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Q3 Manhattan Townhome Report

October 9, 2025

Manhattan Townhouse Market Report: Q3 2025

The third quarter of 2025 brought renewed energy to Manhattan’s townhouse market, with sales jumping sharply from last quarter and posting major year-over-year gains in both price and volume. Despite a notable slowdown in contracts, particularly in August and September, overall pricing strength and limited inventory underscored the continued appeal of Manhattan’s single-family homes—especially across the Upper East Side and Downtown.

 

Market Overview: Prices Surge Despite Slower Contracts

Townhouse sales climbed 37.5% quarter-over-quarter and 33.3% year-over-year, driven by a surge of closings from deals initiated earlier in the year. The median sale price rose to $8.96M, up 24.9% from Q2 and a striking 32.8% from Q3 2024. The average sale price hovered around $9.54M, a modest 1% increase from last quarter, while the average price per square foot (PPSF) reached $1,780—slightly below 2024 highs but up 9.4% from Q2

Manhattan Q3 2025 Townhouse Rep…

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However, contract activity told a different story. New deals slowed considerably following a busy spring, with contracts down 64% quarter-over-quarter and 45.5% year-over-year. This dip reflected both seasonal factors and the limited number of new listings entering the market.

Key Metrics:

  • Median Sale Price: $8.96M (↑ 24.9% QoQ, ↑ 32.8% YoY)

  • Average Price per Sq. Ft.: $1,780 (↑ 9.4% QoQ, ↓ 3.7% YoY)

  • Contracts Signed: 18 (↓ 64.0% QoQ, ↓ 45.5% YoY)

  • Active Listings: 236 (↓ 6.7% QoQ, ↑ 1.3% YoY)

  • Average Discount: 15% (flat YoY)

 

Submarket Highlights

Upper East Side:
The Upper East Side continued to anchor Manhattan’s townhouse market, accounting for nearly 39% of single-family sales this quarter. Year-to-date sales rose 27.6%, with the median price up 3.2% to $8.75M. Although the average price dipped slightly to $10.27M, activity remained robust among high-end buyers seeking turnkey properties

Downtown:
Downtown Manhattan showed one of the strongest recoveries, with sales up 12.1% YoY and the median price jumping 18.6% to $9.9M. Inventory remained tight, keeping PPSF growth steady at $2,310, the highest of all submarkets.

Upper Manhattan:
While volume eased, pricing held steady. The median price of $3.21M reflected strong relative affordability and continued investor interest. Discounts narrowed sharply—from 16% last year to just 8% this quarter—as competition increased for well-located properties.

Midtown East:
A niche but steady performer, Midtown East posted flat sales year-over-year with median prices rising 4.2% to $4.43M. Larger homes commanded stronger values, though PPSF slipped 5% as buyers focused on livable space and turnkey finishes over prime location alone.

 

Trends & Takeaways

  • Sales Momentum, Fewer New Deals: A flurry of Q2 contracts closed in early Q3, boosting sales numbers even as new deal volume dropped.

  • Pricing Power in Luxury Segments: Both Downtown and Upper East Side saw million-dollar median gains year-over-year, reinforcing top-tier demand.

  • Inventory Still Tight: With just 236 active listings citywide, Manhattan’s townhouse inventory remains constrained—down from pre-pandemic norms of 300+ units.

  • Discounts Stabilized: Average discounts held around 9–15%, signaling more balanced negotiation between buyers and sellers.

 

Final Thoughts

Q3 2025 reaffirmed Manhattan’s townhouse market as one of stability and long-term value. While sales spiked on the heels of earlier contracts, the slowdown in new deals suggests a more tempered Q4 ahead. Still, limited supply and consistent luxury demand continue to buoy prices—especially in established neighborhoods like the Upper East Side and Downtown.

For buyers, rising inventory and seasonal negotiation windows may open new opportunities heading into fall. For sellers, strong pricing trends in prime submarkets confirm that well-positioned homes continue to command premium values in Manhattan’s evolving townhouse landscape.

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