Market Trends & ResearchRealtyHop Price Drops Report: August 2022

RealtyHop Price Drops Report: August 2022

The real estate market has its ups and downs. In this August installment of the NYC price drops report, RealtyHop analyzed available data for July 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 Turtle Bay-East Midtown Manhattan 160
2 Upper East Side-Carnegie Hill Manhattan 142
3 Lincoln Square Manhattan 133
4 Lenox Hill-Roosevelt Island Manhattan 115
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 111

As shown in the table above, all five neighborhoods with the most price drops in July are located in Manhattan. Turtle Bay-East Midtown became the neighborhood with the most price drops, with a total of 160 price cuts in the past month. The neighborhoods on the list had a total number of price drops ranging from 111 to 160 price drops, significantly less than in last month’s report.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 East Flatbush-Farragut Brooklyn -9.0%(-$100,000)
2 Hamilton Heights Manhattan -7.9% (-$125,000)
3 Sunset Park West Brooklyn -7.7% (-$145,000)
4 East Concourse-Concourse Village Bronx  -6.2% (-$14,250)
5 Bedford Brooklyn -5.8% (-$50,500)

East Flatbush-Farragut, Brooklyn saw the biggest median percentage price drop in July 2022. Listings for sale in the neighborhood experienced a median price drop of 9%, which equates to around $100,000 from the initial list price. Meanwhile, homes for sale in Hamilton Heights experienced a median price drop of 7.9% or $125,000 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 Sunset Park West Brooklyn -$145,000 (-7.7%)
2 Hamilton Heights Manhattan -$125,000 (-7.9%)
3 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$125,000 (-4%)
4 Upper East Side-Carnegie Hill Manhattan -$120,000 (-5.3%)
5 Carroll Garden-Columbia Street-Red Hook Brooklyn -$102,500 (-4.3%)

In July, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. Sunset Park West ranks the #1 neighborhood with the highest price drop in dollar terms. Homes for sale in the area experienced a median price drop of $145,000, or 7.7% from the original list price. Meanwhile, for-sale homes in Hamilton Heights experienced a median price drop of $125,000, or 7.9% from the initial price.

 

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

Address Current Price Recent % Price Drops
1 757 East 169th Street #4F, Bronx, NY 10456 $39,000 -54.2%(-$46,000)
2 1670 Grand Avenue, Bronx, NY 10453 $1,150,000 -41.2% (-$824,999)
3 85-42 108th Street, Richmond Hill, NY 11418 $1,199,000 -40% (-$800,000)
4 12 Hancock Street, Brooklyn, NY 11216 $1,200,000 -29.4% (-$500,000)
5 242 East 25th Street #9B, New York, NY, 10010 $450,000 -28.6%(-$180,000)

The table above highlights the properties with the highest percentage price drop in July that are still on the market. Unit 4F at 757 East 169th Street is a one-bedroom, one-bathroom co-op unit in Morrisania, Bronx. The property first hit the market in May of 2022 and this is its first price drop so far. This property dropped its price by 54.2%, with a drop of $46,000. Unit #4F at 757 East 169th Street in the Bronx is one of three units in this HDFC building that experienced a significant price cut. All properties on the list experienced a price cut of 28% or above.

 

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

Address Current Price Recent $ Price Drops
1 165 Charles Street #TRIPLEX, New York, NY 10014 $44,000,000 -$9,000,000(-17%)
2 27 East 79th #PENTHOUSE, New York, NY, 10075 $19,995,000 -$4,000,000(-16.7%)
3 111 Central Park North #PHB, New York, NY 10026 $14,950,000 -$3,050,000(-16.9%)
4 944 5th Ave #3FL, New York, NY 10021 $32,000,000 -$2,995,000(-8.6%)
5 217 W 57th St #46C, New York, NY, 10019 $19,700,000 -$2,300,000(-10.5%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. It’s not surprising that all five properties are in Manhattan, with an initial asking price upwards of $14 million. 165 Charles Street experienced the largest price reduction of $9,000,000, down from the original listing price of $53,000,000. Three units at 27 East 79th Street dropped in price this month, with the largest lowering by 16.7%.
 

Standout Homes Under $1,000,000 with Price Drops

515 East 88Th St. #5E

This top-floor apartment in Yorkville comes with a renovated, open country style kitchen which includes a seated bar area. The unit also features an additional small room with a window and closet, ideal for a work-from-home setup or nursery. Owners will enjoy building amenities like a live-in super, laundry room, and a bike room. With a recent price drop of $247,000, this deal is perfect for those looking to expand their family. Situated steps away from Carl Schurz Park, a dog run, and several grocery stores and restaurants, this location offers plenty of activities and conveniences.

130 Water St. #12D

Enjoy living in this recently reduced, two-bed and two-bath duplex in the Financial District! With a large living room measuring over 415 square feet, there is ample space to entertain and stretch out in this unit. The first bedroom resides on the first floor of the unit, and residents can climb upstairs to the primary bedroom, complete with private outdoor space. This large and sunny-drenched roof deck makes the perfect oasis for warm days. Throughout the building, owner will enjoy common amenities like a 24-hour doorman, laundry on each floor of the building, and a bike room. This dynamic neighborhood boasts waterfront views, along with excellent dining, shopping, and recreational activates. With a price reduction of $205,000 and a cap rate of 3.66%, this is a great deal for those seeking their own private outdoor area.

262 55th St. #1

This duplex Sunset Park condo is a new construction and a blank slate for its next owner. Gallery-style walls and a contemporary aesthetic allow for customization or a clean and bright open space. Unit 1 is a spacious one-bed, one-and-a-half-bath with both a garden and outdoor space. Located near Industry City, a recent price reduction of 16.7% brought the property down to $999,999, and is the only unit under a million in the building. Features include an elevator, central air conditioning, washer/dryer in unit, and a chef’s kitchen with luxury appliances.

26910 Grand Central Parkway #PHE

A rare find in the Bronx, this penthouse apartment in the North Shore Towers experienced a $151,000 price cut. With an unobstructed view of the city skyline, water, and more in every room, this home is listed as a “ranch in the sky”. The unit is a four-bed, 5-bath co-op that comes with a private 650-square-foot terrace, eat-in kitchen, oversized living room, and formal dining room. The home is part of the North Shore Towers and Country club, which means ownership brings access to those amenities. Priced for “immediate sale” at $999,000.

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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