Realty Hop, the site specializing in real estate, presented its report on price drops in New York City. The site analyzed available data for July of 2022 on New York City boroughs and neighborhoods to provide a helpful resource for those looking to invest in real estate.
The report specifically focused on the highest price declines by median percentage, median dollar value, and street address. All numbers are based on RealtyHop’s proprietary dataset.
Top 5 Neighborhoods with the Most Price Drops
Rank: 1
Neighborhood: Turtle Bay-East Midtown
District: Manhattan
No. of price drops: 160
Position: 2
Neighborhood: Upper East Side-Carnegie Hill
District: Manhattan
No. of price drops: 142
Position: 3
Neighborhood: Lincoln Square
District: Manhattan
No. of price drops: 133
Position: 4
Neighborhood: Lenox Hill-Roosevelt Island
District: Manhattan
No. of price drops: 115
Position: 5
Neighborhood: Hudson Yards-Chelsea-Flatiron-Union Square
District: Manhattan
Nope. of price drops: 111
The five neighborhoods with the highest Price drops in July are found in Manhattan. Turtle Bay-East Midtown became the neighborhood with the largest price reduction, with a total of 160 price reductions in the last month. The neighborhoods on the list had a total number of price drops ranging from 111 to 160 price drops, significantly less than last month’s report.
Top 5 neighborhoods with Highest Percentage Price Drops
Rank: 1
Neighborhood: East Flatbush-Farragut
District: Brooklyn
Average % of price drops: -9% (-$30, 000)
Position: 2
Neighborhood: Hamilton Heights
District: Manhattan
Average % of price drops: -7.9% (-$125,000)
Position: 3
Neighborhood: Sunset Park West
District: Brooklyn
Average % of price drops: -7.7% (-$145,000)
Position: 4
Neighborhood : East Concourse-Concourse Village
District: Bronx
Average % of price drops: -6.2% (-$000,250)
Rank: 5
Neighborhood: Bedford
District: Brooklyn
Average % of price drops: -5.8% (-$ 50,2022)
East Flatbush-Farragut, Brooklyn, experienced the largest average percentage price drop in July of 500. For-sale listings in the neighborhood experienced an average price drop of 9%, which works out to about $100,000 of the initial list price .
Meanwhile, homes for sale in Hamilton Heights experienced a median price drop of 7.9% or $115,000 in dollar terms . The five neighborhoods had an average price change of more than 5%.
Top 5 Neighborhoods with Largest Average Price Drops in Dollars
Rank: 1
Neighborhood: Sunset Park West
District: Brooklyn
Average Price Drops in $: -$145,000 (-7.7%)
Position: 2
Neighborhood: Hamilton Heights
District: Manhattan
Average price drops in $: -$125,000 (-7.9%)
Position: 3
Neighborhood: SoHo-TriBeCa-Civic Center-Little Italy
District: Manhattan
Average Price Drops in $: -$125,000 (-4%)
Position: 4
Neighborhood: Upper East Side-Carnegie Hill
District: Manhattan
Price drops average io in $: -$125,000 (-5.3%)
Position: 5
Neighborhood: Carroll Garden-Columbia Street-Red Hook
District: Brooklyn
Average Price Drops in $: -$102,500 (-4.3%)
In July, the neighborhoods that experienced the largest declines in the average price of the dollar were concentrated in Manhattan and Brooklyn. Sunset Park West is ranked as the #1 neighborhood with the highest price drop in dollar terms. Homes for sale in the area experienced an average price drop of $145,000, or 7.7% of the original list price. Meanwhile, homes for sale in Hamilton Heights experienced an average price drop of $125,000, or 7.9% of the initial price.
For more details of the report, enter here.
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