Ryan Serhant says American real estate transforming into ‘nobody’s market’

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.”

SERHANT. brokerage founder and “Owning Manhattan” star Ryan Serhant speaks to Fox News Digital about the state of the market and previews Season 2 on Netflix. (Getty Images)

“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…