Home Prices Are Dropping Fast In These NYC Neighborhoods

AAB23bi.jpg

NEW YORK — The Upper East Side is known for old money and tony townhouses — but home-buyers can find plenty of deals there these days, a new report shows.

Prices dropped on some 212 homes in the Upper East Side-Carnegie Hill area last month, the most for any neighborhood in the city, according to a report from the home listing website RealtyHop.

One home in the neighborhood at 834 Fifth Ave. saw $9 million come off its price, the biggest absolute decrease of any address in the city last month, the report says.

But that wasn't the only fancy part of town with dozens of discounts. The Turtle Bay-East Midtown area recorded the second-highest number of price cuts last month with 170, followed by the West Village with 140, the Lenox Hill-Roosevelt Island area with 138 and Lincoln Square with 130, RealtyHop says.

The dollar value of the Upper East Side's median price drop was $127,500, while the median decrease by percentage was 5.73%, the report shows.

But some outer-borough neighborhoods saw much sharper cuts, according to RealtyHop. Prices fell a median of 24.9% in Midwood, Brooklyn, the steepest drop in the city as a percentage, the report says.

That's the equivalent of $174,000, which was the fourth-largest decrease as a dollar amount, according to RealtyHop. The top spot in that category went to the Queensbridge-Ravenswood-Long Island City area in Queens, where the median price drop last month was a hefty $500,000, the report says.

RealtyHop's analysis uses the site's own proprietary data and includes all five boroughs. Take a look at the map to see how your neighborhood moved, or read RealtyHop's full report here.