Manhattan Brownstone Q3 2023 Market Report

Year-over-year, sales and dollar volume of Manhattan townhouses are down, but impressively pricing remains flat. Buyers are selective and discerning in this market, and sellers are willing to hold out until they get their prices. The average days-on-market for properties closed in 2023 is over 200 days. For properties currently on the market, the average days-on-market is 228 days. The properties that are selling the quickest are reasonably priced, turn key, single-family homes. There is a lack of that inventory in the market and when well-priced, renovated properties are listed, buyers are willing to transact. The segment of the market struggling the most are investment properties and homes that require renovation, as the cost and timing of a renovation project is a concern for buyers.

Despite the downturn in volume, there were some notable sales in Manhattan in 3Q2023. 129 East 73rd Street sold for $26.5M and $2,208/ft. Garfield’s sale at 141 East 18th Street sold for $11.45M and $2,697/ft. In addition to these bright spots, the increase in workers returning to the office is also cause for optimism as 64% of workers are now at their desks compared to 52% in September of 2022, with that number hitting 74% midweek. Moreover, both subway and commuter ridership have risen significantly, with subway use up 2.5x since October of 2021. The slow but steady increase in the work population returning to the City, should in the medium term translate into a more active and pricier market, particularly with inventory below historical levels.

If you’re interested in selling or buying a brownstone in Manhattan, simply click the button below to schedule a call or email me at [email protected].

About the Author
Since the start of the pandemic, Stanley Montfort has played a crucial role in facilitating over one billion dollars worth of brownstone sales in New York City. He is a recognized expert in the city's brownstone and townhouse market, with extensive experience in both sell-side and buy-side brownstone transactions, thanks to his military and law background.

Stanley honed his real estate skills at Leslie J. Garfield, where he established the Harlem Townhouse Market, and has assisted in numerous co-ownership transactions, including more complicated deals involving SROs, seller financing, negotiating with tenants, and leaving all parties satisfied.

With a vibrant and diversified career spanning the legal, banking, and technology industries, Stanley brings a wealth of experience to help his clients achieve their real estate objectives. He applies innovative marketing strategies, strategic thinking, and utmost professionalism and integrity to every deal. As a savvy negotiator with strong analytical skills, Stanley has successfully navigated even the most challenging real estate deals to deliver the desired results.

Moreover, Stanley provides a personalized and engaging real estate experience marked by complete transparency, data-driven financial decisions, and honest conversations. He strives to earn his clients' trust and is committed to ensuring that their needs are fully understood and executed without compromise.

Originally from New Jersey, Stanley is a graduate of Fordham University, where he earned his JD and Masters in International, Political, Economy, and Development. Whether you are looking to earn top dollar for your property or find your dream home, Stanley is the no-brainer choice to help you achieve your real estate goals.