The Manhattan townhouse market demonstrated steady and positive performance in 2024, with pricing and sales volume reflecting both stability and growth. Transaction volume rose modestly by 1% year-over-year, surpassing $2B in gross sales. Meanwhile, average prices increased by 8%, and the average price per square foot (PPSF) climbed by 10%, showing that buyers are active in the marketplace and the shortage of inventory is helping to prop up prices. Of the 261 transactions, 112 were single family sales.
One of the year's most notable transactions was the sale of 138-140 West 11th Street, a stunning 45-foot-wide, meticulously renovated single-family townhouse that sold for $72.5M. This was followed by a $56M sale of a grand Upper East Side single-family home at 4 East 79th Street.
A key takeaway from the year-to-date figures is that townhouse pricing on a price per square foot basis has risen significantly across Manhattan, largely driven by a handful of standout sales in prestigious neighborhoods such as the West Village and the Upper East Side. Additionally, neighborhoods like the East Village, Gramercy, and Greenwich Village experienced remarkable increases in transaction volume, highlighting the growing demand for townhouses in both established and emerging areas.
The consistent transaction volumes and rising prices underscore the enduring appeal of Manhattan townhouses as both valuable investments and coveted residences. As we move into the new year, the market remains strong with 43 townhouses currently in contract.
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