New Heights In Manhattan

Luxury Manhattan townhouse sales surged last year despite low inventory, reaching the highest number of closings in six years. Townhouses at $20 million and above recorded the highest market share since 2015.

There were 221 townhouse sales, including single and multi-family homes in Manhattan in 2021, which was 69% higher than in 2020, according to the Corcoran Group’s latest townhouse report, shared exclusively with Mansion Global. The median single-family townhouse price climbed to a record high of $8.55 million, an 8% increase from the previous year.

It was the most active market for single-family townhouse sales in eight years, according to the report.

“Since the pandemic, people have really found that they want to satisfy their living needs, which often call for a lot more space,” said Pamela Liebman, President and CEO of the Corcoran Group. “Townhouses can fill that demand for extra space and privacy, which is like having your own oasis in a city like Manhattan.”

A large chunk of the market share were homes sold at $5 million or more, making up 59% of the total number of sales. Townhouse sales at $5 million to $10 million made up 31% of the market share, followed by sales at $10 million to $20 million with 23%, and sales at $20 million and above with 5%.

The share of townhouse sales over $10 million increased by 5% from 2020 and reached an all-time high of 28%. This was also the highest market share for homes at $20 million and above since 2015.

The median price for the top 10% of the transactions, which Corcoran defines as the luxury threshold, was $20.25 million, up 16% from 2020 and aided by several blockbuster deals.