RealtyHop NYC Price Drop Report: December 2019

Posted December 2nd, 2019


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

We specifically focused on neighborhoods with the highest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and by 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 Hill Manhattan 156
2 Turtle Bay-East Midtown Manhattan 137
3 Lincoln Square Manhattan 105
4 Lenox Hill-Roosevelt Island Manhattan 101
5 West Village Manhattan 89

When taking a look at the month of November compared to October, we see that there has been a significant decrease in the total numbers of price drops across the boroughs. Last month, we saw that the number one neighborhood with the most price drops was Turtle Bay-East Midtown with a total of 245 price drops. This month, the neighborhood with the most price drops was Upper East Side-Carnegie Hill with a significantly lower number of 156 price drops. The neighborhoods on the list ranged between price drops of 89 to 156.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Brownsville Brooklyn -15.8% (-$53,000)
2 Breezy Point-Belle Harbor-Rockaway Park-Broad Channel Queens -9.7% (-$75,000)
3 East Elmhurst Queens -8.91% (-$109,444)
4 East Flatbush-Farragut Brooklyn -8.6% (-$42,000)
5 Parkchester Bronx -8.0% (-$20,000)

For the month of November, the top five neighborhoods with the highest median percentage price drops included Brooklyn, Bronx, and Queens only. Brooklyn claimed the number one spot, with Brownsville being the neighborhood with the highest median percentage price drop in November, with a 15.8% median price drop, which equals a $53,000 drop in price. The highest median price drops on the list ranged from 8.0% to 15.8%.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$200,000 (-5.1%)
2 Upper East Side-Carnegie Hill Manhattan -$140,000 (-6.0%)
3 East Elmhurst Queens -$109,444 (-8.9%)
4 Prospect Lefferts Gardens-Wingate Brooklyn -$89,001 (-6.4%)
5 Sunset Park East Brooklyn -$77,000 (-4.4%)

For the top five neighborhoods with the highest median dollar price drops for November, Manhattan ended up in first place this time around, with a median price drop of $200,000. That equals a price drop of 5.1%. We see that, compared to October, November is a month with significant lower median dollar price drops. The boroughs represented on the list this month was Brooklyn, Manhattan, and Queens.

 
 

Top 5 Addresses with the Highest Percentage Price Drop in November
Address Current Price Recent % Price Drops
1 420 E 51st St, Manhattan, 10022 $725,000 -27.1% (-$270,000)
2 969 5th Ave , Manhattan, 10075 $3,995,000 -26.0% (-$1,405,000)
3 781 5th Ave , Manhattan, 10022 $1,495,000 -25.1% (-$500,000)
4 130 E 12th St, Manhattan, 10003 $2,000,000 -23.8% (-$1,905,000)
5 32 Mount Morris Park W, Manhattan, 10027 $7,995,000 -19.2% (-$1,905,000)

While the borough of Manhattan managed to secure four out of five spots on the list of addressess with the biggest price drops in October, the borough this time around secured all five spots on the list. The top address with the highest percentage price drop in November was located in Midtown East, with a percentage price drop of 27.1%. All the addresses on the top five list saw price cuts above 19%.

 
 

Top 5 Addresses with the Highest Dollar Price Drop in November
Address Current Price Recent $ Price Drops
1 400 E 67th St, Manhattan, 10065 $12,000,000 -$2,250,000 (-15.8%)
2 170 E 87th St, Manhattan, 10128 $14,000,000 -$1,950,000 (-12.2%)
3 32 Mount Morris Park W, Manhattan, 10027 $7,995,000 -$1,905,000 (-19.2%)
4 15 E 69th St, Manhattan, 10021 $12,000,000 -$1,500,000 (-11.1%)
5 432 Park Ave, Manhattan, 10022 $22,500,000 -$1,500,000 (-6.3%)

Again, like most months in the past, the top five addresses with the highest dollar price drops were all located in Manhattan. Last month we saw an immense price drop of $12,250,000 being the highest price drop. For the month of November, the biggest price drop was $2,250,000, which equals a price drop of 15.8%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $1.5M to $2.3M in November.

 
 

Full Dataset

The intractive table below includes all NYC listings with price drops in the month of November. 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. The dataset analyzed is taken from the month prior to publication and includes all five boroughs of New York City, given sufficient data.

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