Upper West Side and Murray Hill saw the biggest price drops during the COVID crisis
Photo by ajay_suresh via Flickr cc
Anyone who follows the NYC real estate market knows that there are deals to be had right now. But WHERE exactly can you get the most bang for your buck? CityRealty compared sale listings in January to those last week and found that the overall listing price among Manhattan condo, co-op, condop, and townhouse listings has fallen an average of 11 percent to $2,175,000 in the past seven months. And when it comes to specific neighborhoods, Lincoln Center, the Upper West Side neighborhood mainly centered around the 60s, saw prices fall the most at 32 percent. Murray Hill was next at 26 percent, followed by Beekman/Sutton Place at 22 percent.
CityRealty found that there are 26 percent more sales listings now than there were at the beginning of the year, likely the result of people holding off on publicizing or pulling their listings at the height of the pandemic and just recently re-listing. Despite the uptick in listings, the 11 percent drop in listing price comes after months of buyers being unable to view homes in person, along with general uncertainty about the market.
According to CityRealty’s data, there are 14 neighborhoods and sub-neighborhoods that have seen above-average listing price drops since January 4, 2020. They are as follows:
You can view the full interactive chart on CityRealty here >>
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