Manhattan | D.C. | The Cotswolds
August is usually a month when New York real estate goes quiet. This year, the slowdown is there, but the underlying picture is more complicated.
Contents
August is usually a month when New York real estate goes quiet. This year, the slowdown is there, but the underlying picture is more complicated.
- Supply is lower.
- Rents are at record highs.
- The $10 million+ market is still ahead of last year on a year-to-date basis.
And beyond New York, the luxury market is becoming increasingly global, with buyers, properties and advisory networks spanning far more than the traditional handful of international brands.
This week, I’m looking at those contrasts.
August in Manhattan — Lower supply, slower contracts, and year-to-date strength above $10 million. Rents at Record Highs — Manhattan and Brooklyn reach new peaks as inventory tightens. Washington D.C.’s Billionaire Boom — A new wave of wealth reshapes the capital’s luxury market. Luxury, Curated — Exceptional properties across the country in Compass’ latest Curated Magazine. A More Global Compass — Expanding reach across international luxury real estate, with the Cotswolds in focus.
Manhattan Market Report
Every week I track supply, contracts, and momentum across Manhattan to better understand where the market is headed. Here’s this week’s data, through August 26th.
August showed the expected late-summer slowdown across Manhattan, with contract activity down from a year ago in the overall market as well as in the $4 million+ and $10 million+ segments.
But the year-to-date picture tells a more nuanced story. Overall Manhattan contract activity is running below last year, while the $4 million+ market has held up somewhat better.
Most notable, however, is the $10 million+ segment, where year-to-date activity remains ahead of 2025 despite a sharp August pullback. In other words, August was quiet, but the ultra-luxury market has continued to show underlying strength this year.
Details below:
Supply
Supply in Manhattan has been trending lower. Manhattan had 7,255 homes on the market in August, down about 6.5% from 7,762 a year ago and below August levels in each of the prior four years.
Inventory typically falls during the summer, but this year the decline has been more pronounced. Fewer listings give buyers less choice, which helps explain why well-priced, well-positioned properties can still attract strong interest even as overall contract activity has slowed.
Total Supply: Average Inventory
Demand
Contracts Signed: All Price Points (Data through Aug 26)
August: 620 contracts were signed in August, compared with 841 last August, a decline of roughly 26%.
Year to Date: Through the first eight months of the year, overall contract activity is running about 9.5% below 2025.
Overall Demand: Contracts Signed
Luxury ($4M+)
Contracts Signed Above $4M (Data through Aug 26)
August: The $4 million+ market also slowed, with 67 contracts signed versus 86 a year ago.
Year to date: Activity is down only about 5% compared to 2025, showing somewhat greater resilience than the market overall.
Luxury ($4M+): Contracts Signed
Ultra-Luxury ($10M+)
Contracts Signed Above $10M (Data through Aug 26)
August: At the very top of the market, 11 contracts signed versus 18 last year.
Year to date: Yet the $10 million+ market remains roughly 11.5% ahead of the same period in 2025, making it the strongest of the three segments on a year-to-date basis.
Ultra-Luxury ($10M+): Contracts Signed
Rents Keep Climbing
The rental market is telling a different story.
Manhattan: In July, the median rent on a newly signed lease approached a record $5,000, up 6.4% from a year earlier.
Brooklyn: Brooklyn also set a new high around $4,500, up 17% year over year.
At the same time, publicly available inventory fell sharply, down more than 39% in Manhattan and 27% in Brooklyn.
Record rents alongside shrinking inventory are another reminder of how much limited supply continues to shape New York’s housing market.
(The graph below shows data through June 2026.)
Washington’s Billionaire Boom
Washington, D.C. is emerging as an unexpected luxury boomtown. A recent Wall Street Journal piece, featured on Compass Luxury, looks at the forces reshaping the capital’s high-end residential market. An influx of tech executives, finance leaders and members of the administration is helping push the region to new records, with buyers placing a premium on proximity to political and economic influence.
Luxury inventory above $1.75 million was down 22% year over year in the first quarter even as overall inventory rose, while a Georgetown home sold earlier this year for a record $28 million.
The strongest demand is concentrated in prime neighborhoods and for turnkey homes, another sign of how selective today’s luxury buyer has become.
WALL STREET JOURNAL
Washington, D.C., Is America’s Newest Billionaire Boomtown
“The region’s luxury market is setting records as wealthy administration members and tech and finance executives buy trophy homes there…”
Luxury, Curated
Luxury real estate is increasingly a national conversation. Compass’ latest Curated Magazine brings together exceptional properties from across the country, from major cities to resort and coastal markets, offering a broader view of where high-end buyers are looking today.
The magazine also reflects the increasingly connected nature of the luxury market, where buyers may be considering Manhattan, Malibu, Wyoming, Aspen or beyond at the same time.
The Latest in Luxury
True luxury properties are rarely discovered through an ordinary search. For discerning buyers, discovery happens differently. Explore a collection of exceptional homes presented through a more exclusive, curated approach to luxury real estate where discretion, access, and connection matter most.
Aspen, CO | $48.9M
This extraordinary 15,0000 square-foot Tuscan-inspired gated estate offers what may be the most breathtaking views in all of Aspen. Masterfully designed and constructed by Gregory Gozzo, nationally recognized for more than 25 years as one of America’s premier builders of ultra-luxury residences, the property represents a rare combination of architectural excellence, impeccable craftsmanship, and an unrivaled setting framed by sweeping panoramic views.
Montecito, CA | $23.5M
Set behind gates on 2.4± acres in Montecito, this ocean-view estate offers a rare combination of privacy, scale, and effortless livability, with what many would consider among the best views in Montecito. Sweeping vistas extend across the Pacific and Channel Islands, while the grounds are thoughtfully designed for both quiet retreat and exceptional entertaining, with an infinity-edge pool terrace, resort-inspired amenities, and a strong indoor-outdoor rhythm throughout.
Danville, CA | $18.898M
An exquisitely reimagined mid-century modern landmark estate, elevated to a new height of excellence, unfolds at the end of a private cul-de-sac, revealing a masterpiece of design, artistry, and luxury beautifully harmonizing with 4.5 acres at the end of Eagle Ridge Place. Offered for only the second time since its debut, the gated property is set within the prestigious Blackhawk Country Club, commanding sweeping panoramic views.
Woodinville, WA | $9.5M
Nestled within the coveted Hollywood Hill enclave of Woodinville, this extraordinary French château-inspired estate is offered for the first time since its completion in 2003. Spanning 7,858 sqft on 4.4 acres of private, park-esque grounds, the home is enveloped by magnificent gardens and a rare sense of serenity just moments from the city. Envisioned, designed, and meticulously crafted over the course of a decade with an unwavering commitment to excellence.
Redefining Parkfront Living in Bellevue, WA
Directly on Bellevue Downtown Park, Park Row emerges as the latest legacy offering from Bosa Development, designed by Amanat Architects as a natural extension of its parkfront setting. Drawing on the park’s circular forms and shifting light, the residences blend indoor and outdoor living with refined finishes and nearly 25,000 square feet of amenities. Compass’s Luxury Division sat down with John Pallante, Managing Director of Compass Development Marketing Group, to discuss the vision behind the development, the rise of parkfront living in Bellevue, and what sets Park Row apart in the region’s luxury landscape.
A More Global Compass
Coming Home to the Cotswolds
Increasingly, affluent buyers from London, Europe and the United States are choosing the Cotswolds not simply as a weekend retreat, but as a primary residence and long-term investment. What was once viewed as an idyllic rural escape has evolved into one of Britain’s most competitive luxury markets, where timeless beauty is matched by world-class hospitality, wellness, dining and culture.