The fact that prices have increased for Manhattan townhouses in the last several years should not be a surprise. But by just how much might be.
A new report (PDF) from appraisal firm Miller Samuel concludes that the average sales price of a Manhattan townhouse increased 150.5 percent from 1997 through 2006. The average was $4,082,837 by the end of last year, up from $1,630,077 in 1997. The average price per foot increased 121.2 percent during that same time, from $387(!) to $856. And the median price went up 106.1 percent to $2.7 million.
At the same time, the time it takes to sell a townhouse hasn’t changed much since 1997. Back then, it took an average of 156 days to sell from the last listing price. Now, it takes 144.