The quest for privacy and outdoor space defined the townhouse market in Brooklyn during 2020. Single-family townhouse closings jumped 10 percent.

Corcoran’s 2020 Brooklyn Townhouse Report surveys sales of single- and multi-family townhouses throughout the borough. In 2020, the Brooklyn townhome market felt the effects of Covid-19 and the market “pause” during the spring selling season.  However, single-family townhouse closings actually increased versus both 2019 and 2018. This improvement was likely tied to buyers’ desire for more privacy and outdoor space.

One of the stars of the 2020 Brooklyn townhouse market, 430 Henry Street sold on October 19 for $4.3 million.

Among the report’s findings:

• In 2020, overall Brooklyn townhouse closings dropped 20%.  While this was a larger dip than the single-digit annual declines experienced for the past several years, it’s important to note activity varied by property type.  Single-family townhouse sales actually rose 10%, marking the first year-over-year increase since 2017.  Meanwhile, sales of multi-family homes fell 25% year-over-year.
• Townhouse inventory also declined for the third consecutive year.  However, only the multi-family market had fewer listings.  For single-family townhouses, inventory was actually 35% higher year-over-year.  Despite this increase in inventory, supply could not keep pace in areas with robust demand.
• Price changes were minimal in the townhouse market in 2020.  The most substantial loss in market activity was actually at the low-end under $1M where sales fell by over 30% annually. On the other hand, sales over $4M fell by less than 20% year-over-year. This dynamic drove median and average price up a slight 2% compared to 2019.