West Village Sees Biggest Drop In Home Prices Among Priciest NYC Nabes

WEST VILLAGE, NY — Rents are skyrocketing across the city and in Manhattan, but the West Village has surprisingly seen a significant drop in a different home buying metric.

Of the 50 priciest neighborhoods in the five boroughs, the West Village has had the largest drop in the median sales price of any of them, according to a new report from Property Shark.

The median sales price in the Lower Manhattan neighborhood dropped 35 percent in the second quarter of 2022, when compared to the same time last year.

It is twice as big as the next biggest home sales price drop among the 50 most expensive neighborhoods, which was a 17 percent drop in Battery Park City.

Here are the numbers for the West Village.

• Median Sale Price Q2 2022: $1,158,000
• YoY Change: -35 percent
• Number of Sales: 64
• YoY Change: -22 percent

Even with the drop in sales price, the West Village was the 24th most expensive neighborhood to buy a home in New York City during the last quarter.

Nearby neighborhoods such as Greenwich Village were 18th, the Lower East Side was 16th and Little Italy was seventh.

"Wary of current financial and economic dynamics, increasing numbers of buyers are pausing home purchases," reads the report from Property Shark. "As a result, some cities are beginning to see early signs of cooling price trends after nearly two years of soaring prices."

The five most expensive neighborhoods were Hudson Yards, TriBeCa, SoHo, Hudson Square, and the Flatiron District.

You can check out the full Property Shark report on its website.