2022 Mid-Year New York City Townhouse Report

2022 has gotten off to a strong start in the Manhattan townhouse market. Though pricing is slightly down year-over-year, transaction volume and dollar volume are up by 56% and 35%, respectively. In addition, the average time on the market is down nearly 40%, which means buyers are active and deal cycles are shorter than last year.

Some of the standout neighborhoods of 1H2022 were Chelsea, Greenwich Village and Harlem. Chelsea had increases in both pricing and volume, and the average time on market was nearly cut in half. Pricing was down slightly in Greenwich Village, but transaction volume was up nearly 75%. Pricing in Harlem also slightly decreased year-over-year, but transaction and dollar volume were up 129% and 115%, respectively. On the flip side, volume was slightly down on the Upper West Side, with pricing up by about 25%. Demand for renovated homes continues to be strong but the renovation market, which has been hampered by supply chain issues has also provided discerning buyers with more value added upside.

While the general buzz seems to be about an impending market slowdown, we haven’t felt the effects yet. 2H2022 will be telling of what’s to come in the next few years for the townhouse market. In the meantime, many sellers are opting not to hold out for the last dollar, and many buyers are making moves now while it still feels like there are good deals to be had.

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