SERHANT. founder and CEO Ryan Serhant speaks to Fox Information Digital about his pulse on America’s actual property and previews his latest season of ‘Proudly owning Manhattan’ on Netflix.
Ryan Serhant says the housing market isn’t damaged — it’s reworking.
The celeb dealer informed Fox Information Digital that America has entered “no one’s market,” a actuality the place consumers and sellers are equally caught and the outdated guidelines now not apply.
And out of that confusion, he says, a seismic shift is occurring: rich People aren’t selecting one place to dwell anymore, however moderately “selecting portfolios of cities” — a pattern he calls the most important change within the U.S. housing market in 50 years.
“It isn’t the client’s market, it isn’t a vendor’s market, it is really no one’s market,” Serhant mentioned, “as a result of charges are excessive and so they’re not coming down considerably anymore.”
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“If there is a regular we’re all on the lookout for, it isn’t an outdated regular, and it isn’t even a brand new regular, proper? It is doubtlessly nobody’s regular, which simply means considerably unaffordable.”
SERHANT. brokerage founder and “Proudly owning Manhattan” star Ryan Serhant speaks to Fox Information Digital in regards to the state of the market and previews Season 2 on Netflix. (Getty Photos)
“I am not nervous in any respect about luxurious. I am extra nervous in regards to the silent affordability disaster – not simply in housing, however in on a regular basis life,” he continued. “Wage development is not maintaining with the associated fee construction of contemporary America. I believe that customers are relying too closely on debt to take care of way of life norms … and I believe if charges keep greater for longer, I believe family pressure, no matter whether or not you are shopping for or promoting actual property, turns into most likely the most important financial story.”
Serhant — whose brokerage is readying to have a good time the Season 2 launch of its Netflix actuality sequence “Proudly 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 could greatest be showcased in New York Metropolis, the place he mentioned his agency surpassed $1 billion in closed and in-contract gross sales throughout the first 35 days of 2025.
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However whereas this won’t be anybody’s market, there was a widespread rethinking of the place and the way individuals dwell.
“We’re having larger life discussions with individuals concerning their actual property needs and desires than we have ever carried out earlier than,” he mentioned. “Individuals aren’t selecting only one metropolis anymore to domicile in, proper? They’re selecting portfolios of cities, nearly the identical means you’d select a inventory portfolio.”
“I believe that is the most important shift within the luxurious American housing market that we have seen in 50 years … They don’t seem to be simply shopping for one dwelling now, they’re shopping for three. We’ve purchasers who … their life is altering, and to allow them to’t simply have one home.”
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The shift away from single-home possession might be pushed by hybrid work, tax methods, way of life diversification and second-home affordability relative to main markets.
“I believe I’m combating the resistance, constructing an organization for the individuals, and never only for the property. I believe we’re constructing an actual property firm for the following period the place content material, tech and brokerage are all underneath one roof. Our firm is the engine, and I believe America is our runway.”
“We’re seeing lots of traction in a state the place we have by no means referred offers or carried out lots of enterprise, which is New Hampshire,” Serhant mentioned. “It is a couple hours north of New York Metropolis to have most likely one of many higher tax constructions, relative to Florida and Wyoming, which you can get on the East Coast whereas nonetheless having seasons. Like, you’d be stunned on the quantity of hedge fund managers, non-public fairness, C-suites, individuals who spend six months and a day residing in New Hampshire.”
“D.C., for instance, has stability and world affect … Rhode Island is the Northeast luxurious migration. It’s a tiny, tiny little market, however that is how I might outline it,” he mentioned of different markets the place his brokerage is increasing. “Las Vegas is explosive, tax-driven development … Collectively, additionally they present how diversified the fashionable American purchaser has turn into.”
At the same time as 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 “completely” over.
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“The streets of New York Metropolis are busier than they had been pre-COVID,” he mentioned. “And it isn’t simply because individuals who went to Florida are coming again. Sure, there’s some reverse migration … however now we have people who find themselves experiencing New York Metropolis for the primary time.”
“I’ve by no means seen extra pleasure about proudly owning in New York in my life. In case you have a look at what you’d name the luxurious market, so over $4 million, for instance, that market has had the strongest 4 weeks since we began recording that market over the previous month,” Serhant famous.
His bullish optimism about New York Metropolis’s actual property skyline might be on full show Friday, Dec. 5, 2025, when Season 2 of “Proudly owning Manhattan” drops on Netflix.
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“Season 2 is an emotional skyscraper of a present. It’s larger listings, larger personalities, larger stakes. And I believe it actually, actually exhibits an actual have a look at the intersection of actual property, of wealth, of tradition of why New York stays essentially the most aggressive market on the planet.”
“I believe I’m combating the resistance, constructing an organization for the individuals, and never only for the property. I believe we’re constructing an actual property firm for the following period the place content material, tech and brokerage are all underneath one roof,” Serhant mentioned. “Our firm is the engine, and I believe America is our runway.”
