By Josh Barbanel

Sales of the most expensive townhouses weakened in Manhattan last year even as the market for lower-price townhouses strengthened in Harlem and Washington Heights.

A new market report prepared by appraiser Jonathan Miller for Douglas Elliman showed that the average price of a townhouse, a measure that reflects the soaring prices of the most expensive properties, fell by 9% in Manhattan in 2016, with steep declines on the East Side and West Side and a slight drop downtown.

The average price rose only in northern Manhattan, which notched a 7.6% increase from 2015. Those uptown sales made up more than 40% of all sales, up from about 37% in 2015.

Mr. Miller said the market for expensive houses is moving slowly and sellers are being forced to drop prices on properties.

The report put the median price of a Manhattan townhouse at $4.97 million in 2016, with the highest median price of $8.03 million on the East Side, followed by $7.53 million Downtown and $7.16 million on the West Side.

The median price in northern Manhattan was $2.1 million.

Write to Josh Barbanel at

(END) Dow Jones Newswires

February 02, 2017 00:14 ET (05:14 GMT)

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