Market Trends & ResearchRealtyHop Price Drops Report: March 2022

RealtyHop Price Drops Report: March 2022

The real estate market has its ups and downs. In this March edition of the NYC price drops report, RealtyHop analyzed available data for February 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 Turtle Bay-East Midtown Manhattan 137
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 104
4 Lenox Hill-Roosevelt Island Manhattan 92
5 Lincoln Square Manhattan 88

As shown in the table above, all five neighborhoods with the most price drops in February were located in Manhattan. Upper East Side-Carnegie Hill is again the #1 neighborhood with the most price reductions, with a total of 160 price drops in the past month. Meanwhile, Turtle Bay-East Midtown ranks the #2, with 137 price drops. The neighborhoods on the list had a total number of price drops ranging from 88-160 price drops, significantly on the lower end compared to last month’s report.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Washington Heights South Manhattan -7.1%(-$31,000)
2 Bayside-Bayside Hills Queens -6.5% (-$50,000)
3 Bensonhurst East Brooklyn -5.5% (-$77,500)
4 Flatlands Brooklyn  -5.3% (-$42,451)
5 Upper East Side-Carnegie Hill Manhattan -5.2% (-$100,000)

Percentage-wise, Washington Heights South saw the biggest price drops in February 2022, with a median percentage price drop of 7.1% or $31,000 from the original asking price. Meanwhile, for-sale homes in Bayside-Bayside Hills saw a median price drops of 6.5%, or $50,000 in dollar terms. All five neighborhoods had a median price change 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 -$122,000 (-3.9%)
1 Upper East Side-Carnegie Hill Manhattan -$100,000 (-5.2%)
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$100,000 (-4.7%)
4 West Village Brooklyn -$100,000 (-4.3%)
5 Lincoln Square Manhattan -$98,000 (-4.3%)

All five neighborhoods with the highest median dollar price drops in February are all located in Manhattan. SoHo-TriBeCa-Civic Center-Little Italy ranks the #1, with a median price drop of $122,000. But given the high real estate values in the neighborhood, that only accounts for 3.9% of the initial asking price. Meanwhile, for-sale listings in West Village saw a median price drop of $100,000, or 4.3% of the original asking price this past month.

 

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

Address Current Price Recent % Price Drops
1 578 Ralph Avenue #C4, Brooklyn, NY 11233 $150,000 -57.1%(-$200,000)
2 531 East 26th Street, Brooklyn, NY 11210 $499,000 -41.2% (-$350,000)
3 992 Lenox Road, Brooklyn, NY 11212 $650,000 -35.0% (-$350,000)
4 60 Pineapple Street #B, Brooklyn, NY 11201 $1,350,000 -30.8% (-$600,000
5 3614 Johnson Avenue #6FL, Bronx, NY 10463 $1,000,000 -29.8% (-$425,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. Unit B at 60 Pineapple Street in Brooklyn Heights is a beautifully decorated co-op unit spanning over 2,000 sqft. The unit first hit the market in July 2021, asking close to $2M. On February 22, the price was reduced by 30.8% to $1.35M. Meanwhile, unit 6FL at 3614 Johnson Avenue is truly one of a kind. The condo unit comes with 2,000 sqft of living space, two outdoor terraces, and one parking spot. It was first listed in September 2021 for $1.425M. The seller has since dropped the price to $1M, which translates to a price reduction of 29.8%. All properties on the list experienced a price cut of 30% or above.

 

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

Address Current Price Recent $ Price Drops
1 991 5th Avenue, New York, NY 10028 $44,000,000 -$8,000,000(-15.4%)
2 111 Central Park West #PHB, New York, NY 10023 $16,950,000 -$2,550,000(-13.1%)
3 217 West 57th Street #83E, New York, NY 10019 $31,950,000 -$2,020,000(-5.9%)
4 38 West 11th Street #TWNHSE, New York, NY 10011 $14,500,000 -$2,000,000(-12.1%)
5 1185 Park Avenue #1617F, New York, NY 10128 $17,500,000 -$2,000,000(-10.3%)

The table above highlights residential properties that saw the most drastic price cuts in dollar terms this past February. 991 Fifth Avenue, one of the last Gilded Age mansions on Fifth Avenue first hit the market late January, asking $52M. But the list price soon was reduced by $8M to $44M on February 5. Unit 83E at 217 West 57th Street features four bedrooms, four and half bathrooms, and breathtaking views of Central Park and the Manhattan skyline. The unit was first listed in December 2021 with a price tag of $33.97M. That amount has since dropped to $31.95M, a 5.9% discount. All properties on the list had a price drop of $2M and above.

 

Full Dataset

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