Market Trends & ResearchRealtyHop Price Drops Report: September 2022

RealtyHop Price Drops Report: September 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 August 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 104
2 Forest Hills Queens 102
3 Upper West Side-Lincoln Square Manhattan 93
4 East Midtown-Turtle Bay Manhattan 88
5 Riverdale-Spuyten Duyvil Bronx 81

This month, the neighborhoods with the highest number of price drops span three different boroughs across NYC, Manhattan, Queens, and The Bronx. The neighborhood with the highest amount of price drops, Upper East Side-Carnegie Hill, had 56 fewer price drops than the neighborhood with the most amount of price drops last month, East Midtown-Turtle Bay.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Windsor Terrace-South Slope Brooklyn -6.4%(-$146,000)
2 SoHo-Little Italy-Hudson Square Manhattan -6.2% (-$145,000)
3 Crown Heights (South) Brooklyn -6.1% (-$22,500)
4 Astoria (North)-Ditmars-Steinway Queens  -6.0% (-$73,000)
5 Bedford Park Bronx -6.0% (-$20,500)

Windsor Terrace-South Slope, Brooklyn, saw the biggest median percentage price drop in August of 2022. Listings for sale in the neighborhood experienced a median price drop of 6.4%, which equates to around $146,000 from the initial list price. This percentage is 2.6% smaller than the neighborhood with the highest percentage of price drops in last month’s report, East Flatbush-Farragut, Brooklyn. All five neighborhoods had a median price change of at least 6%.

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Tribeca-Civic Center Manhattan -$149,000 (-3.6%)
2 Windsor Terrace-South Slope Brooklyn -$146,000 (-6.4%)
3 SoHo-Little Italy-Hudson Square Manhattan -$145,000 (-6.2%)
4 Carroll Garden-Cobble Hill-Gowanus-Red Hook Brooklyn -$137,500 (-4.2%)
5 Upper East Side-Carnegie Hill Manhattan -$100,000 (-5.6%)

In August, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. Tribeca-Civic Center ranks the #1 neighborhood with the highest price drop in dollar terms, coming in with the median price drop amount of $149,000. Even the lowest ranked neighborhood on this list, Upper East Side-Carnegie Hill, experienced a median price drop valued at $100,000.

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

Address Current Price Recent % Price Drops
1 123 Washington St, Manhattan, NY 10006 $1,390,000 -40.6%(-$960,000)
2 1902 8th Ave, Brooklyn, NY 11215 $3,500,000 -30.0% (-$1,500,000)
3 2199 Holland Ave, Bronx, NY 10462 $149,999 -25% (-$10,001)
4 214 Mulberry St, Manhattan, NY 10012 $1,395,000 -20.3% (-$355,000)
5 1560 Metropolitan Avenue, Bronx, NY 10462 $199,000 -20.1%(-$50,000)

The table above highlights the properties with the highest percentage price drop in August that are still on the market. Unit 52F at 123 Washington Street, located in the Financial District, features two bedrooms and two bathrooms and offers a range of building amenities. Listed in March of 2022, this condo lowered its price 40.6% this month, $960,000. Two units on this list come from the same zip code in the Bronx, featuring units from Pelham Parkway and Parkchester. They each have lower asking prices than the other units on this list, but each decreased at least 20% in August.

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

Address Current Price Recent $ Price Drops
1 1965 Broadway, Manhattan, NY 10023 $19,995,000 $3,505,000(-14.9%)
1902 8th Ave, Brooklyn, NY 11215 $3,500,000 $1,500,000(-30.0%)
3 123 Washington St, Manhattan, NY 10006 $1,390,000 $960,000(-40.6%)
4 63-48 Forest Ave, Queens, NY 11385 $2,000,000 $680,000(-22.8%)
5 99 Spring St, Manhattan, NY 10012 $2,000,000 -$500,000(-20.0%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. Unlike last month when all five properties in this chart resided in Manhattan, this month’s data features listings from Manhattan, Brooklyn, and Queens. 1965 Broadway in Lincoln Square witnessed the largest price reduction of $3,505,000, decreasing the price by 14.9%. Two properties on this list have both a high gross price drop and a high percentage price drop, landing them on both charts, 1902 8th Ave in Greenwood Heights and 123 Washington Street in the Financial District.

Standout Homes with Price Drops Greater than $125,000

1965 Broadway #PH3C

This luxurious penthouse apartment in Lincoln Square boasts extraordinary views of the skyline from the outdoor space, and through the floor-to-ceiling windows. With over r6,800 square feet of space, there is plenty of room to decorate, spread out, and get comfortable. With a $3,500,000 price drop, this property also earned itself the top spot on our list of units with the largest price drop amount in August. Whether you’re roaming around the main entertaining level or lounging in the private quarters, there is much to discover and appreciate throughout this property. The building resides steps away from plenty of shopping, dining, and nightlife opportunities, making it the idea location for someone who enjoys both a night at home or out exploring the city.

12 W 9th St #1C

Experience all that Greenwich Village has to offer in this one-bedroom apartment. With a recent price drop of $196,000, potential owners can seize this opportunity to live on a private, tree-lined block in one of Manhattan’s most desirable neighborhoods. The unit features several unique features and personal touches, like arched doorways and vaulted, high ceilings, adding a bit of flair for the owner who appreciates details. Featuring multiple storage opportunities and a large, walk-in closet, the bedroom further impresses with its access to a charming outdoor garden through the swinging patio doors. The building includes a laundry facility, and the owners allow pied-a-terres and immediate subleasing.

250 S End Ave #7E

This two-bedroom condo in Battery Park City welcomes in an ample amount of sunlight, illuminating the space throughout the day, then the large windows highlight the skyline at night. The full kitchen includes many cabinets, drawers, and ample workspace, while providing a dining area to the side. Owners can utilize the second room as an additional bedroom, or convert it into the ideal work-from-home setup. After a price drop of $175,000, those who originally thought of purchasing a one-bedroom may now be able to acquire this property and spread out amongst the over 800 square feet of space. In the building, owners can explore the zen-planted outdoor area with cascading water, and also take advantage of two short-term parking spots that ease with drop-offs and deliveries.

20 Sutton Pl S #14D

Boasting two bedrooms and two bathrooms, this Sutton Place co-op presents the ideal opportunity for a small family. With partial river views, bright sunlight, and ample storage space, there is much to appreciate about this unit and building. Book-lovers can leave much to the imagination here, with plenty of opportunities to expand their collection and find a welcoming home for their existing hardcovers. Sutton Place South is a quiet and peaceful neighborhood with easy access to transportation. Whether owners wish to play tennis or travel up to the furnished and planted roof deck, they may find it difficult to ever leave home! Recently dropped from $1,150,000 to $975,000, now is the time to appreciate this wonderful home.

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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