The real estate market has its ups and downs. In this November installment of the NYC price drops report, RealtyHop analyzed available data for October 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||191|
|2||East Midtown-Turtle Bay||Manhattan||155|
|3||Upper West Side-Lincoln Square||Manhattan||138|
|4||Upper West Side (Central)||Manhattan||136|
|5||Upper East Side-Lenox Hill-Roosevelt Island||Manhattan||127|
For the second month in a row, the 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 dipped slightly from 201 price drops in October to 191 in November. Even the last neighborhood on the chart, Upper East Side-Lenox Hill-Roosevelt Island, had a large number of price drops this month, with 127.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|1||Bedford Park||Bronx||-10.0% (-$124,750)|
|2||Prospect Lefferts Gardens-Wingate||Brooklyn||-6.3% (-$87,000)|
|3||Astoria (North)-Ditmars-Steinway||Queens||-5.9% (-$50,000)|
|5||Bedford-Stuyvesant (East)||Brooklyn||-5.9% (-$125,000)|
The top five neighborhoods with the highest median percentage price drop spanned three neighborhoods: Bronx, Brooklyn, Queens. Bedford Park, Bronx, saw the biggest median percentage price drop in October of 2022, where properties dropped a median of 10.0%, equating to a $124,750 difference from the initial list price. This percentage is 2.5% larger than the neighborhood with the highest percentage of price drops in last month’s report, Cypress Hills. All five neighborhoods had a median price change of at least 5.9%.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|1||SoHo-Little Italy-Hudson Square||Manhattan||-$150,000 (-4.1%)|
|2||Tribeca-Civic Center||Manhattan||-$135,000 (-4.9%)|
|3||Bedford-Stuyvesant (East)||Brooklyn||-$125,000 (-5.9%)|
|4||Greenwich Village||Manhattan||-$125,000 (-5.8%)|
|5||Bedford Park||Bronx||-$124,750 (-10.0%)|
This month, the neighborhoods with the highest median dollar price drops spanned three boroughs: Bronx, Brooklyn, and Manhattan. SoHo-Little Italy-Hudson Square ranks the #1 neighborhood with the highest price drop in dollar terms for the second month in a row, coming in with the median price drop amount of $150,000, $1,000 less than last month. The lowest-ranked neighborhood on this list, Bedford Park, is also the neighborhood with the highest percentage price drop, with a median dollar value of $124,750, or 10.0%.
Top 5 Residential Properties (Still on the Market) with the Highest Percentage Price Drop in October
|Address||Current Price||Recent % Price Drops|
|1||3176 Decatur Ave, Bronx, NY 10467||$90,000||-28% (-$35,000)|
|2||61-09 39th Ave, Queens, NY 11377||$450,000||24.9% (-$149,000)|
|3||66 Madison Ave, Manhattan, NY 10016||$450,000||-23.7%(-$140,000)|
|4||107-06 Queens Blvd, Queens, NY 13175||$1,299,000||-23.4%(-$396,000)|
|5||211-40 18th Ave, Staten Island, NY 11360||$299,000||-22.9%($89,000)|
The table above highlights the properties with the highest percentage price drop in October that are still on the market. Properties in this month’s roundup span across four different boroughs, including Staten Island. Unit 6J at 3176 Decatur Avenue in the Bay Terrace dropped 28% this month, decreasing from $125,000 to $90,000. The property at the bottom of the list, unit 6F at 211-40 18th Avenue in Bay Terrace is a two-bedroom and two-bathroom co-op unit that dropped 22.9% down to $299,000 in October. This month, all five units dropped at least 20%.
Top 5 Residential Properties (Still on the Market) with the Highest Dollar Price Drop in October
|Address||Current Price||Recent $ Price Drops|
|1||4 E 62nd St, Manhattan, NY 10065||$7,800,000||–$2,000,000(-20.4%)|
|2||200 Central Park S, Manhattan, NY 10019||$3,000,000||–$650,000(-17.8%)|
|3||21-16 45th Rd, Queens, NY 11101||$2,198,000||–$600,000(-21.4%)|
|4||416 W 52nd St, Manhattan, NY 10019||$1,950,000||-$495,000(-20.7%)|
|5||781 5th Ave, Manhattan, NY 10022||$1,900,000||-$495,000(-20.7%)|
The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. In November, four of the listings in the above chart reside in Manhattan, with one listing from Queens. Many multi-million dollar properties dropped their prices by at least $495,000. The largest price drop by dollar value this month was at Unit 6 in 4 East 62nd Street, where the unit dropped $2,000,000 from $9,800,000 to $7,800,000. The last property on the list, unit #2804 at 781 5th Avenue in Lenox Hill, dropped $495,000 from $2,395,000 to $1,900,000.
Standout Homes with Price Drops Greater than 16.7%
This two-bedroom and two-bathroom co-op on the Upper East Side features gracious pre-war details like a wood-burning fireplace, oak herringbone floors, nad beamed nine-foot tlal ceillings. Homeowners can display their gallery of collectibles amongst the built-in shelves and ample amounts of open wall sapce between the oversized windows. The primary bedroom in the eastern wing includes two closets and an en-suite bathroom with a soaking tub and separate shower. The second bedroom makes the ideal living siutaiton for an additional resident, or a work-from home office. This property came onto the market in February of 2022, and has since undergone two price drops, this time dropping 17.5% from $1,695,000 to $1,399,000. This unit also has a low cap rate of 0.48%.
Owners get the best of both worlds with this opportunity, where they can own a Brooklyn brownstone and an income-generating property. This three-floor building in Bedford-Stuyvesant is an SRO status brownstone that owners can use to create several floor-through family apartment untis. The unit also encompasses a garden rental that owners can decide to rent out to add a fourth income stream to the property. With details like brick fireplaces, hardwood floors, and decorative molding, this unit makes an appealing addition to an investment portfolio. The building came onto the market in April 2022 and dropped in price for the second time in October, coming down 20.6% from $1,195,000 to $949,000.
For part-time NYC residents who are looking for a passive source of income, this listing may be for you. Located in The Dominick Hotel in SoHo, these units are offered as a package deal with a $100,000 discount for the two luxury units. Both 41st-floor units are fully furnished studios that are managed by the hotel, but owners have the option to reside in the unit for up to 120 nights a year. For the other nights not spent in the space, the hotel will provide quarterly detailed summaries with how many nights your unit was rented, including fees and rates. The current price for these two units is $2,500,000, a $600,000 (19.4%) price drop from the listing date in July 2022.
On a Central Park Block in Manhattan Valley, this 3-bed, 2-bath coop is sweetly nestled. Gorgeous wood detailing throughout the residence and an open kitchen plan add to the charm of this home. Large windows, a dining alcove, custom LED lighting, ample storage space, and updated appliances check off many desired boxes when NYC home-hunting. Included with the building is a part-time doorman, a resident manager, a stunning, furnished roof deck, a gym, a children’s playroom, laundry, and storage. This unit is perfect for a growing family or a jack-of-all-trades who needs ample space to work. A recent 16.7% price drop puts the unit at $995,000 with a hearty cap rate of 5.79%
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.