Celebrity real estate broker Ryan Serhant says the U.S. housing market isn’t broken — it’s undergoing a dramatic transformation.
According to FOX Business, while speaking to Fox News Digital, Serhant described America as entering “nobody’s market,” where buyers and sellers alike are stuck and traditional rules no longer apply.
“It’s not the buyer’s market, it’s not a seller’s market, it’s actually nobody’s market,” Serhant explained. “Because rates are high and they’re not coming down substantially anymore.”
He warns that while luxury real estate remains resilient, many Americans face a “silent affordability crisis” as wages fail to keep pace with the cost of living.
“I think consumers are relying too heavily on debt to maintain lifestyle norms … and if rates stay higher for longer, household strain becomes probably the biggest economic story,” he said.
Serhant, whose brokerage is preparing for Season 2 of its Netflix series Owning Manhattan, said the market is in a transitional phase.
Despite uncertainty, his firm has posted strong results in New York City, surpassing $1 billion in closed and in-contract sales within the first 35 days of 2025.
Beyond the numbers, Serhant says the biggest shift is in how wealthy Americans are living.
“People aren’t choosing just one city anymore to domicile in. They’re choosing portfolios of cities, almost the same way you would choose a stock portfolio,” he said. “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.”
He attributes the trend to hybrid work, tax strategies, lifestyle diversification, and the relative affordability of second homes.
“We’re seeing a lot of traction in a state where we’ve never referred deals before, which is New Hampshire … You’d be surprised at the number of hedge fund managers, private equity, C-suites spending six months and a day living there,” he said.
Other markets seeing growth include Washington, D.C., Rhode Island, and Las Vegas, each drawing buyers seeking stability, tax advantages, or lifestyle benefits.
Even as Americans expand across multiple cities, Serhant says major metros like New York City remain a strong draw.
“The streets of New York City are busier than they were pre-COVID,” he said. “I’ve never seen more excitement about owning in New York in my life. The luxury market over $4 million has had the strongest four weeks we’ve ever recorded.”
Season 2 of Owning Manhattan premieres Friday, Dec. 5, 2025, promising a deeper look at high-stakes deals, major listings, and the changing landscape of American real estate.
Serhant concluded, “I’m building a company for the people, not just for the property. Our company is the engine, and I think America is our runway.”
