Greenwich Village Rents And Home Prices Plummeted In 2020: Study

GREENWICH VILLAGE, NY — The New York City housing market plummeted in 2020, and real estate in Greenwich Village saw some of the most significant dips in all five boroughs, according to a new study by StreetEasy.

The 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 city.

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

The median asking prices for homes and rents in Greenwich Village took a nosedive in 2020.

• Median Home Asking Price 2020: $1,499,000
• YoY Change From 2019: -16.50 percent
• Median Rent Asking Price 2020: $3,000
• YoY Change From 2019: -32.50 percent

The change in the asking price for rent in Greenwich Village was the second-biggest drop of any neighborhood in New York City. SoHo was the only area in the five boroughs to see a steeper decline at -37.80 percent.

While the home and rent asking prices dropped from November 2019 to November 2020 in Greenwich Village, the median recorded sales price in the neighborhood actually shot up.

Greenwich Village saw a staggering 99.70 percent increase in the median recorded sales price during the time period. It was one of the largest increases in the city over the span.

The massive increase in median recorded sales price comes in stark contrast to the significant drop in asking prices, but it most likely down to a handful of extremely expensive apartments selling in the neighborhood.

Overall, rents in Manhattan dropped by 12.7 percent from November 2019 to November 2020. 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 in the borough dropped by about 10 percent.

“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.