Desire for more space in prime locations drove sales over $5M to a new high, surpassing a previous record set in 2015.
The Manhattan townhouse market bounced back in 2021 to reach the highest number of closings in six years. Buyers that delayed purchasing during the pandemic months entered the market with pent-up demand. A five-year low inventory level facilitated additional urgency. For the second consecutive year, listings declined by double-digits annually, though single-family supply bore the brunt of the inventory crunch, down a significant -23% versus a year ago.
Among the report’s findings: