The real estate market has its ups and downs. In June’s monthly price drop report, RealtyHop analyzed available data for May 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 Hill||Manhattan||175|
|2||Turtle Bay-East Midtown||Manhattan||147|
|3||Lenox Hill-Roosevelt Island||Manhattan||123|
|4||Upper West Side||Manhattan||119|
|5||Hudson Yards-Chelsea-Flatiron-Union Square||Manhattan||114|
For the month of May, the neighborhoods that saw the most price drops were again all located in Manhattan. This time around, Upper East Side-Carnegie took over and came in as the #1 neighborhood with the most price drops, with a total of 175 price decreases. The neighborhoods on the list had a total number of price drops ranging from 114 to 175 price drops.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|2||Van Cortlandt Village||Bronx||-12.0% (-$24,000)|
|3||Ocean Hill||Brooklyn||-11.7% (-$155,000)|
|4||Hunts Point||Bronx||-10.0% (-$14,000)|
|5||East Flushing||Queens||-9.0% (-$100,089)|
Percentage-wise, Fordham South, Bronx saw the biggest price drops in May, with median percentage price drop reaching 21.2%, or $35,000 in dollar terms. Meanwhile, Van Cortlandt Village came in as the #2 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 12.0%, or $24,000.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|1||Breezy Point-Belle Harbor-Rockaway Park-Broad Channel||Queens||-$181,500 (-6.1%)|
|1||Upper East Side-Carnegie Hill||Manhattan||-$160,000 (-6.0%)|
|3||Ocean Hill||Brooklyn||-$155,000 (-11.7%)|
|4||Bedford Park-Fordham North||Bronx||-$112,500 (-7.5%)|
|5||Prospect Heights||Bronx||-$122,500 (-4.6%)|
Breezy Point-Belle Harbor-Rockaway Park-Broad Channel, Queens came in as the #1 neighborhood with the highest median dollar price drop this month, with a median price drop of $181,500. Other neighborhoods experiencing the greatest median dollar price drops include Upper East Side-Carnegie Hall and Prospect Heights. But given the overall higher real estate values in these neighborhoods, that amount only accounts for around 6% of price changes. The neighborhoods on the list had a median price drop ranging from $112,500 to $181,500 in dollar terms.
Top 5 Units (Still on the Market) with the Highest Percentage Price Drop in May
|Address||Current Price||Recent % Price Drops|
|1||18 Spring Street #5, Manhattan, NY 10012||$1,500,000||-50.0% (-$1,500,000)|
|2||2082 Valentine Avenue, Bronx, NY 10457||$1,000,000||-50.0% (-$1,000,000)|
|566 West 159th Street #1, Manhattan, NY 10032||$299,500||-29.5% (-$125,500)|
|4||435 East 77th Street #8EF, Manhattan, NY 10075||$1,225,000||-25.7% (-$424,000)|
|5||35 East 76th Street #1803, Manhattan, NY 10021||$1,500,000||-24.8% (-$495,000)|
The table above highlights the properties with the highest percentage price drop in the past month that are still on the market, four of which are located in Manhattan. The address with the highest percentage price drop was 18 Spring Street #5, a condo unit located in NoLita. All properties on the list experienced a price cut of over 24%.
Top 5 Units (Still on the Market) with the Highest Dollar Price Drop in May
|Address||Current Price||Recent $ Price Drops|
|1||155 West 11th Street #PHA, Manhattan, NY 10011||$12,900,000||-$2,100,000 (-14.0%)|
|2||820 Fifth Avenue #Maisonette, Manhattan, NY 10065||$17,995,000||-$2,000,000 (-10.0%)|
|3||838 Fifth Avenue #10FL, Manhattan, NY 10065||$16,990,000||-$1,910,000 (-10,1%)|
|4||280 West 25th Street, Manhattan, NY 10001||$5,750,000||-$1,750,000 (-23.3%)|
|5||18 Spring Street #5, Manhattan, NY 10012||$1,500,000||-$1,500,000 (-50.0%)|
Between May 1 and May 31, all five properties that had the highest price drops in dollar terms were located in Manhattan. 155 West 11th St #PHA, a two-bedroom, three-bathroom condo unit in the West Village is currently for sale for $12.9M, after a price reduction of $2.1M, or 14% of the original list price. The top addresses with the highest price drops in absolute dollar value ranged from $1.5M to $2.1M.
The interactive table below includes all NYC listings with price drops in the month of May. 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.
Want to know who owns these listings? Check it out by using our New York Property Records Search.