The real estate market has its ups and downs. In September’s monthly price drop report, RealtyHop analyzed available data for August 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||93|
|2||Turtle Bay-East Midtown||Manhattan||87|
|3||Upper West Side||Manhattan||76|
|4||Hudson Yards-Chelsea-Flatiron-Union Square||Manhattan||67|
|5||Great Kills||Staten Island||59|
In August we saw a significant decrease in price drops. Last month, Turtle Bay-East Midtown had the highest number of price drops with a total of 157 price drops. This month, the number is significantly lower. Upper East Side-Carnegie Hill took the number one spot but only with 93 price drops in August. That is a 41% drop in number of price drops when comparing the neighborhood with the most price drops in July and August. Again, we saw that the number of price drops across all top 5 neighborhoods had decreased in the past month. The neighborhoods on the list ranged between price drops of 59 to 93.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|1||Fort Greene||Brooklyn||-22.9% (-$298,000)|
|4||Kensington-Ocean Parkway||Brooklyn||-9.4% (-$80,000)|
This time around we are seeing a mixture of representation from three boroughs: Brooklyn, Bronx, and Queens. For the month of August it was again Brooklyn who took the top spot as the borough with the highest percentage price drop, with Fort Greene having a median percentage price drop of 22.9%.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|1||Fort Greene||Brooklyn||-$298,000 (-22.9%)|
|2||Rugby-Remsen Village||Brooklyn||-$150,000 (-8.5%)|
|3||SoHo-TriBeCa-Civic Center-Little Italy||Manhattan||-$147,500 (-5.9%)|
|4||Sunset Park West||Brooklyn||-$125,000 (-6.7%)|
|5||East Elmhurst||Queens||-$100,000 (-9.2%)|
Fort Greene, Brooklyn also took number one spot in the top five list of neighborhoods with the highest median dollar price drop, with a price drop of $298,000, which equals a drop of 22.9%. All boroughs expect Staten Island is represented in the top five neighborhood list.
Top 5 Addresses with the Highest Percentage Price Drop in August
|Address||Current Price||Recent % Price Drops|
|1||107-40 Queens Boulevard, Queens, 11375||$349,000||-36.4% (-200,000)|
|2||66 Madison Ave, Manhattan, 10016||$1,095,000||-26.8% (-$400,000)|
|3||495 E 7th St, Brooklyn, 11218||$295,000||-21.3% (-$80,000)|
|4||166 E 63rd St, Manhattan, 10065||$1,995,000||-16.9% (-$405,000)|
|5||96 Schermerhorn St, Brooklyn, 11201||$495,000||-16.8% (-$100,000)|
In regards to the addresses that saw the biggest price drops in August in terms of percentage, we saw that the boroughs that were represented on the top five list were Brooklyn, Manhattan, and Queens. The top address with the highest percentage price drop was located in Queens, with a percentage price drop of 36.4%. All the addresses on the top five list saw price cuts above 16%.
Top 5 Addresses with the Highest Dollar Price Drop in August
|Address||Current Price||Recent $ Price Drops|
|1||145-146 Central Park W, Manhattan, 10023||$12,500,000||-$2,000,000 (-13.8%)|
|2||1 Central Park S, Manhattan, 10019||$12,900,000||-$2,000,000 (-13.4%)|
|3||161 Hudson St. Manhattan, 10013||$5,000,000||-$750,000 (-13.0%)|
|4||860 United Nations Plz, Manhattan, 10017||$3,900,000||-$600,000 (-13.3%)|
|5||3 W 13th St, Manhattan, 10011||$2,995,000||-$455,000 (-13.2%)|
Just like last month, all the top five addresses with the highest dollar price drop in August are located in Manhattan. While the biggest price drop last month was $6,950,000, we saw a decrease in the highest dollar amount this time around, with the highest price drop being $2,000,000. That equals a price drop of 13.8%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $455K to $2M in August.
The intractive 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. 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.