Market Trends & ResearchRealtyHop Price Drops Report: October 2022

RealtyHop Price Drops Report: October 2022

The real estate market has its ups and downs. In this September installment of the NYC price drops report, RealtyHop analyzed available data for September 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 201
2 Upper West Side-Lincoln Square Manhattan 141
3 East Midtown-Turtle Bay Manhattan 135
4 Chelsea-Hudson Yards Manhattan 121
5 Murray Hill-Kips Bay Manhattan 114

This month, the neighborhoods with the highest amount of price drops all reside in Manhattan, where neighborhoods witnessed a higher number of price drops than in September. Upper East Side-Carnegie Hill still had the highest number of price drops this month but nearly doubled the number of price drops from September. The neighborhood witnessed 201 price drops this month, 97 more than last month. Even the last neighborhood on the chart, Murray Hill-Kips Bay, had a large number of price drops this month, with 114.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Cypress Hills Brooklyn -7.5%(-$81,000)
2 Fort Greene Brooklyn -6.5% (-$87,000)
3 Jamaica Queens -6.2% (-$35,500)
4 Greenpoint Brooklyn  -6.0% (-$100,000)
5 Upper East Side-Carnegie Hill Manhattan -6.0% (-$146,000)

The top five neighborhoods with the highest median percentage price drop spanned three neighborhoods: Brooklyn, Queens, and Manhattan. Cypress Hills, Brooklyn, saw the biggest median percentage price drop in September of 2022, where properties dropped a median of 7.5%, equating to an $81,000 difference from the initial list price. This percentage is 1.1% larger than the neighborhood with the highest percentage of price drops in last month’s report, Windsor Terrace-South Slope. 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 SoHo-Little Italy-Hudson Square Manhattan -$151,000 (-5.7%)
2 Upper East Side-Carnegie Hill Manhattan -$146,000 (-6.0%)
3 Chelsea-Hudson Yards Manhattan -$145,000 (-5.0%)
4 Tribeca-Civic Center Manhattan -$143,750 (-4.5%)
5 West Village Manhattan -$120,000 (-5.3%)

This month, all of the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan. SoHo-Little Italy-Hudson Square ranks the #1 neighborhood with the highest price drop in dollar terms, coming in with the median price drop amount of $151,000. This median dollar price drop is $2,000 greater than the median dollar price drop from last month, Tribeca-Civic Center. Even the lowest ranked neighborhood on this list, West Village, experienced a median price drop valued at $120,000.

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

Address Current Price Recent % Price Drops
1 100 W 57th St, Manhattan, NY 10019 $1,100,000 -45.0(-$899,999)
2 360 E 88th St, Manhattan, NY 10128 $2,100,000 -34.3% (-$1,095,000)
3 1170 Ocean Parkway, Brooklyn, 11230 $189,000 -26.5 (-$68,000)
4 141 E 63rd St, Manhattan, 10065 $14,995,000 -25%(-$5,000,000)
5 575 Park Ave, Manhattan, 10065 $2,500,000 -23.08 (-$750,000)

The table above highlights the properties with the highest percentage price drop in September that are still on the market. Unit 2CD at 100 W 57th Street, located in the Theater District, is a three-bedroom, three-bathroom co-op with a private outdoor terrace measuring over 800 square feet. Originally listed in June 2022, this unit has come down 45%, or $899,999, and is now listed at $1,100,000. All except one listing on this chart reside in Manhattan, with the remainder in Brooklyn. As the busy summer season comes to a close, many homeowners are decreasing their property’s asking price in an attempt to close a deal. The lowest percentage drop on this list comes in at 23.08%, which is still a considerable drop.

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

Address Current Price Recent $ Price Drops
1 515 Park Ave, Manhattan, NY 10022 $22,000,000 $5,500,000(-20.0%)
2 115 Central Park W, Manhattan, NY 10023 $19,950,000 $5,050,000(-20.2%)
3 141 E 63rd St, Manhattan, NY 10065 $14,995,000 $5,000,000(-25.01%)
4 1010 5th Ave, Manhattan, NY 10028 $20,000,000 $5,000,000(-20.0%)
5 515 W 18th St, Manhattan, NY 10011 $12,500,000 -$3,475,000(-21.75%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. This month, all of the listings in the above chart reside in Manhattan. Many multi-million dollar properties steeply dropped their price in September, with the largest being unit #3637 at 515 Park Ave in Lenox Hill, where the price dropped $5,500,000. The last property on the list, unit #PH2202 at 515 W 18th St in West Chelsea, dropped $3,475,000, or 21.75%, down to $12,500,000.

Standout Homes with Price Drops Greater than $125,000

515 Park Ave #3637

A sprawling 5,000 sqft penthouse with 4 beds and 5 baths entices visitors with its unique decor. Designed by the world-renowned designer Juan Pablo Molyneux, there are unreplicable finishes that consist of parquet de Versailles floors, onyx, marble floors and door surrounds, and a 19th-century French scagliola fireplace. This Lenox Hill property with a studio apartment for guests or staff and sweeping panoramic views experienced a $5.5 million price drop this last month.

115 Central Park W #PH18EF

In Lincoln Square this month, this listing at 115 Central Park W is the ideal place for an owner who wants sweeping views of Central Park and the Manhattan Skyline. Positioned perfectly on 72nd and Central Park W, residents will enjoy everything the Upper West Side has to offer, including views of the Macy’s Thanksgiving Day Parade that takes place right out the front door. This co-op has 5 beds, 6 baths, a private terrace, and plenty of space for entertaining. The current asking price experienced a price cut taking it from $25 million to $19.95 million.

515 W 18th St #1204

With one of the highest dollar price drops this month, this four-bed, four-bath condo in West Chelsea provides an abundance of space and amenities. Located in Lantern House, this unit provides a flexible layout with view of the Hudson River along with south, west, and north-facing exposures. With a custom March & White designed kitchen, marble heated flooring in the primary bathroom, and ceilings up to 10 feet and 9 inches tall, residents may never want to leave their home. Owners can also utilize plenty of amenities in the building, like a 75 foot long swimming pool, infrared sauna, hot tub, outdoor courtyard under the High Line, and additional luxurious spaces. This unit recently dropped $3,475,000 to $6,995,000 and has a low cap rate of 0.91%.

575 Park Ave #PH1607

Complete with three bedrooms and three bedrooms, this south-facing co-op in Lenox Hill resides just two blocks from Central park and provides panoramic views of the city skyline through over 48 feet of windows. Between features like the 11 foot tall ceilings, herringbone floor, and double glass doors, it is clear that this home comes full of small detailing. Perhaps the most inviting part of this unit, however, is the private landscaped terrace that provides both solitude and great views. Throughout the building, residents can enjoy the multitude of amenities like a 240hour doorman, valet service, fitness center, meeting room, and concierge service. This unit recently dropped from $3,250,000 to $2,500,000, creating the ideal opportunity for someone seeking a bright and beautiful three-bedroom.

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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