2021 was a banner year for Manhattan townhouse sales. Despite the presence of Covid-19 for a second consecutive year, and perhaps to some extent because of it, 2021 ended with significant increases in year-over-year pricing and volume, up 12% and 95% respectively. With the City gradually moving towards fully re-opening and health concerns remaining a top priority, the desirability of townhouse living has led to a continued resurgence in the market.

The downtown market, particularly in and around the Greenwich Village, saw some of the most activity with transaction volume increasing by 95% year-over-year. This area continues to be the highest performing neighborhood in terms of pricing with an average sales price of around $7.5M, though the Upper East Side was close at approximately $12.3M. After a tough 5-6 years, the Upper East Side and Upper West Side markets bounced back with much higher buyer activity in 2021. The Upper East Side had the highest total dollar volume of all neighborhoods in the borough, at $883.3M for the year. As we begin 2022 we are seeing the Omicron variant dominating the headlines and there is some potential interest rate risk in the economic outlook, Nevertheless, with real estate being an historically strong hedge against inflation, we are seeing a strong start to the year in all the markets that Garfield serves suggesting that increases in volume and pricing will continue apace in the year ahead.