Here's How Much Wash Heights, Inwood Rent Prices Fell In 2020

UPPER MANHATTAN, NY — The New York City housing market plummeted in 2020, but rental prices in Inwood and Washington Heights didn't decrease nearly as much as most neighborhoods in New York City, according to a new study.

StreetEasy, a New York City real estate website, recently released a study that compared the year over year changes in the asking prices of homes, rents, and actual recorded sales prices for every major neighborhood in the Bronx, Manhattan, and Queens.

The study specifically compared the prices in November 2019 to November 2020.

Overall, rents in Manhattan dropped by 12.7 percent in the period. The figure was the most of the three boroughs analyzed in the study and also a larger drop seen during the Great Recession, where rents dropped by about 10 percent.

The changes in rent weren't quite so drastic in Inwood and Washington Heights.

Inwood

• Median Asking Price 2020: $1,875
• YoY Change From 2019: -6.20 percent

Washington Heights

• Median Asking Price 2020: $2,125
• YoY Change From 2019: -3.20 percent

For comparison, the change in the asking price for rent over the past year in Greenwich Village and SoHo were both over 32 percent.

While rent did decrease in the two Upper Manhattan neighborhoods over the past year, the same can not be said about the median home sales asking price.

That figure actually went up.

The median home sales asking price in Inwood during November 2020 was $485,000, which is up 15.5 percent from the same time in 2019.

Following suit, the median home sales asking price in Washington Heights in November 2020 was $595,000, which is up 9.70 percent from 2019.

Roughly one-third of neighborhoods saw increases in home sales prices in 2020, according to the study.

"We expected the rental market to match the weakness seen during the Great Recession, but the fact that the market has surpassed that level in less than one year shows how serious the crisis caused by the pandemic has been," said StreetEasy Economist Nancy Wu, in the study.

You can read about the methodology for the study here, and check out all the data for yourself on the StreetEasy website.

Patch reporter Anna Quinn contributed to this article.