Since the core of our work at the architecture firm is townhouse renovations throughout New York City, I’m always eager to see Corcoran’s Annual Townhouse Report. With fewer than 150 sales in any calendar year, townhouses represent one of the most fascinating niche market segments. What’s interesting to me about 2018 is that although Manhattan’s overall real estate market declined, the townhouse market actually increased. Who would have ever thought!
The single family townhouse market had double-digit growth. The Average price of a townhouse rose 14% to reach $10M- the highest seen since 2015. Average prices in the luxury market (over $15M) also increased 14% to $22.9M. The year’s highest price sale was a $40M+ townhouse in the East 70’s.
East Side Townhouses sold for an average price of $13M which is 20% more than last year.
West Side Townhouse Sales fell 53% below last year, but the average price increased 6% to of $10.5M.
The Downtown Townhouse Market more than doubled in 2018- experience an 106% increase in sales which may be the result of adjusted pricing in the market as the average price dipped 10% to $10.9M.
This report is chock full of information and is an easy read if you’re interested in New York’s Real Estate market. Manhattan Townhouse Report 2018
Photography: Upper East Side Townhouse, Designed by Joseph Vance Architects