Upper East Side had 25.
Lower inventory does not automatically create a seller’s market.
Luxury real estate remains highly specific. Buyers do not view every $15 million property as interchangeable. A dated residence with a compromised layout cannot be treated as a substitute for a renovated home with protected views.
However, declining inventory changes the negotiating environment for properties that are genuinely difficult to replace.
The most compelling residences can benefit from stronger urgency when buyers recognize that few comparable alternatives exist.
This dynamic is especially relevant for singular assets such as One57 residences overlooking Central Park, where views, scale, building services, and location create a narrower competitive set.
Co Ops Continued to Hold Their Place
Manhattan recorded 26 cooperative sales at $10 million and above during the first half of the year.
The median price rose 6.1 percent to $14.85 million, while average price per square foot increased 29.1 percent to $3,641.
Co op activity remained concentrated almost entirely on the Upper East Side and Upper West Side.
The Upper East Side recorded 19 sales, while the Upper West Side recorded six. Upper West Side co op closings increased 50 percent from the prior year, and the average price there reached approximately $16.7 million.
Luxury co ops remain a distinct segment of the Manhattan market.
They often offer larger rooms, established architecture, premier addresses, and limited turnover. They can also involve stricter financial requirements and board approval processes.
The 2026 results suggest that buyers still value these properties when the building, location, and residence justify the additional complexity.
The Hamptons Recorded Its Strongest Start in a Decade
The Hamptons produced one of the clearest growth stories in the report.
There were 52 sales at $10 million and above, representing a 44.4 percent increase from the first half of 2025 and the strongest opening half of a year in the past decade.
The median price increased 9.5 percent to $14,233,750, while the average price rose 3.1 percent to $18,440,130.
Buyers also purchased significantly larger homes.
The average size of sold properties reached 8,553 square feet, a 13.6 percent increase from the previous year. Because size increased faster than price, the average price per square foot declined 5 percent to $2,416.
That does not necessarily indicate weakness.
It suggests buyers obtained more space for their total purchase price.
The average discount narrowed from 10 percent to 7 percent, providing another sign that stronger properties were meeting less resistance during negotiations.
The Hamptons market remains driven by a limited set of fundamentals: land, privacy, proximity to water, architectural quality, and access to desirable villages.
As buyers continue prioritizing space and privacy, properties with substantial acreage and strong locations are likely to remain competitive.
This same scarcity principle can be seen in high profile estate sales such as Alex Trebek’s former 724 acre California property, where the value extends beyond the residence to the land, operations, and development potential.
Bridgehampton Led in Volume While East Hampton Led in Price
Bridgehampton accounted for 23 of the Hamptons’ 52 luxury sales, giving it a 44.2 percent share of the market.
The average sale price was approximately $14.6 million, while the median was $13.25 million.
East Hampton recorded only seven sales, but those properties achieved the highest average price in the region at $32.25 million. The average price per square foot reached $4,278, also the highest among the Hamptons submarkets measured in the report.
These results demonstrate the difference between transaction leadership and price leadership.
Bridgehampton delivered volume.
East Hampton delivered the highest values.
Both markets benefited from demand, but buyers approached them differently based on inventory, location, and property type.
South Florida Continued Its Expansion
South Florida recorded 204 sales at $10 million and above during the first half of 2026.
The median sale price was $15.25 million, and the average was approximately $18.94 million. A total of 226 contracts were signed, indicating continued activity heading into the second half.
Miami and Miami Beach drove most of the expansion.
The two markets recorded 156 closings, a 76.5 percent increase from 2025. The median price remained nearly unchanged at $14.825 million, while the average price declined 8.5 percent to approximately $18.39 million.
The average price per square foot eased only 0.7 percent to $2,577.
This is an important distinction.
Transaction volume surged, but prices did not rise at the same pace.
That suggests the market expanded through greater liquidity rather than rapid price appreciation. More buyers and sellers reached agreements, but buyers remained disciplined about value.
For a luxury market, that can be healthier than a sudden price spike.
Sustainable activity depends on transactions, not only ambitious asking prices.
Palm Beach Buyers Chose Larger Properties
Palm Beach recorded 48 luxury sales, an 11.6 percent annual increase.
The median price climbed 10 percent to approximately $17.05 million, while the average price rose 6.7 percent to $20.75 million.
The average size of sold properties increased 20.4 percent to 6,354 square feet. As buyers moved toward larger homes, the average price per square foot declined 8.8 percent to $3,310.
The pattern closely resembles the Hamptons.
Buyers were willing to commit more capital, but they expected greater scale in return.
Palm Beach’s appeal continues to rest on limited land, favorable tax positioning, private club culture, waterfront access, and its established role as a destination for wealth migration.
Miami and Palm Beach serve different luxury buyers, but both benefited from continued demand during the first half of 2026.
What the Report Means for Buyers and Sellers
The strongest message in the data is not that luxury prices are rising everywhere.
They are not.
The message is that transaction activity remains strong across multiple markets, while buyers continue making clear distinctions between ordinary inventory and exceptional property.
For sellers, pricing discipline remains essential.
Tighter inventory can create leverage, but only when the property is positioned correctly. An unrealistic asking price can still lead to extended time on the market, particularly when buyers have access to detailed market data and global alternatives.
For buyers, the data suggests that waiting for broad luxury market weakness may not produce the expected opportunity.
Manhattan contracts are rising.
Hamptons discounts are narrowing.
Miami transaction volume has accelerated.
The best assets can continue attracting competition even when the wider economic outlook feels uncertain.
For investors and brokers, the market requires more local analysis.
The Upper West Side is behaving differently from Downtown.
Bridgehampton is behaving differently from East Hampton.
Miami is behaving differently from Palm Beach.
A national or regional headline cannot replace property level underwriting.
The Bottom Line
The first half of 2026 showed a luxury market defined by resilience, selectivity, and renewed transaction volume.
Manhattan recorded stronger condominium sales, rising price per square foot, more signed contracts, and lower inventory.
The Hamptons posted its strongest first half in a decade as buyers pursued larger estates and negotiated smaller discounts.
South Florida delivered more than 200 sales above $10 million, led by a dramatic increase in Miami and Miami Beach activity.
The market is not moving in one direction.
It is rewarding scarcity, location, quality, and realistic pricing.
For buyers and sellers, that makes strategy more important than broad market sentiment. The strongest decisions will come from understanding the specific property, submarket, and competitive landscape rather than waiting for a single headline to define the market.
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