The real estate market has its ups and downs. In August’s monthly price drop report, RealtyHop analyzed available data for August 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||120|
|2||Turtle Bay-East Midtown||Manhattan||118|
|3||Upper West Side||Manhattan||108|
|5||Lenox Hill-Roosevelt Island||Manhattan||99|
Of the five neighborhoods that saw the most price drops in August, four of them were located in Manhattan. Upper East Side-Carnegie Hall reclaimed the #1 neighborhood with the most price reductions, with a total of 120 price drops between August 1 and August 31. Forest Hills rose one spot to the fourth, seeing in total 101 price drops in August. The neighborhoods on the list had a total number of price drops ranging from 99-120 price drops.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|2||Lindenwood-Howard Beach||Queens||-6.3% (-$20,000)|
|3||Hunters Point-Sunnyside-West Maspeth||Queens||-6.1% (-$65,312)|
|4||Stuyvesant Heights||Brooklyn||-6.0% (-$50,000)|
|5||Upper East Side-Carnegie Hill||Manhattan||-5.5% (-$110,000)|
Percentage-wise, Midtown-Midtown South saw the biggest price drops in August, with a median percentage price drop of 6.71% or $100,000 in dollar terms. Meanwhile, Lindenwood-Howard Beach in Queens came in as the #2 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 6.30%, or $20,000.
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 (-5.2%)|
|1||Upper East Side-Carnegie Hill||Manhattan||-$110,000 (-5.5%)|
|3||Midtown-Midtown South||Manhattan||-$100,000 (-6.7%)|
|4||Prospect Heights||Brooklyn||-$90,000 (-4.8%)|
|5||Hudson Yards-Chelsea-Flatiron-Union Square||Manhattan||-$75,000 (-4.8%)|
SoHo-TriBeCa-Civic Center-Little Italy again came in as the #1 neighborhood with the highest median dollar price drop in August. Given the high real estate values, the median dollar price drop of $200,000 only accounts for a 5.2% price reduction. Prospect Heights took the #4 place this month as one of the neighborhoods with the highest median dollar price drops. A median drop of $90,000 translates to a 4.8% price reduction.
Top 5 Properties (Still on the Market) with the Highest Percentage Price Drop in August
|Address||Current Price||Recent % Price Drops|
|1||1275 Grant Avenue #5C, Bronx, NY 10456||$210,000||-47.3%(-$189,000)|
|2||676 Madison Street, Brooklyn, NY 11221||$800,000||-38.5%(-$499,000)|
|3||601 Kappock Street, #5P, Bronx, NY 10463||$205,000||-25.5% (-$70,000)|
|4||107-27 155th Street, Jamaica, NY 11433||$300,000||-25.0% (-$100,000)|
|5||3 East 78th Street #3ABC, New York, NY 10075||$4,500,000||-24.9% (-$1,495,000)|
The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. The Solara, a co-op building located at 1275 Grant Avenue in the Bronx, currently has multiple units on the market for sale. Of the available units, #5C saw the largest price cut, 47.3% or $189,000, on August 4th. This two-bedroom, one-bathroom unit is currently asking $210,000. All properties on the list experienced a price cut of or above 25%.
Top 5 Properties (Still on the Market) with the Highest Dollar Price Drop in August
|Address||Current Price||Recent $ Price Drops|
|1||35 Hudson Yards #PH90, New York, NY 10001||$54,500,000||-$4,500,000(-7.6%)|
|2||271 Central Park West #9, New York, NY 10024||$19,500,000||-$3,500,000 (-15.2%)|
|3||823 Park Avenue #PH, New York, NY 10021||$29,950,000||-$3,250,000 (-9.8%)|
|4||15 Central Park West #38C, New York, NY 10023||$19,750,000||-$3,200,000 (-13.9%)|
|5||625 Park Avenue #5A, New York, NY 10021||$15,995,000||-$2,505,000 (-13.5%)|
Between August 1st and August 31st, all five properties that had the highest price drops in dollar terms were located in Manhattan. The penthouse unit located at 823 Park Avenue in the Upper East Side had a price reduction of a whopping $3.25 million. This accounts for only 9.8% of the original asking price. The top addresses with the highest price drops in absolute dollar value ranged from $2.5M to $4.5M. This range is around 50% larger than what we observed in the last report.
The interactive table below includes all NYC listings with price drops in the month of August. 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. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.
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 as well as highest median dollar price drops sections.
Want to know who owns these listings? Check it out by using our New York Property Records Search.