Market Trends & ResearchRealtyHop Price Drops Report: May 2022

RealtyHop Price Drops Report: May 2022

The real estate market has its ups and downs. In this May edition of the NYC price drops report, RealtyHop analyzed available data for April 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 217
1 Turtle Bay-East Midtown Manhattan 171
3 Lenox Hill-Roosevelt Island Manhattan 129
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 115
5 Lincoln Square Manhattan 115

As shown in the table above, all five neighborhoods with the most price drops in April are located in Manhattan, and it’s the same five neighborhoods as in March. Upper East Side-Carnegie Hill saw in total 217 price drops in the past month. Meanwhile, Lincoln Square and Hudson Yards-Chelsea-Flatiron-Union Square both experienced 115 price drops in the past 30 days. The neighborhoods on the list had a total number of price drops ranging from 115-217 price drops, slightly more compared to 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 Chinatown Manhattan -7.8%(-$122,500)
2 East New York Brooklyn -7.2% (-$99,000)
3 Upper East Side-Carnegie Hill Manhattan -5.6% (-$150,500)
4 Crown Heights North Brooklyn  -5.6% (-$54,999)
5 Ridgewood Queens -5.5% (-$70,000)

Percentage-wise, Chinatown saw the biggest price drops in April 2022, with a median percentage price drop of 7.8%, or $122,500 from the original asking price. Meanwhile, for-sale listings in East New York, Brooklyn saw a median price drop of 7.2% or $99,000 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 Upper East Side-Carnegie Hill Manhattan -$150,500 (-5.9%)
1 Brooklyn Heights-Cobble Hill Brooklyn -$125,000 (-5.0%)
3 Chinatown Manhattan -$122,500 (-7.8%)
4 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$115,000 (-3.8%)
5 Park Slope-Gowanus Manhattan -$101,500 (-4.3%)

In April, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. Upper East Side-Carnegie Hill ranks the #1, with a median price drop of $150,500 in dollar terms. Meanwhile, homes in Park SlopeGowanus have become more expensive in recent years. The median price drop reached $101,500 in April in the area, but that, in fact, only accounted for 4.3% of the original asking price.

 

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

Address Current Price Recent % Price Drops
1 128 19th Street, Brooklyn, NY 11232 $1,275,000 -29.2%(-$525,000)
2 55-34 97th Place, Corona, NY 11368 $1,999,000 -27.6% (-$760,000)
3 3 Riverside Drive, New York, NY 10023 $16,000,000 -27.3% (-$6,000,000)
4 993 5th Avenue #PH, New York, NY 10028 $29,500,000 -25.3% (-$10,000,000)
5 35 Seacoast Terrace #2G, Brooklyn, NY 11235 $375,000 -25.0% (-$125,000)

The table above highlights the properties with the highest percentage price drop in April that are still on the market. 128 19th Street is a two-unit multifamily property in Greenwood Heights. The property has been on the market for quite some time with many price adjustments. It recently experienced a price cut of $525,000, or 29.2% from the last asking price. The penthouse unit at 993 4th Avenue in the Upper East Side was originally listed in June 2021 for just shy of $40 million. The asking since dropped by $10 million on April 13, a reduction of 25.3% from the initial price. All properties on the list experienced a price cut of 25% or above.

 

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

Address Current Price Recent $ Price Drops
1 993 5th Avenue #PH, New York, NY 10028 $29,500,000 -$10,000,000(-25.3%)
2 781 5th Avenue #18FL, New York, NY 10022 $38,500,000 -$6,500,000(-14.4%)
3 3 Riverside Drive, New York, NY 10023 $16,000,000 -$6,000,000(-27.3%)
4 54 East 64th Street, New York, NY 10065 $42,000,000 -$6,000,000(-12.5%)
5 810 5th Avenue #8FL, New York, NY 10065 $16,500,000 -$3,300,000(-16.7%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past April. It’s not surprising that all five properties are in Manhattan, with an initial price tag upwards of $19 million. Located in Lenox Hill, 54 East 65th Street is a newly renovated mansion with six bedrooms, six bathrooms, and five half baths. The residence first hit the market in September 2021, asking for $48 million. The list price was reduced by $6 million on April 12. But given the high value, the price drop only accounts for 12.5% of the original asking price. All properties on the list had a price drop of $3.3 million and above.

 

Full Dataset

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