New York’s townhouses are highly-prized for their prestige, privacy, outdoor space and architectural heritage. They are quicker to purchase, posing fewer hurdles than New York’s ubiquitous condominiums and co-operatives. In this report, we analyze pricing and sales activity over the last ten years of these sought-after properties.
We analyzed pricing trends in Harlem neighborhoods with the highest distribution of townhouses. Many of the city's townhouses have been lost to demolition and replaced with condominiums and co-operatives. The townhouses that remain command premium prices in both emerging and more established neighborhoods.
According to PropertyShark, the price per square foot in Harlem should exceed $3,000 in the next decade catching up with the rest of Manhattan by 2028, and the Upper West Side by 2026. In 2017, the average sales price for townhouses in NYC was $7.2m, and the average price per square foot was $1,338. Harlem average price per square foot in 2017 was $647 for 1-4 families up 116% from 2010. Given the growth in the Harlem townhouse market buyers, and sellers will make a great return on their investment.
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