Bigger is better when it comes to buying a townhouse in Manhattan.
In the past decade, the median price of a townhouse has more than doubled as fewer buyers sought out bigger homes, according to the Decade Report from Douglas Elliman.
While the overall sales volume rose nearly 40 percent since 2009, the sale of four bedroom-plus homes jumped more than 90 percent.
The annual number of townhouse sales in 2018 declined for the fourth time in the last five years, according to the report.
The median sales price for Manhattan townhouse reached $5.2 million last year compared to 2017’s $4.6 million and showed a 53 percent increase compared to 2009’s $3.4 million.
The average price per square foot fell 12 percent $1,467 compared to 2017’s $1,667 ppsf. that’s a nearly 40 percent increase from 2009’s $1,053 ppsf.
Jonathan Miller, one of the authors of the report, said bigger homes were driving down price per square foot, specifying that there were more larger unrenovated houses being sold.
“It was interesting that on a year over year basis, there was a significant increase in size of townhouse that sold, not only overall, in all the regions,” Miller said. “Larger units seemed to be more favored.”