Market Trends & ResearchRealtyHop Price Drops Report: February 2022

RealtyHop Price Drops Report: February 2022

The real estate market has its ups and downs. In this February’s NYC price drops report, RealtyHop analyzed available data for January 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 160
1 Lincoln Square Manhattan 116
3 Turtle Bay-East Midtown Manhattan 115
4 Upper West Side Manhattan 104
5 Lenox Hill-Roosevelt Island Manhattan 101

All five neighborhoods with the most price drops in January were located in Manhattan. Upper East Side-Carnegie Hill is the #1 neighborhood with the most price reductions, with a total of 160 price drops. Meanwhile, Lincoln Square made to the #2 place, with 116 price drops this past month. The neighborhoods on the list had a total number of price drops ranging from 101-160 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 Chinatown Manhattan -5.9%(-$50,000)
2 Upper East Side-Carnegie Hill Manhattan -5.7% (-$149,000)
3 Hunters Point-Sunnyside-West Maspeth Queens -5.4% (-$50,000)
4 Sheepshead Bay-Gerritsen Beach-Manhattan Beach Brooklyn  -5.0% (-$18,000)
5 Midtown-Midtown South Manhattan -5.0% (-$125,000)

Percentage-wise, Chinatown saw the biggest price drops in January 2022, with a median percentage price drop of 5.9% or $50,000 from the original asking price. Hunters Point-Sunnyside-West Maspeth also saw more market movements that month. The area ranks #3 in terms of median percentage price drops. For-sale listings experienced a median price drop of 5.4%, or $50,000.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Upper East Side-Carnegie Hill Manhattan -$149,000 (-5.7%)
1 Midtown-Midtown South Manhattan -$125,000 (-5.0%)
3 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$121,500 (-3.7%)
4 Park Slope-Gowanus Brooklyn -$95,000 (-3.5%)
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$72,500 (-4.0%)

In January, four of the five neighborhoods that experienced the highest median price drop in dollar amount were located in Manhattan, but the median dollar amount was slightly smaller than the previous month. SoHo-TriBeCa-Civic Center-Little Italy ranks the #3, with a median price drop of $121,500, compared to last month’s $192,500. Meanwhile, Park Slope-Gowanus came in as the neighborhood with the fourth-highest median dollar price drop, with a median of $95,000, or a 3.5% discount from the asking price. The area has become increasingly expensive over the years.

 

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

Address Current Price Recent % Price Drops
1 68-23 Ingram Street, Forest Hills, NY 11375 $1,050,000 -30%(-$450,000)
2 30 East 31st Street #35, New York, NY 10016 $3,500,000 -25.6% (-$1,200,000)
3 781 5th Avenue #313, New York, NY 10022 $599,000 -25.0% (-$200,000)
4 117 West 21st Street #4FL, New York, NY 10011 $3,750,000 -24.9% (-$1,245,000)
5 70-26 72nd Place, Ridgewood, NY 11385 $999,999 -23.1% (-$299,889)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. Unit 35 at 30 East 31st Street, a condo unit for sale in NoMad, first went on the market in January 2021 for $4.7M. The unit had since gone off market, and is now once again for sale, with a price cut of $1.2M, or 25.6% from the original list price. Meanwhile, 70-26 72nd Place in Ridgewood is a great opportunity for investors who are looking to purchase multifamily properties in New York City. The two-family home is located on a double lot, and is now asking only $999,999, after the seller recused the price by 23.1%. All properties on the list experienced a price cut of 23% or above.

 

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

Address Current Price Recent $ Price Drops
1 36 West 11th Street, New York, NY 10011 $14,995,000 -$3,000,000(-16.7%)
2 944 5th Avenue #5, New York, NY 10021 $22,000,000 -$3,000,000(-12.0%)
3 1040 5th Avenue #910C, New York, NY 10028 $29,000,000 -$3,000,000(-9.4%)
4 740 Park Avenue #PH1718D, New York, NY 10021 $27,500,000 -$2,450,000 (-8.2%)
5 30 East 31st Street #PH, New York, NY 10016 $9,995,000 -$2,005,000(-16.7%)

The table above highlights residential properties that saw the most drastic price cuts in dollar terms this past January. The single-family mansion at 36 West 11th Street is truly a Greenwich Village gem. The property features six bedrooms, 5 bathrooms, and private outdoor space that’s unique to Manhattan properties. The mansion was first listed back in November 2021 for just under $18M. The asking price was reduced by $3M on January 20 to $15M. PH1718D at 740 Park Avenue has been on the market for over 1.5 years. The unit originally hit the market in May 2019 with a price tag of $34.5M. It had experienced two price cuts and the price was again lowered to $27.5M, another 8.2% of discount. All properties on the list had a price drop larger than $2M.

 

Full Dataset

The interactive table below includes all NYC listings with price drops in the month of January. 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.

Methodology Change

To fairly analyze each neighborhood and eliminate outliers, starting August 2021, 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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