Market Trends & ResearchRealtyHop Price Drops Report: June 2022

RealtyHop Price Drops Report: June 2022

The real estate market has its ups and downs. In this June installment of the NYC price drops report, RealtyHop analyzed available data for May 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 227
1 Turtle Bay-East Midtown Manhattan 192
3 Upper West Side Manhattan 165
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 164
5 Lenox Hill-Roosevelt Island Manhattan 146

As shown in the table above, all five neighborhoods with the most price drops in May are located in Manhattan, and it’s the same five neighborhoods as in April. Upper East Side-Carnegie Hill remains the neighborhood with the most price drops, with a total of 227 price reductions in the past 31 days. Meanwhile, Upper West Side saw an increase in the number of price decreases. The neighborhoods on the list had a total number of price drops ranging from 146 to 227 price drops, slightly more than in 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 North Side-South Side Brooklyn -6.7%(-$100,000)
2 Bedford Brooklyn -6.3% (-$100,000)
3 Sunset Park West Brooklyn -6.2% (-$124,500)
4 Chinatown Manhattan  -6.0% (-$130,000)
5 Stuyvesant Heights Brooklyn -5.7% (-$94,947)

North Side-South Side, commonly known as Williamsburg, saw the biggest median percentage price drop in May 2022. Four of the five neighborhoods are located in Brooklyn. But compared to the previous report, neighborhoods are seeing slightly smaller price drops percentage-wise. Meanwhile, for-sale listings in Chinatown, Manhattan saw a median price drop of 6% or $130,000 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 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$200,000 (-4.8%)
1 West Village Manhattan -$145,000 (-5.0%)
3 Chinatown Manhattan -$130,000 (-6.0%)
4 Sunset Park West Brooklyn -$124,500 (-6.2%)
5 Carroll Gardens Brooklyn -$105,500 (-4.5%)

In May, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. SoHo-TriBeCa-Civic Center-Little Italy ranks the #1, with a median price drop of $200,000 in dollar terms. Given the high real estate values among properties in the area, that median price drop only accounts for 4.8% of the original asking prices. Meanwhile, for-sale homes in Carroll Gardens experienced a median price drop of $105,500, or 4.5% from the initial list price.

 

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

Address Current Price Recent % Price Drops
1 1102 Sutter Avenue, Brooklyn, NY 11208 $960,000 -31.4%(-$440,000)
2 2701 Goethals Road North, Staten Island, NY 10303 $99,000 -28.1% (-$39,001)
3 115 Cabrini Boulevard #B32, New York, NY 10033 $400,000 -27.1% (-$149,000)
4 1383 Plimpton Avenue #3E, Bronx, NY 10452 $99,000 -26.7% (-$36,000)
5 80 Beacon Court, Brooklyn, NY 11229 $224,999 -25.0% (-$75,000)

The table above highlights the properties with the highest percentage price drop in May that are still on the market. Unit B32 at 115 Cabrini Boulevard is a one-bedroom, one-bathroom co-op unit in Hudson Heights, Manhattan. The property first hit the market in September last year and has experienced two price cuts so far. The most recent one was a 27.1% price reduction, or $149,000 in dollar terms, on May 16. 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 May

Address Current Price Recent $ Price Drops
1 224 Mulberry Street #PH, New York, NY 10012 $29,995,000 -$4,505,000(-13.1%)
2 142 Duane Street #PH1, New York, NY 10013 $10,000,000 -$2,500,000(-20.0%)
3 1220 Park Avenue #15C, New York, NY 10128 $8,995,000 -$2,005,000(-18.2%)
4 740 Park Avenue #23C, New York, NY 10021 $13,900,000 -$2,000,000(-12.6%)
5 21 West 70th Street, New York, NY 10023 $15,500,000 -$2,000,000(-11.4%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. It’s not surprising that all five properties are in Manhattan, with an initial asking price upwards of $10 million. The penthouse at 224 Mulberry Street in NoLita, features four bedrooms, four bathrooms, and one powder room. The residence first went on the market in April, asking for $34.5 million. The list price was reduced by $4.505 million on May 16. But given the high value, the price cut only accounts for 13.1% of the original asking price. Meanwhile, 21 West 70 Street is a beautiful townhouse for sale in Lincoln Square. The seller is now asking $15.5 million, after a price cut of $2 million. All properties on the list had a price drop of $2 million and above.

 

Full Dataset

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