Market Trends & ResearchRealtyHop Price Drops Report: July 2022

RealtyHop Price Drops Report: July 2022

The real estate market has its ups and downs. In this June installment of the NYC price drops report, RealtyHop analyzed available data for June 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 249
1 Turtle Bay-East Midtown Manhattan 207
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 182
4 Lenox Hill-Roosevelt Island Manhattan 181
5 Lincoln Square Manhattan 158

As shown in the table above, all five neighborhoods with the most price drops in June are located in Manhattan. Upper East Side-Carnegie Hill remains the neighborhood with the most price drops, with a total of 249 price cuts in the past month. The neighborhoods on the list had a total number of price drops ranging from 158 to 249 price drops, slightly more than in last month’s report, reflecting the typical seasonality in real estate.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Glendale Queens -7.0%(-$50,000)
2 East Flatbush-Farragut Brooklyn -6.3% (-$50,999)
3 Bayside-Bayside Hills Queens -6.2% (-$75,000)
4 Parkchester Bronx  -6.2% (-$15,000)
5 Grymes Hill-Clifton-Fox Hills Staten Island -5.8% (-$30,000)

Glendale, Queens saw the biggest median percentage price drop in June 2022. Listings for sale in the neighborhood experienced a median price drop of 7%, which translates to around $50,000 from the original asking price. Meanwhile, homes for sale in Parkchester experienced a median price drop of 6.2%, or $15,000 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 Chinatown Manhattan -$188,750 (-4.0%)
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$150,000 (-4.8%)
3 Upper East Side-Carnegie Hill Manhattan -$110,000 (-5.3%)
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$100,000 (-4.7%)
5 Carroll Gardens Brooklyn -$100,000 (-4.4%)

In June, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. Chinatown ranks the #1 neighborhood with the highest price drop in dollar terms. Homes for sale in the area experienced a median price drop of $188,750, or 4% from the original list price. Meanwhile, for-sale homes in Carroll Gardens experienced a median price drop of $100,000, or 4.4% from the initial price.

 

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

Address Current Price Recent % Price Drops
1 80 Avenue P #F7, Brooklyn, NY 11223 $348,000 -50.2%(-$351,000)
2 404 Logan Street, Brooklyn, NY 11208 $499,000 -28.6% (-$200,000)
3 59 East 72nd Street #1A, New York, NY 10021 $250,000 -28.6% (-$100,000)
4 465 Park Avenue #26C, New York, NY 10022 $925,000 -28.6% (-$370,000)
5 150 East 61st Street #3B, New York, NY 10065 $259,000 -27.9% (-$100,000)

The table above highlights the properties with the highest percentage price drop in June that are still on the market. Unit 1N at 59 East 72nd Street is a one-bedroom, one-bathroom co-op unit in Lenox Hill, Manhattan. The property first hit the market in August 2021 and has experienced two price cuts so far. The most recent one was a 28.6% price reduction, or $100,000 in dollar terms, on June 8. 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 June

Address Current Price Recent $ Price Drops
1 23 East 22nd Street #PH, New York, NY 10010 $58,000,000 -$4,000,000(-6.5%)
2 432 Park Avenue #66A, New York, NY 10022 $26,500,000 -$2,500,000(-8.6%)
3 145 Central Park West #4C, New York, NY 10023 $17,495,000 -$2,480,000(-12.2%)
4 432 Park Avenue #63B, New York, NY 10022 $25,750,000 -$2,250,000(-8.0%)
5 432 Park Avenue #37A, New York, NY 10022 $22,775,000 -$2,225,000(-8.9%)

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 $22 million. 432 Park Avenue, one of the skyscrapers on Manhattan’s Billionaires’ Row, currently has multiple units for sale. 3 of the units made this month’s list of units with the highest dollar price drops. All properties on the list had a price drop of $2.2 million and above.

 

Full Dataset

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

Recent studies

RealtyHop Housing Affordability Index: December 2022

In the December edition of RealtyHop’s Housing Affordability Index, we examined the share of income U.S. households would have...

RealtyHop Price Drops Report: December 2022

The real estate market has its ups and downs. In this December installment of the NYC price drops report,...

RealtyHop Housing Affordability Index: November 2022

In the November edition of RealtyHop’s Housing Affordability Index, we examined the share of income U.S. households would have...