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Apartment sales in Manhattan rose 29% in the first quarter, according to real estate companies.

The total value of apartment sales in the city reached $5.7 billion, an increase of 56% compared to the same quarter last year.

The strength was driven primarily by the high end of the market and luxury properties, as the wealthy sought a safe investment.

Manhattan apartment sales jumped 29% in the first quarter compared to the same period a year ago, as the wealthy sought refuge from volatile stocks to buy real estate, according to new reports.

There were 2,560 closed sales in the quarter, up from 1,988 a year ago, according to a report by real estate appraiser Miller Samuel and broker Douglas Elliman. The total value of home sales rose even further to $5.7 billion, a 56% increase from the same quarter last year.

The strength was driven primarily by the high-end of the market and luxury properties. Home sales priced at more than $5 million jumped 49% year-over-year, according to Compass data. The ultra-high-end, or properties priced at $20 million or more, had its best first quarter since 2019, Compass said.

“Largely insulated by mortgage rate fluctuations and driven by portfolio diversification strategies, this highlights the renewed confidence among luxury buyers and highlights the broader generational wealth that is taking place,” according to Compass.

Because the ultra-rich tend to buy homes with cash, without the need for a mortgage, they were less deterred by persistently high interest rates. 58% of sales in the quarter were all cash, with the more expensive homes ($3 million+) receiving 90% of sales from cash buyers.

The weakest segment of the market was what brokers consider the “mid-market” of Manhattan real estate, or properties priced between $1 million and $3 million. Signed contracts for those properties fell 10%, according to Compass, while properties at the lower end, priced between $500,000 and $1 million, performed better.

Realtors say the renewed strength of Manhattan real estate is driven by both macro and micro forces.

While Manhattan’s real estate market has long been tied to the stock market, given the city’s reliance on financial markets for jobs and wealth, home sales have been decoupled from the volatile performance of stocks in the first quarter. Brokers say the uncertain outlook for stocks is making real estate and hard assets more attractive, especially in prime wealth markets like Manhattan.

They also say that return-to-office mandates from big banks and other companies are bringing affluent buyers back to the city more regularly. The emergence of the “boomerang rich” — those who moved to places like Florida during the pandemic and are now returning to New York — is also boosting sales.

“There is a noticeable movement of people returning from Florida and moving through Los Angeles,” said real estate agent Charlie Atias of Compass.

“Great wealth transfer” is also driving sales. With trillions of dollars starting to pass from baby boomers to their children and relatives, realtors say a growing number of buyers are children of wealthy parents who are buying with funds from trust funds or family offices.

“We are seeing a notable increase in activity from family offices, many of whom are purchasing real estate as long-term legacy assets,” said real estate agent Cindy Schultz of Compass.

Granted, sales closed in the first quarter were typically signed and negotiated months earlier, so the uncertainty in March surrounding the markets and the economy may not be reflected in the numbers.

The first quarter of 2024 was unusually slow, making the first quarter of 2025 look more attractive by comparison, according to Jonathan Miller, CEO of Miller Samuel. Despite the 29% increase in sales, total sales were only 1.1% better than the historical average over the past decade, he said.

Still, contracts signed in March, which are a predictor of sales in the coming quarters, were also strong, especially for luxury. Contracts signed for apartments priced over $10 million tripled in March, according to Douglas Elliman.

“It’s clear that the Manhattan market is not only holding steady – it’s thriving,” said Pamela Liebman, president and CEO of Corcoran.