Q3 2021

Posted October 1st, 2021 by Sophie Smadbeck, Leslie Garfield Team

Each quarter this year, the townhouse market has continued to improve. The first sign of the market turnaround was volume increasing, along with an anecdotal increase in our showing activity. After a flat first half of the year in terms of pricing, we’re finally starting to see pricing follow volume in the upward trend. The Upper East Side, Upper West Side, and Greenwich Village are faring particularly well year-over-year, both in volume and pricing. 2021 as a whole is largely defined by the world returning to some sense of normalcy with the widespread vaccine rollout and schools, offices and businesses reopening. However, fear over the Delta variant and uncertainty regarding boosters caused some hesitancy in 3Q2021. With some of that fear subsiding and a looming increase in capital gains taxes, we expect 4Q2021 to outperform 3Q2021. Additionally, with 60 contracts currently signed in Manhattan, we expect the year to finish strong.

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