Cautious optimism. This had been the mood, earlier this year, of many of New York City’s top brokers as they navigated the challenges of low inventory and high interest rates. Then came the stock market convulsions and recessionary fears triggered in April by President Trump’s sweeping tariffs. “Even with financial uncertainties — political instability, layoffs and global tensions — New York’s real estate market remains resilient,” said Steven Cohen of Douglas Elliman, speaking before the market convulsions. “Moving to its own rhythm and continuing to attract discerning buyers and investors — quite a bit of opportunity in the market right now.”

The volatility Cohen alludes to has since dramatically increased, as has the likelihood of a slowdown in the luxury real estate market. Yet the source of New York brokers’ optimism remains unchanged: a belief that the Big Apple will always find a way to thrive in the long term,...