Market Trends & ResearchRealtyHop Price Drops Report: January 2023

RealtyHop Price Drops Report: January 2023

The real estate market has its ups and downs. In this January installment of the NYC price drops report, RealtyHop analyzed available data for December 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 82
2 East Midtown-Turtle Bay Manhattan 58
3 Upper West Side-Lincoln Square Manhattan 57
4 Upper East Side-Lenox Hill-Roosevelt Island Manhattan 56
5 Chelsea-Hudson Yards Manhattan 54

For the third consecutive month, the five neighborhoods with the highest amount of price drops all reside in Manhattan. Upper East Side-Carnegie Hill still had the highest number of price drops this month but decreased by 51.5% from 169 price drops last month to 82 this month. Price drops decreased overall throughout the top five neighborhoods, where the other four areas on this list, including the last neighborhood of Chelsea-Hudson Yards, all finished with price drops in the 50s.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Upper East Side-Carnegie Hill Manhattan -6.0% (-$186,000)
2 Greenwich Village Manhattan -5.5% (-$99,500)
3 Sunset Park (Central) Brooklyn -5.5% (-$70,000)
4 Brooklyn Heights Brooklyn  -4.9% (-$104,300)
5 Gramercy Manhattan -4.9% (-$50,000)

The top five neighborhoods with the highest median percentage price drop only included Manhattan and Brooklyn this month. Upper East Side-Carnegie Hill also topped this list, where prices dropped a median of 6%, equating to a drop value of $186,000. Greenwich Village also experienced significant drops of a median of 5%, or $99,500. The last neighborhood on this list, Gramercy, witnessed price drops of a median of 4.9%, or $50,000.

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 SoHo-Little Italy-Hudson Square Manhattan -$347,500 (-4.8%)
2 Upper East Side-Carnegie Hill Manhattan -$186,000 (-6.0%)
3 Tribeca-Civic Center Manhattan -$162,500 (-2.7%)
4 Brooklyn Heights Brooklyn -$104,300 (-4.9%)
5 Chelsea-Hudson Yards Manhattan -$100,000 (-4.5%)

This month, the neighborhoods with the highest median dollar price drops only included Brooklyn and Manhattan. SoHo-Little Italy-Hudson Square witnessed the highest median dollar price drop amount of $347,500, or 4.8%. All of the neighborhoods on this list dropped by a median amount of at least six figures. Even the last neighborhood on this list, Chelsea-Hudson Yards, dropped $100,000 or 4.5%.

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

Address Current Price Recent % Price Drops
1 35-33 103rd Street, Queens, NY 11368 $999,999 -41.2% (-$700,001)
2 1727 Suydam Street, Queens, NY 11385 $900,000 -34.5% (-$473,500)
3 2 E 55th St #113615, Manhattan, NY 10022 $200,000 -33.3%(-$100,000)
4 169-07 89th Ave, Queens, NY 11432 $4,500,000 -25.0%(-$1,500,000)
5 124-12 7th Ave, Queens, NY 11356 $450,000 -24.9%($149,000)

The table above highlights the properties with the highest percentage price drop in December that are still on the market. Four of the properties in this monht’s roundup reside in Queens, with the remainder in Manhattan. The multifamily unit at 35-33 103rd Street in Corona dropped 41.2%, decreasing from $1,700,000 to $999,999. The bungalow-style property at the bottom of this list at 124-12 7th Ave in College Point dropped by 24.9% from $599,000 to $450,000.

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

Address Current Price Recent $ Price Drops
1 30 E 85th St #PH30, Manhattan, NY 10028 $18,000,000 $1,950,000(-9.8%)
2 169-07 89th Ave, Queens, NY 11432 $4,500,000 $1,500,000(-25.0%)
3 1045 Madison Ave #1101, Manhattan, NY 10075 $28,500,000 $1,450,000(-4.8%)
4 135 E 79th St #MAISE, Manhattan, NY 10075 $11,495,000 -$1,255,000(-9.8%)
5 1 W 123rd St #NA, Manhattan, NY 10027 $7,250,000 -$1,250,000(-14.7%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. This month, four listings reside in Manhattan, with one unit in Queens. The one listing from Queens, the building at 169-07 89th Avenue in Jamaica, also had one of the five greatest percentage price drops.  All properties on the list dropped by at least $1,250,000, where unit #PH30 at 30 East 85th Street witnessed the largest median dollar price drop from $19,950,000  to $18,000,000.

 

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.

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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