Ryan Serhant exposes America’s new real estate reality and the biggest housing shift in 50 years
Ryan Serhant says the housing market isn’t broken — it’s transforming.
The celebrity broker told Fox News Digital that America has entered "nobody’s market," a reality where buyers and sellers are equally stuck and the old rules no longer apply.
And out of that confusion, he says, a seismic shift is happening: wealthy Americans aren’t picking one place to live anymore, but rather "choosing portfolios of cities" — a trend he calls the biggest change in the U.S. housing market in 50 years.
"It's not the buyer's market, it's not a seller's market, it's actually nobody's market," Serhant said, "because rates are high and they're not coming down substantially anymore."
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"If there's a normal we're all looking for, it's not an old normal, and it's not even a new normal, right? It's potentially no one's normal, which just means somewhat unaffordable."
"I'm not nervous at all about luxury. I'm more nervous about the silent affordability crisis – not just in housing, but in everyday life," he continued. "Wage growth isn't keeping up with the cost structure of modern America. I think that consumers are relying too heavily on debt to maintain lifestyle norms … and I think if rates stay higher for longer, I think household strain, regardless of whether you're buying or selling real estate, becomes probably the biggest economic story."
Serhant — whose brokerage is readying to celebrate the Season 2 release of its Netflix reality series "Owning Manhattan" — believes the U.S. has entered a transitional period where buyers and sellers feel stuck.
Despite cross-country headwinds, Serhant’s real estate success may best be showcased in New York City, where he said his firm surpassed $1 billion in closed and in-contract sales within the first 35 days of 2025.
But while this might not be anyone’s market, there has been a widespread rethinking of where and how people live.
"We're having bigger life discussions with people regarding their real estate wants and needs than we've ever done before," he said. "People aren't choosing just one city anymore to domicile in, right? They're choosing portfolios of cities, almost the same way you would choose a stock portfolio."
"I think 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. We have clients who ... their life is changing, and so they can't just have one house."
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The shift away from single-home ownership could be driven by hybrid work, tax strategies, lifestyle diversification and second-home affordability relative to major markets.
"We're seeing a lot of traction in a state where we've never referred deals or done a lot of business, which is New Hampshire," Serhant said. "It's a couple hours north of New York City to have probably one of the better tax structures, relative to Florida and Wyoming, that you can get on the East Coast while still having seasons. Like, you would be surprised at the amount of hedge fund managers, private equity, C-suites, people who spend six months and a day living in New Hampshire."
"D.C., for example, has stability and global influence … Rhode Island is the Northeast luxury migration. It is a tiny, tiny little market, but that's how I would define it," he said of other markets where his brokerage is expanding. "Las Vegas is explosive, tax-driven growth … Together, they also show how diversified the modern American buyer has become."
Even as people add more cities to their lives, they’re returning to major metros like New York City, where Serhant says the wealth exodus is "absolutely" over.
"The streets of New York City are busier than they were pre-COVID," he said. "And it's not just because people who went to Florida are coming back. Yes, there is some reverse migration … but we have people who are experiencing New York City for the first time."
"I've never seen more excitement about owning in New York in my life. If you look at what you'd call the luxury market, so over $4 million, let's say, that market has had the strongest four weeks since we started recording that market over the past month," Serhant noted.
His bullish optimism about New York City’s real estate skyline will be on full display Friday, Dec. 5, 2025, when Season 2 of "Owning Manhattan" drops on Netflix.
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"Season 2 is an emotional skyscraper of a show. It is bigger listings, bigger personalities, bigger stakes. And I think it really, really shows a real look at the intersection of real estate, of wealth, of culture of why New York remains the most competitive marketplace in the world."
"I think I am fighting the resistance, building a company for the people, and not just for the property. I think we're building a real estate company for the next era where content, tech and brokerage are all under one roof," Serhant said. "Our company is the engine, and I think America is our runway."
