The Harlem brownstone market has seen an increase in sales activity since this time last year. In Q2 2024, sales volume increased 61.33% from Q2 2023 and a
The Harlem brownstone market has seen an increase in sales activity since this time last year. In Q2 2024, sales volume increased 61.33% from Q2 2023 and a 19.20% increase from 2019 (pre-pandemic). Average prices in Q2 2024 rose 7.81%, with price per square foot rising 11.11% from Q2 2023. Transactions in Q2 2024 increased 27.27% from Q2 2023 and increased 16.67% from Q2 2019; although there is demand for new inventory, sellers must take into account increased interest rates as buyers’ carrying costs have gone up substantially. Additionally, although the numbers have improved from last year which was a historical down market, we are still in the negative for average sales price and avg price per sq ft compared to 2019 when townhouses were selling at higher numbers. Moving forward, it appears that buyers might have another two, three quarters to secure properties at lower costs before anticipated rate decreases later this year where the Harlem townhouse market may shift to a more neutral market.
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