Manhattan’s townhouse market saw a Jekyll-and-Hyde 2020: Sales slowed to a halt during first half of the year but skyrocketed during the 4th Quarter.
Corcoran’s 2020 Manhattan Townhouse Report surveys sales of single-family and multi-residence townhouses throughout the borough and townhouse sales in 2020 can best be described as a ‘tale of two markets.’
Among its findings:
- During the first half of 2020, activity slowed to the lowest level seen since 2009. The pandemic depressed the townhouse closings the most during Second Quarter 2020 when closings fell 56% annually.
- Once in-person showings resumed, we saw a resurgence in townhouse activity as the year progressed. Fourth Quarter 2020 closings were up 43% year-over-year, marking the strongest fourth quarter for townhouse sales since 2015.
- In 2020, the number of Fourth Quarter closings over $5M hit the highest level since 2012. This increase in sales at the high-end pushed the median price over $6M, 10% above 2019, and setting a new record. The average price dipped to $7.4M from last year’s record high of $7.9M, though the figure still ranked as the second-highest we’ve charted.