The Manhattan townhouse market entered 2025 with mixed signals: overall the average $/SF rose 8.2% year-over-year, while gross transaction volume fell 13.34%. This divergence reflects broader macroeconomic uncertainty revolving around policies that would slow the decline of interest rates and has prompted a "wait and see" mentality among buyers and sellers alike. Still, resilience across key submarkets and selective strength in both pricing and activity signal that demand remains intact for the right properties.
Several Manhattan neighborhoods stood out in Q1 2025 for their performance in an otherwise mixed market. The Upper East Side finished with an impressive 87.5% year-over-year increase in deal volume when comparing 1Q2024 to 1Q2025, signaling renewed buyer interest—particularly in more moderately priced townhouses. Midtown also deserves recognition for posting gains in both pricing and transaction volume—one of the few areas in Manhattan to do so. The top townhouse sale in Manhattan this quarter was 11 Saint Luke’s Place, a fully renovated, 22-foot-wide townhouse in The West Village that traded for $24.95M.
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