Market Trends & ResearchRealtyHop Price Drops Report: January 2022

RealtyHop Price Drops Report: January 2022

The real estate market has its ups and downs. In this January’s NYC price drops report, RealtyHop analyzed available data for December 2021 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 Turtle Bay-East Midtown Manhattan 90
1 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 72
3 Upper East Side-Carnegie Hall Manhattan 67
4 Upper West Side Manhattan 66
5 Forest Hill Queens 64

Of the five neighborhoods with the most price drops in December, four were located in Manhattan and one in Queens. Turtle Bay-East Midtown is the #1 neighborhood with the most price reductions, with a total of 90 price drops in both neighborhoods. Forest Hills, Queens rounded out the top five this month, with 64 price drops. Due to the holidays, the neighborhoods on the list had a total number of price drops ranging from 64-90 price drops, significantly fewer compared to last month’s report.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Carroll Gardens-Columbia Street-Red Hook Brooklyn -6.9%(-$155,000)
2 Chinatown Manhattan -6.5% (-$100,000)
3 Crown Heights North Brooklyn -6.1% (-$90,000)
4 Rego Park Queens  -5.4% (-$21,000)
5 Lower East Side Manhattan -5.3% (-$59,000)

Percentage-wise, Carroll Gardens-Columbia Street-Red Hook saw the biggest price drops in December 2021, with a median percentage price drop of 6.9% or $155,000 from the original asking price. This area includes neighborhoods that are becoming increasingly popular, such as Carroll Gardens and Red Hook. New developments can be seen across the neighborhoods. Meanwhile, Lower East Side came in as the #5 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 5.3%, or $59,000.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$192,500 (-4.0%)
1 Carroll Gardens-Columbia Street-Red Hook Brooklyn -$155,000 (-6.9%)
3 West Village Manhattan -$120,000 (-4.4%)
4 Chinatown Manhattan -$100,000 (-6.5%)
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$100,000 (-5.2%)

In December, four of the five neighborhoods that experienced the highest median price drop in dollar amount are located in Manhattan. SoHo-TriBeCa-Civic Center-Little Italy reclaimed the throne as the #1 neighborhood, with a median price drop of $192,500. However, because of the high real estate values in the area, that only accounts for 4.0% of the original listing price. West Village came in as the neighborhood with the third-highest median dollar price drop, with a median of $120,000, or a 4.4% discount from the asking price.

 

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

Address Current Price Recent % Price Drops
1 9115 Bedell Lane, Brooklyn, NY 11236 $1,950,000 -51.3%(-$2,050,000)
2 10-31 Gipson Street, Far Rockaway, NY 11691 $590,000 -40.9% (-$409,000)
3 1738 Union Street #2G, Brooklyn, NY 11213 $400,000 -38.4% (-$249,000)
4 176 18th Street, Brooklyn, NY 11215 $1,800,000 -23.7% (-$590,000)
5 17 West 9th Street, New York, NY 10011 $13,995,000 -22.3% (-$4,000,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. 9115 Bedell Lane, a multifamily property in Canarsie, Brooklyn had a whopping price cut of 51.3% or $2.05 million on December 24. Meanwhile, the townhouse located at 17 West 9th Street experienced a price decrease of 22.3%, or $4 million. All properties on the list experienced a price cut of or above 22%.

 

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

Address Current Price Recent $ Price Drops
1  17 West 9th Street, New York, NY 10011 $13,995,000 -$4,000,000(-22.3%)
2 88 Remsen Street, Brooklyn, NY 11201 $15,000,000 -$2,750,000(-15.5%)
3 9115 Bedell Lane, Brooklyn, NY 11236 $1,950,000 -$2,050,000(-51.3%)
4 80 West Washington Place, New York, NY 10011 $24,995,000 -$1,505,000 (-5.7%)
5 502 Park Avenue #PH27, New York, NY 10022 $13,500,000 -$1,495,000(-10.0%)

The table above highlights residential properties that saw the most drastic price cuts in dollar terms this past December. 88 Remsen Street, a beautiful townhouse located in Brooklyn, first hit the market in September with a price tag of $20 million. The asking price was first reduced to $17.8 million in October, and again to $15 million on December 8th. Another property worth noting this month is the newly renovated 80 West Washington Place. It is considered a Greenwich Village trophy and was recently featured in Architectural Digest and Home Beautiful. The six-bedroom, eight-bathroom property comes with a wine cellar, glass elevator, and exposed brick walls. It’s currently asking just under $25 million, after a price reduction of $1.5 million, or 5.7% of its original list price.

 

Full Dataset

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