Key Highlights
- Square footage costs for townhouses declining since 2014
- Square footage sizes for townhouses gaining to second highest in 24 years, according to Jonathan Miller, president of Miller Samuel
Pandemic Buyers Wanting to Buy Large
It’s no secret that pandemic-inspired home buyers bought large in 2020. Those buyers wanted out of smaller, denser, often shared spaces and into larger houses (preferably with private backyard spaces), larger apartments and larger townhouses where they wouldn’t have to “bump into” as many people as often.
Initial COVID Assumption in NYC was Flight to Townhouses from Condos and Multifamily Units
Because everyone wanted larger, most NYC market experts assumed pandemic-buyers would flee multifamily apartments and condominiums and land in townhouses. That assumption didn’t pan out.
The volume of sales for Manhattan townhouse was the lowest in 24 years in 2020, according to Jonathan Miller, president of Miller Samuel Appraisers. Townhouse sales plunged -42% compared to 2019, similar to comparatively priced apartments. Townhouse listings plunged even more by -62% while the median sale price of a townhouse hit an all-time high of $5.3M. (Turns out many of those potential townhouse buyers opted for single-family homes elsewhere.)
Average Size of Manhattan Townhouse Growing Faster than Comparable Apartment Size
While Manhattan’s townhouses have kept declining in sales volume and listings as their prices increasing, they’ve kept growing in size
Take a look at this list comparing the sizes of comparable apartments and townhouses in New York City. The bottom line…large sells:
Year Aver. Sq. Ft. Aver. Sq. Ft.
Sold Apts. Sold Townhouses
2011 2,718 sq. ft. 4,834 sq. ft.
2012 2,703 4,387
2013 2,650 4,500
2014 2,720 3,760
2015 2,888 4,152
2016 2,919 4,307
2017 2,886 4,282
2018 3,069** 4,863
2019 2,816 4,736
2020 2,909 4,902**
You’ll note that apartment size peaked in 2018. Townhouse size hit a 13-year high in 2020.
Thanks to Miller Samuel/Douglas Elliman and The New York Times
