Prices for Manhattan townhouses, a segment of the luxury market that lagged before the pandemic, have experienced a resurgence that continued into the second quarter, according to a report from Leslie J. Garfield.
Townhouses in the New York City borough saw their average sales price increase 12% annually in the three-month period to $7.9 million.
Transaction volume slowed slightly from the same time last year, slipping 18% to 131 deals, with many sellers “reluctant to move on from their favourable lower mortgage rates,” the real estate firm said. Despite this, “the market’s overall strength was reflected in the rising prices across the borough.”
Nowhere did prices rise more than across the West Village and Greenwich Village, neighborhoods known for their historic townhouses.
Prices across the two neighbouring enclaves jumped 27% year over year. And with an average sale price of $14.3 million, the two also commanded the highest prices.
Harlem was the busiest townhouse market in the second quarter, with 28 transactions equating to a 22% share of the market—though this was far fewer than the same time last year. Likely contributing to Harlem’s popularity among buyers is its relative affordability. Despite prices having risen 12% over the past year to an average sale price of $2.1 million, it remains the lowest-priced neighborhood for a single-family home in Manhattan.
Looking ahead to the third quarter, “the market outlook appears optimistic, with prices maintaining strength amid the tight market conditions and lower inventory levels,” the report said. “This resilience suggests continued stability in Manhattan’s townhouse market as it moves through 2024.”
