The real estate market has its ups and downs. In January’s monthly price drop report, RealtyHop analyzed available data for December 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 | Turtle Bay-East Midtown | Manhattan | 97 |
| 2 | Upper East Side-Carnegie Hill | Manhattan | 74 |
| 3 | Upper West Side | Manhattan | 66 |
| 4 | Lenox Hill-Roosevelt Island | Manhattan | 54 |
| 5 | Lincoln Square | Manhattan | 52 |
For the month of November we noted that there was a significant decrease in the total numbers of price drops across the boroughs. For the month of December, we are seeing the same trend, with even lower numbers. In November, the neighborhood with the most price drops was Upper East Side- Carnegie Hill, with a total of 156 price drop. For the month of December, the neighborhood with the highest number of price drops was Turtle Bay-East Midtown with 97 price drops. The neighborhoods on the list ranged between price drops of 52 to 97.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
| Neighborhood | Borough | Median % Price Drops | |
| 1 | West Concourse | Bronx | -30.0% (-$121,000) |
| 2 | Norwood | Bronx | -24.0% (-$46,000) |
| 3 | Jamaica | Queens | -14.0% (-$150,000) |
| 4 | Longwood | Bronx | -13.0% (-$18,100) |
| 5 | Crown Heights South | Brooklyn | -9.0% (-$100,001) |
Again, this time around, we see that the neighborhoods included in the top five neighborhoods with the highest median percentage price drops only included Brooklyn, Bronx, and Queens. While Brooklyn claimed the number one spot last month, this time around Bronx takes the lead. The number one neighborhood with the highest median percentage price drops this month was West Concourse, with a 30% median price drop, which equals a $121,000 drop in price. The highest median price drops on the list ranged from 9.0% to 30.0%.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
| Neighborhood | Borough | Median $ Price Drops | |
| 1 | SoHo-TriBeCa-Civic Center-Little Italy | Manhattan | -$325,000 (-7.0%) |
| 2 | Upper East Side-Carnegie Hill | Manhattan | -$162,500 (-6.0%) |
| 3 | Breezy Point-Belle Harbor-Rockaway Park-Broad Channel | Queens | -$155,000 (-8.0%) |
| 4 | Jamaica | Queens | -$150,000 (-14.0%) |
| 5 | North Corona | Queens | -$150,000 (-2.0%) |
For the top five neighborhoods with the highest median dollar price drops for December, only Manhattan and Queens are represented this time around. Manhattan, again, ends up in first place with a median price drop of $325,000, which is $125,000 higher than last month. This month’s drop equals a price drop of 7.0%.
Top 5 Addresses with the Highest Percentage Price Drop in December
| Address | Current Price | Recent % Price Drops | |
| 1 | 580 Park Ave, Manhattan, 10065 | $10,000,000 | -25.9% (-$3,500,000) |
| 2 | 3 E 75th St, Manhattan, 10021 | $23,000,000 | -22.0% (-$6,500,000) |
| 3 | 205 W 57th St, Manhattan, 10019 | $5,950,000 | -20.6% (-$1,545,000) |
| 4 | 160 Central Park S, Manhattan, 10019 | $3,950,000 | -20.2% (-$1,000,000) |
| 5 | 300 Central Park W, Manhattan, 10024 | $1,995,000 | -20.2% (-$505,000) |
Again, we see that the borough of Manhattan managed to secure all five spots on the list of addresses with the biggest price drop in December in terms of highest percentage price drops. The top address with the highest percentage price drop in December was located in the Upper East Side, with a percentage price drop of 25.9%. All the addresses on the top five list saw price cuts above 20.0%.
Top 5 Addresses with the Highest Dollar Price Drop in December
| Address | Current Price | Recent $ Price Drops | |
| 1 | 3 E 75th St, Manhattan, 10021 | $23,000,000 | -$6,500,000 (-22.0%) |
| 2 | 520 W 28th St, Manhattan, 10001 | $43,700,000 | -$5,050,000 (-10.4%) |
| 3 | 421 Broome St, Manhattan, 10013 | $43,750,000 | -$4,750,000 (-9.8%) |
| 4 | 580 Park Ave, Manhattan, 10065 | $10,000,000 | -$3,500,000 (-25.9%) |
| 5 | 15 W 63rd St, Manhattan, 10023 | $28,900,000 | -$3,100,000 (-9.7%) |
This month, like most previous months, we see that all of the top five addresses with the highest dollar prices were all located in Manhattan. For the month of December, the highest price drop was $6,500,000, which equals a price drop of 22.0%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 3.1M to 6.5M in December.
Full Dataset
The intractive table below includes all NYC listings with price drops in the month of December. 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.
