Photo by Studio Sarah Lou.
New stats from Streeteasy show that median rents and apartment asking prices both fell more than 20% on the Upper West Side in November.
The stats show that the median asking price for an apartment in the neighborhood fell 21.4% to $1.395 million (no, that doesn’t sound so low to us either). And the median rent fell 23.3% to $2,800.
An above-average percentage of Upper West Siders left the city during the pandemic, and some haven’t returned. In addition, the usual influx of new city residents has clearly been delayed as the pandemic continues to rage.
Streeteasy says that the median asking rent in Manhattan dropped 12.7%, falling to a 10-year low of $2,800 in November.
One caveat: The median recorded sales price was up 35.9% to $1.325 million, which might reflect the lag between putting a home on the market and closing the deal. Another caveat: November isn’t exactly the hottest month for real estate, so it’s worth waiting to see what happens early next year.
The full neighborhood-by-neighborhood chart is below. Here is the link.