RealtyHop Price Drops Report: November 2021

The real estate market has its ups and downs. In this November’s NYC price drops report, RealtyHop analyzed available data for October across boroughs and neighborhoods in New York City to provide a useful resource for those looking to invest in real estate.

We focused on neighborhoods with the greatest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and street address.


 

A Closer Look at NYC’s Neighborhoods

Our interactive map below depicts the neighborhoods we analyzed. All numbers are based on RealtyHop’s proprietary dataset.

Top 5 Neighborhoods With the Highest Number of Price Drops

Neighborhood Borough Number of Price Drops
1 Upper East Side-Carnegie Hall Manhattan 203
2 Turtle Bay-East Midtown Manhattan 181
3 Lenox Hill-Roosevelt Island Manhattan 148
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 148
5 Upper West Side Manhattan 142

Again, all five neighborhoods with the most price drops in October were located in Manhattan. Upper East Side-Carnegie Hall remained as the #1 neighborhood with the most price reductions, with a total of 203 price drops, 18% more than the previous month. Upper West Side rounded out the top five this month, with 142 price drops. The neighborhoods on the list had a total number of price drops ranging from 142-203 price drops.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Prospect Lefferts Gardens-Wingate Brooklyn -7.3%(-$55,000)
2 Bushwick South Brooklyn -7.1% (-$75,000)
3 Elmhurst Queens -6.2% (-$24,000)
4 North Side-South Side Brooklyn -6.1% (-$125,500)
5 Upper East Side-Carnegie Hill Manhattan -6.0% (-$170,000)

Percentage-wise, Prospect Lefferts Gardens-Wingate saw the biggest price drops in October, with a median percentage price drop of 7.3% or $55,000 in dollar terms. Meanwhile, North Side-South Side in Brooklyn, commonly known as Williamsburg, came in as the #4 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 6.1%, or $125,500.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Upper East Side-Carnegie Hill Manhattan -$170,000 (-6.0%)
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$150,000 (-4.2%)
3 North Side-South Side Brooklyn -$125,500 (-6.1%)
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$125,000 (-5.2%)
5 Midtown-Midtown South Manhattan -$100,000 (-4.7%)

All five neighborhoods that experienced the highest median price drop in dollar amount this past month had a median price drop of $100,000 or more. Midtown-Midtown South made the list with a median price drop of $100,000, which equals 4.7% of the original list price. SoHo-TriBeCa-Civic Center-Little Italy came in as the neighborhood with the second-highest median dollar price drop, with a median of $150,000, or a 4.2% discount from the asking price.

 

Top 5 Properties (Still on the Market) with the Highest Percentage Price Drop in October

Address Current Price Recent % Price Drops
1 10 Orient Drive, Brooklyn, NY 11211 $2,600,000 -42.2%(-$1,895,000)
2 710 Park Avenue #14C, New York, NY 10021 $1,800,000 -36.8% (-$1,050,000)
3 4041 Murdock Avenue, Bronx, NY 10466 $998,000 -33.5% (-$502,000)
4 114 East 90th Street #1D, New York, NY 10128 $999,999 -28.6% (-$400,001)
5 6120 Grand Central Parkway, Forest Hills, NY 11375 $188,000 -27.1% (-$70,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. 10 Orient Drive, with one of the floors currently occupied by tenants through February 2022, is a duplex located in Williamsburg. This townhouse first went on the market in August. The seller slashed the price by 18.3% in September, and again in October by another 42.2% to its current price of $1.895M. All properties on the list experienced a price cut of or above 27%.

 

Top 5 Properties (Still on the Market) with the Highest Dollar Price Drop in October

Address Current Price Recent $ Price Drops
1 70 West 45th Street #PH1, New York, NY 10036 $12,000,000 -$3,000,000(-20.0%)
2 151 Wooster Street #45B, New York, NY 10012 $14,995,000 -$3,000,000 (-16.7%)
3 34 East 61st Street, New York, NY 10065 $17,500,000 -$2,500,000 (-12.5%)
4 135 East 79th Street #PH19W, New York, NY 10075 $20,000,000 -$2,500,000 (-11.1%)
5 88 Remsen Street, Brooklyn, NY 11201 $17,750,000 -$2,250,000 (-11.3%)

Between October 1st and 31st, four out of five properties that had the highest price drops in dollar terms were located in Manhattan. Unit 45B at 151 Wooster Street first hit the market on July 29th, asking $17,995,000. The price was reduced to $14,995,000 around three months later, on October 21. Meanwhile, located in Brooklyn Heights, 88 Remsen Street comes with a main townhouse and a renovated carriage house. The property is currently asking $17,750,000 after a price cut of $2,250,000 on October 29th. The top addresses with the highest price drops in absolute dollar value ranged from $2.3M to $3M.

Full Dataset

The interactive table below includes all NYC listings with price drops in the month of October. You can sort by column or do a quick search using the search bar.

 

Methodology

The New York City Price Drop report is a monthly report that analyzes proprietary data from RealtyHop to map price drops for listings in New York City. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.

Methodology Change

To fairly analyze each neighborhood and eliminate outliers, starting August 2021, only neighborhoods with over 10 price drops will be included in the rankings for the highest median percentage price drops and highest median dollar price drops sections.

Want to know who owns these listings? Check it out by using our New York Property Records Search.