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:
• Townhouse sales in 2021 surged after the previous year’s unprecedented low, making 2021 the strongest year for sales since 2015. The second half of the year was particularly strong driven mainly by the single-family market, yet all areas were extremely active.
•. 2021 delivered the most active single-family market in eight years and multi-family market in three years. Manhattan’s five-year low inventory was the result of strong demand.
•. In 2021, the number of sales over $5M exceeded the previous record set in 2015. Driven by a desire for more space in prime locations, average price increased 10% annually to a high of $8.2M, while average price per square foot reach a six-year high of $1,650.