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Manhattan luxury home sales increased in November despite fears that New York City Mayor-elect Zohran Mamdani’s victory would drive out millionaire residents, according to two real estate companies.

There were 176 signed contracts for Manhattan homes costing $4 million or more last month, compared to 141 in October, according to luxury real estate company Douglas Elliman (NYSE:DOUG). There were 116 Manhattan luxury home sales in November 2024, the firm said.

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Meanwhile, more than half of the contracts signed between Nov. 3-9 were completed after the mayoral election, according to Olshan Realty. Additionally, the 19 luxury home contracts signed between Nov. 24-30 was higher than the 10-year Thanksgiving Day-week average of 17 contracts, Olshan Realty said.

“There is no Mamdani effect,” Donna Olshan, president and founder of Olshan Realty, told Bloomberg. “The idea that people would flee New York was overblown. The numbers just aren’t bearing that out.”

Roughly 34,700 New York City residents had an income of $1 million or more in tax year 2023, according to the New York State Department of Taxation and Finance. That’s a small increase from the 34,127 millionaires who lived in the five boroughs in tax year 2022, but a slight drop from the record of 35,881 in 2021.

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Real estate executives and political pundits claimed Mamdani’s victory would cause the wealthy New Yorkers to move elsewhere due to his progressive policies, such as implementing a 2% tax on personal income over $1 million.

The recent real estate reports indicate Mamdani’s proposed policies have not deterred high earners, and even more could be on their way.

More than 1,300 contracts for luxury homes have been signed so far this year, according to Olshan Realty. Luxury home sales are on track to reach their second-highest year since Olshan Realty started tracking them in 2006, the firm said.

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What’s more, New York City’s luxury home market increased more than twice the rate of the overall market last month, according to Douglas Elliman.