RealtyHop NYC Price Drop Report: November 2019
The real estate market has its ups and downs. In November’s monthly price drop report, RealtyHop analyzed available data for October 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||245|
|2||Upper East Side-Carnegie Hill||Manhattan||225|
|3||Hudson Yards-Chelsea-Flatiron-Union Square||Manhattan||161|
|4||Upper West Side||Manhattan||150|
For the month of October, we saw a slight increase in the total of number of price drops across neighborhoods compared to the month prior. Turtle Bay-East Midtown was the neighborhood with the most price drops this month, with a total of 245 price drops. The same neighborhood came in second last month, then with a total of 206 price drops. That is a 19% increase in price drops for Turtle Bay-East Midtown. Coming in second as the neighborhood with the most price drops was the neighborhood with the most price drops last month, Upper East Side-Carnegie Hill, with a total of 225 price drops (a 7% decrease in drops compared to last month). The neighborhoods on the list ranged between price drops of 140 to 245.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|1||Queensbridge-Ravenswood-Long Island City||Queens||-21.1% (-$2,000,000)|
|3||Starrett City||Brooklyn||-11.1% (-$100,000)|
|4||Rugby-Remsen Village||Brooklyn||-8.4% (-$100,000)|
This month around, Brooklyn only secured three out of five spots on the top five neighborhoods with the highest median percentage price drop list. While a Brooklyn neighborhood ended up taking the number one spot on the list last month, this month Queens take the number one spot. Queensbridge-Ravenswood-Long Island City ended up being the neighborhood with the highest median percentage price drop in October, with a 21.1% median price drop. The highest median price drops on the list ranged from 8% – 21.1%.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|1||Queensbridge-Ravenswood-Long Island City, Queens||Queens||-$2,000,000 (-21.1%)|
|2||SoHo-TriBeCa-Civic Center-Little Italy||Manhattan||-$200,000 (-4.9%)|
|4||Upper East Side-Carnegie Hill||Manhattan||-$130,000 (-5.9%)|
|5||Starrett City||Brooklyn||-$100,000 (-11.1%)|
For the top five neighborhoods with the highest median dollar price drops for October, a Queens neighborhood took the lead this month, with a median price drop of $2,000,000, which equals a price drop of 21.1%. The boroughs of Brooklyn, Bronx, Manhattan, and Queens were represented in the top five list for this report, compared to last month where only Brooklyn and Manhattan was represented.
Top 5 Addresses with the Highest Percentage Price Drop in October
|Address||Current Price||Recent % Price Drops|
|1||35 E 76th St, Manhattan, 10021||$10,000,000||-28.6% (-$4,000,000)|
|2||575 Park Ave, Manhattan, 10065||$490,000||-24.6% (-$160,000)|
|3||990 5th Ave, Manhattan, 10028||$39,750,000||-23.6% (-$12,250,000)|
|4||77 Eastern Pkwy, Brooklyn, 11238||$299,000||-23.1% (-$90,000)|
|5||2 Park Pl, Manhattan, 10016||$2,850,000||-20.7% (-$745,000)|
Manhattan secured four out of five spots on the list of the addresses that saw the biggest price drops in October in terms of percentage. Brooklyn managed to secure one spot, which is more than we can say for last month when only the borough of Manhattan was represented on the list. The top address with the highest percentage price drop was located on the Upper East Side, with a percentage price drop of 28.6%. All the addresses on the top five list saw price cuts above 20%.
Top 5 Addresses with the Highest Dollar Price Drop in October
|Address||Current Price||Recent $ Price Drops|
|1||990 5th Ave, Manhattan, 10028||$39,750,000||-$12,250,000 (-23.6%)|
|2||30 Park Pl, Manhattan, 10007||$25,000,000||-$5,000,000 (-16.7%)|
|3||35 E 76th St, Manhattan, 10021||$10,000,000||-$4,000,000 (-28.6%)|
|4||212 W 18th St, Manhattan, 10011||$18,900,000||-$3,100,000 (-14.1%)|
|5||1 Central Park S, Manhattan, 10019||$19,500,000||-$3,000,000 (-13.3%)|
Unsurprisingly, all the top five addresses with the highest dollar price drop were all located in Manhattan. While we saw a big price drop last month, of $6,500,000, this month beats it with a price drop of $12,250,000. That equals a price drop of 23.6% for the apartment for sale. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $3M to $12.3M in October.
The intractive 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.
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.