RealtyHop Price Drops Report: December 2021

The real estate market has its ups and downs. In this December’s NYC price drops report, RealtyHop analyzed available data for November 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 Turtle Bay-East Midtown Manhattan 136
1 Upper East Side-Carnegie Hall Manhattan 136
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 117
4 Upper West Side Manhattan 116
5 Lenox Hill-Roosevelt Island Manhattan 100

Again, all five neighborhoods with the most price drops in November were located in Manhattan. Turtle Bay-East Midtown and Upper East Side-Carnegie Hall are tied as the #1 neighborhood with the most price reductions, with a total of 136 price drops in both neighborhoods. Lenox Hill-Roosevelt Island rounded out the top five this month, with 100 price drops. The neighborhoods on the list had a total number of price drops ranging from 100-136 price drops, which indicates fewer price changes compared to last month’s report.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Bushwick South Brooklyn -7.7%(-$55,000)
2 Chinatown Manhattan -6.2% (-$80,000)
3 Ridgewood Queens -6.2% (-$71,000)
4 Upper East Side-Carnegie Hill Manhattan  -6.0% (-$150,000)
5 Gravesend Brooklyn -5.7% (-$25,000)

Percentage-wise, Bushwick South saw the biggest price drops in November, with a median percentage price drop of 7.7% or $55,000 from the original asking price. Meanwhile, Gravesend in Brooklyn came in as the #5 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 5.7%, or $25,000.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Upper East Side-Carnegie Hill Manhattan -$150,000 (-6.0%)
1 Midtown-Midtown South Manhattan -$105,500 (-4.9%)
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$100,000 (-5.0%)
4 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$100,000 (-4.2%)
5 West Village Manhattan -$97,000 (-5.0%)

In November, all five neighborhoods that experienced the highest median price drop in dollar amount are located in Manhattan. Midtown-Midtown South replaced SoHo as the #2 neighborhood, with a median price drop of $105,500, or 4.9% of the original list price. West Village came in as the neighborhood with the fifth-highest median dollar price drop, with a median of $97,000, or a 5.0% discount from the asking price.

 

Top 5 Residential Properties (Still on the Market) with the Highest Percentage Price Drop in November

Address Current Price Recent % Price Drops
1 21 South End Avenue #PH1M, New York, NY 10280 $1,299,000 -27.8%(-$500,999)
2 385 East 18th Street #3L, Brooklyn, NY 11226 $355,000 -27.4% (-$134,000)
3 2186 Cruger Avenue #LG, Bronx, NY 10462 $100,000 -19.0% (-$24,900)
4 1100 Clove Road #4O, Staten Island, NY 10301 $325,000 -18.5% (-$74,000)
5 38-22 147th Street #2D, Flushing, NY 11354 $469,000 -17.7% (-$101,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. 21 South End Avenue, a land lease condo building in Battery Park City, currently has multiple units for sale. #PH1M was first listed for $1,799,999 on October 4th and was temporarily off-market after a month. The unit went back on the market on November 18th, with a price cut of $500,999, or 27.8% from the original asking. All properties on the list experienced a price cut of or above 17%.

 

Top 5 Residential Properties (Still on the Market) with the Highest Dollar Price Drop in November

Address Current Price Recent $ Price Drops
1 35 Hudson Yards #8301, New York, NY 10001 $19,995,000 -$3,005,000(-13.1%)
2 515 West 23rd Street #PENTHOUSE, New York, NY 10011 $13,250,000 -$2,745,000(-17.2%)
3 2 East 70th Street #9ASR7, New York, NY 10021 $9,995,000 -$1,755,000(-14.9%)
4 32 West 76th Street, New York, NY 10023 $25,975,000 -$1,525,000 (-5.5%)
5 1000 Park Avenue #2A, New York, NY 10028 $10,500,000 -$1,500,000(-12.5%)

The table above highlights residential properties that saw the most drastic price cuts in dollar terms. 32 West 76th Street, a townhouse located on the premier Central Park block of the Upper West Side, first hit the market on August 3rd with a price tag of $27,000,000. The owner then slashed the price by $1,525,000 on November 29th. But given the high real estate value, the price drop only accounted for 5.5% of the original list price. The top addresses with the highest price drops in absolute dollar value ranged from $10M to $26M.

Full Dataset

The interactive 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. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.

Methodology Change

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 and highest median dollar price drops sections.

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