May 1, 2026
The latest Case-Shiller Home Price Index shows more than half of major U.S. metro areas have declined year over year; Minneapolis, Dallas, and Boston are among them, and Denver (-2.2%) has displaced Tampa as the weakest market.
Despite rising mortgage rates and geopolitical headwinds, Dolly Lenz, CEO of Lenz Real Estate, and Jenny Lenz, Managing Director of Lenz Real Estate, reported 126 contracts above $10 million this year, up from 96 last year.
According to Dolly, “in specific areas, in Beverly Hills, you know, the very nice areas where money doesn’t matter, things are selling.”
Despite the increase in sales of high-value properties, buyer behavior varies significantly across these markets.
How Are New Tax Laws Changing New York’s Housing Landscape For Wealthy Residents?
It’s no secret that on April 15th, 2026, Mayor Mamdani announced his proposed pied-a-terre tax on properties over 5 million dollars, so what does this announcement mean for local buyers and sellers?
According to Dolly, their clients are pausing when it comes to purchasing in New York. They still attend open houses but are submitting lower bids. Jenny brings up a great point, in that these wealthy individuals are more likely to rent rather than buy to avoid this new tax.
As the Fox News reporter pointed out, however, there are more millionaires than ever in New York. New York is home to the most millionaires in the world, at over 400,000. This includes Ken Griffen, who’s been the spotlight of both Mamdani and the Fox interview.
Despite Griffen having just bought a 38-million-dollar apartment in New York City, Dolly and Jenny hear clients talk about moving to Palm Beach or to friendlier states for wealthy business owners.
So, for people who are still in the city and not planning to leave, what does the market look like for them?
What Does The New York Real Estate Landscape Look Like For The Average New Yorker?
According to Jenny, Local buyers typically target homes under $5 million to avoid the pied‑à‑terre tax; with the city’s median home value at $812,861, most residents are unaffected.
From 2025 to 2026, the city’s average home value rose 4.5% amid more than 3,000 new listings, and New York ranked 21st among 2026’s top real estate markets.
New York ranks 21st as one of the hottest real estate markets of 2026, making it a great place to buy. When asked about whether or not New Yorkers should buy or rent in light of everything going on, Dolly confirmed that buying is still the right choice in New York because she believes it’s still going up.
How Has The Real Estate Landscape Changed in Los Angeles?
In April 2023, LA implemented a mansion tax and has generated more than $1 billion in revenue for the city. However, this tax was associated with a 23.5% reduction in property transactions, with the biggest decline seen in homes above the tax threshold. There’s also been evidence to suggest sellers purposefully make their homes less than $5 million to avoid the tax.
We’ve seen homes in LA on the market longer, with a decrease in median list price of 8.8% in April compared to last year. 12.3% of sold homes had price reductions, aligning with a 7.8% drop in new listings, a sign that older listings accounted for a larger share of sales.
For sellers, the message is clear: if you price fairly and accurately, the market will reward you.
With the median listing price being $1,185,226 in April, many buyers and sellers don’t have to worry about the mansion tax or the decrease in sales of homes over $5 million.
What Does This Mean for Homeowners Thinking About Selling?
If you’re a wealthy buyer, seller, or business owner, Dolly believes the best place to move to is West Palm Beach because of their friendlier tax laws.
However, despite everything going on, Dolly still recommends New York as a great place to buy real estate. She goes on to say that, for the moment, it’s best to rent in Florida, unless you’re able to purchase within the highly sought-after Palm Beach.
For homeowners thinking about selling, that means pricing, property condition, and timing matter more than ever.
For homeowners dealing with repairs, inherited properties, or uncertain timelines, selling directly to a company like House Buyers of America can offer a more predictable option without having to prepare the home for the traditional market.
That doesn’t make it the right solution for every seller, but in a market where buyer behavior is changing quickly, certainty and simplicity are becoming increasingly valuable.
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Frequently Asked Questions (FAQs) About Selling Your Home Fast
During a transfer, a new deed is drafted and signed by the seller, transferring ownership of the house to the new buyer. This document is then recorded in the land records with the above-mentioned deed of trust.
We work with your bankruptcy attorney to present a FAIR offer and give you additional money at closing. We present the offer directly to your attorney and work to have the offer accepted by the bankruptcy court. Once the offer is accepted, we ensure that the bankruptcy is released and we buy the property as soon as possible.
Yes, we can work with any seller who needs to move a property quickly for any reason and in any price range. We have purchased million-dollar houses before.
Yes, we buy apartments, multi-family houses/buildings and land.
No! You have no obligation at all if you submit an information form, show your property to House Buyers or receive an offer to buy your house. You are under no obligation at all. All we ask for is the opportunity to make an offer for your house, you’re in the driver’s seat as to whether you accept the offer or not. You are in complete control. You are only obligated to our service if you have entered into a purchase agreement with us, as with any other real estate transaction.
We need very basic information from you about your house. The number of bedrooms, bathrooms and overall condition of the property is needed. We will also ask you how long you have owned your home and if there are any mortgages or liens against the property.
We offer the maximum amount possible, our offers are very competitive. If our offers weren’t competitive, we wouldn’t have purchased thousands of houses! There is no magic percentage we use, every house is unique. Our Real Estate Consultants take into consideration the age, condition, size, features and location of the home much like an appraiser would. We factor in the costs to repair the house, what other homes in the area are selling for and how long it is taking to sell those homes. These and several other factors are researched to determine a fair offer.
As soon as we receive your Online Form, we will review your information and get back to you ASAP (usually within 30-60 minutes depending on when you submit the information).
We work FAST to help ensure that your house doesn’t go to foreclosure. We present you with a FAIR offer to pay off your mortgage before the foreclosure. We help save your credit, avoid foreclosure and allow you to sell your house FAST and FAIR. Due to recent legislation, if you reside in the state of Maryland and are within a certain period of time before your foreclosure sale date, we will introduce you to a Foreclosure Consultant. The legislation mandates that if you are within this certain window that a foreclosure consultant must explain to you all of your options involved in selling your home.
No problem! We can still buy your house as is, even if it has demolition orders scheduled.
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