Manhattan neighborhoods see high numbers of price drops in December: report

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A new report found that certain Manhattan neighborhoods had high rates of real estate price drops during the final month of 2020.

According to RealtyHop, five Manhattan neighborhoods had the highest number of price drops in December 2020. Manhattan’s Turtle Bay-East Midtown was the neighborhood with the most price drops with a total of 118 price drops, followed by Upper East Side-Carnegie Hill which had a total of 108 price drops.

The third highest area was the Lenox Hill-Roosevelt Island area with 94 price drops, followed by Lincoln Square with 85 price drops. The Upper West Side neighborhood saw 73 price drops of its own, taking the fifth highest spot.

Outside of Manhattan, certain areas in the outer boroughs had listings that saw higher price drops by percentage. The neighborhood with the highest median percentage price drop was the Bronx’s Fordham South with a 25.8% drop, or a $180,000 decrease on a listing, followed by the Steinway area in Queens with a 12.5% price drop, or a $50,000 reduction on the listing.

The Bronx’s University Heights-Morris Heights area saw a 9.3% drop, or a $64,501 reduction on a listing, followed by the Fresh Meadows-Utopia area of Queens, which had a 9% drop, or a $99,000 reduction on the listing. The list is rounded out by Brooklyn’s Canarsie neighborhood which had an 8.3% drop, or a $40,000 reduction on the listing. 

Read the full report at realtyhop.com.

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