In the face of high borrowing costs and ongoing market uncertainty, one trend is crystal clear: cash is not just king—it’s commanding the market.
A recent report reveals that 60% of all residential sales in Manhattan during the first five months of 2025 were all-cash deals, far outpacing other New York City boroughs and solidifying Manhattan’s reputation as a magnet for liquid capital and long-term investment.
This movement is not just about wealth—it’s about confidence. At Duke Properties, we view this as a highly encouraging signal: smart, strategic buyers are placing firm bets on the enduring value of New York City real estate.
What All-Cash Means for Manhattan’s Market Health
All-cash buyers are often better positioned to move quickly, navigate competitive bidding environments, and absorb short-term volatility. In our view, this growing trend reflects a resilient, forward-looking real estate sector, not one in retreat.
The fact that cash ruled across all price ranges—from multimillion-dollar homes in Hudson Yards to entry-level investment properties in the Bronx—highlights the broad appeal and long-term upside of the city’s housing inventory.
From our perspective at Duke Properties, this points to a healthy housing market driven by demand, value, and the recognition of New York as a durable global investment hub.
Liquidity as a Signal of Strength
The median price for all-cash homes in Manhattan reached $1.25 million, surpassing the mortgage-backed average by more than $200,000. In some neighborhoods, such as Hudson Yards and the West Village, that premium climbed significantly higher.
This suggests that cash buyers aren’t just purchasing—they’re competing. They’re willing to pay more to secure properties in prime locations, recognizing that even in a high-rate environment, timing and location remain priceless advantages.
This market behavior aligns closely with the investment philosophy we uphold at Duke Properties: Value is built over time, not overnight. The most promising opportunities are those where buyers see the future now—and act with clarity.
A Market Guided by Smart, Local Decision-Makers
Perhaps most notably, 87% of these transactions came from NYC residents purchasing in their own boroughs. Despite national and global interest, the majority of real estate activity is being shaped by locals who know this market best—people investing where they live, work, and build community.
This local dynamism reflects deep-rooted trust in the city’s future—and that’s a foundation Duke Properties is proud to support and grow with.
Duke Properties: Focused on What’s Next
For us, the rise in all-cash deals affirms something we’ve long believed: Manhattan’s value is not cyclical—it’s structural. Liquidity is flowing toward markets where appreciation is expected, assets are protected, and growth is likely.
We continue to see strong signals across the city—from expanding transit corridors to new development zones—and we remain committed to identifying, enhancing, and managing properties that meet the evolving needs of New Yorkers.
Albert Dweck of Duke Properties: Final Thought
All-cash dominance isn’t just a headline—it’s a message: confidence is alive and well in NYC real estate. And when cash flows freely into a market, it’s often because those who understand it best are already seeing what’s next.
At Duke Properties, we’re proud to be part of that vision—building smarter, investing better, and believing in the enduring strength of New York.