Following our Q3 2024 Manhattan Townhouse Market Update, where we discussed inventory challenges and a stabilization in pricing, the Q4 2024 report presents a nuanced picture of resilience and shifting buyer demand. While total sales dipped slightly from last quarter, the luxury sector showed notable activity, and price trends continued to reflect Manhattan’s enduring appeal.
Market Overview
Despite fluctuating contract activity, the Manhattan townhouse market remained strong in Q4 2024, with prices holding steady and demand persisting for well-located properties. Inventory levels rose slightly, reflecting sellers’ growing confidence in market conditions. Downtown Manhattan maintained its dominance in townhouse transactions, while the Upper East Side continued to attract luxury buyers.
Key Q4 2024 Metrics:
- Total Sales Volume: $8.8 billion, up 2.8% from Q3
- Median Sales Price: $7.14 million, up 5.8% YoY
- Average PPSF: $1,756, a 6.9% YoY increase
- Contracts Signed: 27, unchanged from Q3 but down 20.6% YoY
- Inventory: 224 active listings, up 14.9% YoY, with a slight 3% dip from Q3
Sales Trends Reflect Market Resilience
While total townhouse sales fell 23.3% from Q3, the median price increased by 5.8% YoY, signaling sustained demand for premium properties. The average sales price rose to $8.8 million, reflecting a 2.8% quarter-over-quarter increase, as high-net-worth buyers remained active in Manhattan’s coveted townhouse market.
Luxury Segment Activity Strengthens
The Upper East Side and Downtown Manhattan continued to attract luxury buyers, with median sales prices climbing in both submarkets. The average discount on townhouses remained at 17%, consistent with Q3, but lower than previous quarters, suggesting sellers are becoming more aligned with buyer expectations.
Inventory Expands but Remains Competitive
While inventory increased by 14.9% YoY, it declined slightly from Q3, emphasizing the seasonal nature of townhouse transactions. The average asking price per square foot reached $2,009, reflecting seller confidence despite economic uncertainties.
Key Submarket Insights
- Downtown Manhattan accounted for 47.8% of all townhouse sales, maintaining its dominance.
- Upper East Side captured 30.4% of transactions, driven by strong luxury demand.
- The Upper West Side saw a 12.9% increase in sales YoY, while Midtown submarkets experienced more mixed results.
Looking Ahead to 2025
Given the evolving trends in Q4, the townhouse market is poised for continued stability in Q1 2025. The resilience in pricing and contract activity suggests that high-end buyers remain engaged, even as economic and political factors create short-term fluctuations.
For a deeper dive into last quarter’s trends, read our Q3 2024 report here. Stay tuned for our Q1 2025 analysis as we continue tracking Manhattan’s evolving townhouse market.
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