Ryan Serhant says the housing market isn’t damaged — it’s remodeling.
And out of that confusion, he says, a seismic shift is occurring: rich People aren’t choosing one place to reside anymore, however reasonably “choosing portfolios of cities” — a development he calls the largest change within the U.S. housing market in 50 years.
“It’s not the buyer’s market, it’s not a seller’s market, it’s actually nobody’s market,” Serhant stated, “because rates are high and they’re not coming down substantially anymore.”
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“If there’s a normal we’re all looking for, it’s not an old normal, and it’s not even a new normal, right? It’s potentially no one’s normal, which just means somewhat unaffordable.”
“I’m not nervous at all about luxury. I’m more nervous about the silent affordability crisis – not just in housing, but in everyday life,” he continued. “Wage growth isn’t keeping up with the cost structure of modern America. I think that consumers are relying too heavily on debt to maintain lifestyle norms … and I think if rates stay higher for longer, I think household strain, regardless of whether you’re buying or selling real estate, becomes probably the biggest economic story.”
Serhant — whose brokerage is readying to rejoice the Season 2 launch of its Netflix actuality sequence “Owning Manhattan” — believes the U.S. has entered a transitional interval the place consumers and sellers really feel caught.
Regardless of cross-country headwinds, Serhant’s actual property success might greatest be showcased in New York Metropolis, the place he stated his agency surpassed $1 billion in closed and in-contract gross sales inside the first 35 days of 2025.
SERHANT. founder & CEO Ryan Serhant shares his perspective on the housing market on ‘The Claman Countdown.’
However whereas this won’t be anybody’s market, there was a widespread rethinking of the place and the way individuals reside.
“We’re having bigger life discussions with people regarding their real estate wants and needs than we’ve ever done before,” he stated. “People aren’t choosing just one city anymore to domicile in, right? They’re choosing portfolios of cities, almost the same way you would choose a stock portfolio.”
“I think that’s the biggest shift in the luxury American housing market that we’ve seen in 50 years … They’re not just buying one home now, they’re buying three. We have clients who … their life is changing, and so they can’t just have one house.”
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The shift away from single-home possession may very well be pushed by hybrid work, tax methods, life-style diversification and second-home affordability relative to main markets.
“I think I am fighting the resistance, building a company for the people, and not just for the property. I think we’re building a real estate company for the next era where content, tech and brokerage are all under one roof. Our company is the engine, and I think America is our runway.”
– Ryan Serhant to Fox Information Digital
“We’re seeing a lot of traction in a state where we’ve never referred deals or done a lot of business, which is New Hampshire,” Serhant stated. “It’s a couple hours north of New York City to have probably one of the better tax structures, relative to Florida and Wyoming, that you can get on the East Coast while still having seasons. Like, you would be surprised at the amount of hedge fund managers, private equity, C-suites, people who spend six months and a day living in New Hampshire.”
“D.C., for example, has stability and global influence … Rhode Island is the Northeast luxury migration. It is a tiny, tiny little market, but that’s how I would define it,” he stated of different markets the place his brokerage is increasing. “Las Vegas is explosive, tax-driven growth … Together, they also show how diversified the modern American buyer has become.”
Whilst individuals add extra cities to their lives, they’re returning to main metros like New York Metropolis, the place Serhant says the wealth exodus is “absolutely” over.
Serhant founder and CEO Ryan Serhant reveals how these impacted by the California wildfires are managing evacuation and relocation on ‘The Claman Countdown.’
“The streets of New York City are busier than they were pre-COVID,” he stated. “And it’s not just because people who went to Florida are coming back. Yes, there is some reverse migration … but we have people who are experiencing New York City for the first time.”
“I’ve never seen more excitement about owning in New York in my life. If you look at what you’d call the luxury market, so over $4 million, let’s say, that market has had the strongest four weeks since we started recording that market over the past month,” Serhant famous.
His bullish optimism about New York Metropolis’s actual property skyline can be on full show Friday, Dec. 5, 2025, when Season 2 of “Owning Manhattan” drops on Netflix.
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Cushman and Wakefield International Brokerage Chairman Bruce Mosler analyzes the state of business actual property in New York Metropolis on ‘Mornings with Maria.’
“Season 2 is an emotional skyscraper of a show. It is bigger listings, bigger personalities, bigger stakes. And I think it really, really shows a real look at the intersection of real estate, of wealth, of culture of why New York remains the most competitive marketplace in the world.”
“I think I am fighting the resistance, building a company for the people, and not just for the property. I think we’re building a real estate company for the next era where content, tech and brokerage are all under one roof,” Serhant stated. “Our company is the engine, and I think America is our runway.”
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