Ryan Serhant, one of the most recognizable names in U.S. real estate, believes the country is witnessing its most significant housing transformation in decades. Speaking to Fox News Digital, the celebrity broker argued that America is no longer experiencing a buyer’s or seller’s market. Instead, he calls it a “nobody’s market,” a moment where high interest rates and affordability pressures have left both sides in limbo and pushed consumers into entirely new patterns of ownership.
According to Serhant, the old model of choosing a single city to call home is quickly fading among affluent buyers. Wealthy Americans are assembling “portfolios of cities,” purchasing multiple properties based on lifestyle, tax advantages and work flexibility. He describes this as the biggest shift in luxury real estate in the last fifty years, noting that clients who once committed to one primary residence are now opting for two or three homes to match their evolving personal and professional needs.
While the luxury segment remains resilient, Serhant expressed deeper concerns about a broader affordability crisis across the country. He warned that wage growth is failing to keep up with rising living costs and that many households are increasingly relying on debt to maintain their standard of living. If interest rates remain elevated, he believes household strain could become one of the defining economic issues of the decade.
In contrast, his own firm has seen exceptional performance in New York City, surpassing $1 billion in closed and in-contract deals within the first 35 days of 2025. Serhant said demand for luxury properties in Manhattan has rebounded strongly, with the wealth exodus of previous years reversing as new buyers rediscover the appeal of urban living. Beyond New York, markets like New Hampshire, Rhode Island, Washington, D.C., and Las Vegas are also seeing momentum as buyers diversify their real estate footprints.
With Season 2 of Owning Manhattan set to debut on Netflix, Serhant says viewers will get an inside look at a real estate landscape defined by unprecedented change. He describes the new season as bigger, more emotional and a true reflection of the intersection between housing, wealth and culture. His broader mission, he says, is to build a next-generation brokerage where technology, media and real estate operate seamlessly together to meet the needs of modern American buyers.
