Market Trends & ResearchRealtyHop Price Drops Report: April 2022

RealtyHop Price Drops Report: April 2022

The real estate market has its ups and downs. In this April edition of the NYC price drops report, RealtyHop analyzed available data for March 2022 across boroughs and neighborhoods in New York City to provide a useful resource for those looking to invest in real estate.

We focused on neighborhoods with the greatest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and street address.


 

A Closer Look at NYC’s Neighborhoods

Our interactive map below depicts the neighborhoods we analyzed. All numbers are based on RealtyHop’s proprietary dataset.

Top 5 Neighborhoods With the Highest Number of Price Drops

Neighborhood Borough Number of Price Drops
1 Upper East Side-Carnegie Hill Manhattan 173
1 Turtle Bay-East Midtown Manhattan 159
3 Lenox Hill-Roosevelt Island Manhattan 136
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 134
5 Lincoln Square Manhattan 120

As shown in the table above, all five neighborhoods with the most price drops in March were located in Manhattan, and it’s the same five neighborhoods as in February. Upper East Side-Carnegie Hill saw in total 173 price drops in the past month. Meanwhile, Lincoln Square ranks #5, with 120 price drops. The neighborhoods on the list had a total number of price drops ranging from 120-173 price drops, significantly more compared to last month’s report.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Prospect Lefferts Gardens-Wingate Brooklyn -9.5%(-$134,500)
2 Hamilton Heights Manhattan -5.6% (-$24,999)
3 Ocean Hill Brooklyn -5.4% (-$40,000)
4 Chinatown Manhattan  -5.3% (-$52,500)
5 Midwood Brooklyn -5.2% (-$35,000)

Percentage-wise, Prospect Lefferts Gardens-Wingate saw the biggest price drops in March 2022, with a median percentage price drop of 9.5%, or $134,500 from the original asking price. Meanwhile, for-sale listings in Chinatown, Manhattan saw a median price drop of 5.3% or $52,500 in dollar terms. All five neighborhoods had a median price change of over 5%.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$165,000 (-4.7%)
1 Prospect Lefferts Gardens-Wingate Brooklyn -$134,500 (-9.5%)
3 Upper East Side-Carnegie Hill Manhattan -$105,000 (-5.0%)
4 Carroll Gardens-Columbia Street-Red Hook Brooklyn -$100,005 (-3.5%)
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$100,000 (-4.3%)

In March, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. SoHo-TriBeCa-Civic Center-Little Italy remains the #1, with a whopping median price drop of $165,000. But given the high real estate values in the neighborhood, that only accounts for 4.7% of the original list price. Meanwhile, homes in Carroll Gardens-Columbia Street-Red Hook saw a median price drop of $100,005, or 3.5% of the original asking price.

 

Top 5 Residential Properties (Still on the Market) with the Highest Percentage Price Drop in March

Address Current Price Recent % Price Drops
1 200 West 139th Street, New York, NY 10030 $7,800,000 -37.6%(-$4,700,000)
2 149 Sterling Street #3D, Brooklyn, NY 11225 $489,999 -24.6% (-$160,000)
3 209 East 61st Street, New York, NY 10065 $9,950,000 -23.2% (-$3,000,000)
4 63-24 Forest Avenue, Ridgewood, NY 11385 $1,350,000 -21.7% (-$360,000
5 799 Park Avenue #20B, New York, NY 10021 $9,900,000 -20.8% (-$2,600,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. 200 West 139th Street is a nine-unit multifamily property in Central Harlem. The building recently experienced a price cut of $4.7 million, which comes out to be over 37% of the initial asking price. Unit 20B at 799 Park Avenue, a four-bedroom and four-and-half-bathroom co-op unit in the Upper East Side, was originally listed in November 2021 for $12.5 million. The asking since dropped to $9.9 million on March 19, a reduction of 20.8% from the initial price. All properties on the list experienced a price cut of 20% or above.

 

Top 5 Residential Properties (Still on the Market) with the Highest Dollar Price Drop in March

Address Current Price Recent $ Price Drops
1 7 East 88th Street, New York, NY 10128 $25,000,000 -$6,500,000(-20.6%)
2 200 West 139th Street, New York, NY 10030 $25,000,000 -$4,700,000(-37.6%)
3 209 East 61st Street, New York, NY 10065 $9,950,000 -$3,000,000(-23.2%)
4 15 East 77th Street, New York, NY 10075 $35,000,000 -$3,000,000(-7.9%)
5 799 Park Avenue #20B, New York, NY 10021 $9,900,000 -$2,600,000(-20.8%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past March. Four of the properties are townhouses or multifamily buildings for sale. 7 East 88th Street, a lavish Beaux-Arts townhouse located in Carnegie Hill, first hit the market in October 2021, asking $31.5 million. The list price was reduced by over 20%, or $6.5 million, on March 29. All properties on the list had a price drop of $2.6 million and above.

 

Full Dataset

The interactive table below includes all NYC listings with price drops in the month of March. You can sort by column or do a quick search using the search bar.

 

Methodology

The New York City Price Drop report is a monthly report that analyzes proprietary data from RealtyHop to map price drops for listings in New York City. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.

To fairly analyze each neighborhood and eliminate outliers, only neighborhoods with over 10 price drops will be included in the rankings for the highest median percentage price drops and highest median dollar price drops sections.

Want to know who owns these listings? Check it out by using our New York Property Records Search.

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