Last Month, These BK Neighborhoods Witnessed The Highest Decline In House Prices
Brooklyn, New York- According to a recent survey, two Brooklyn neighborhoods had some of the most significant home price declines anywhere in New York City last month.
In November, both Windsor Terrace and Brownsville saw their home prices drop more than 6 percent, landing them on a list of the top five neighborhoods in New York City with the “Best Median Percentage Price Declines,” according to RealtyHop’s report.
The demand for real estate has its ups and downs. RealtyHop analyzed available data for November across boroughs and neighborhoods in New York City in December’s monthly price drop survey to provide a valuable guide for those seeking to invest in real estate.
In particular, they centered on communities with the most significant overall amount of price falls, including the highest price falls by an average percentage, average dollar value, and street address.
The analysis evaluated the median percentage, median dollar value, and street address of the declining values.
Brownsville also landed on the neighborhood list with the most significant price decline based on dollar value, at the top of the percentage list. According to the report, house prices fell by a total of 8.4 percent, or around $101,000, in the neighborhood.
Prices fell by a median of 6.4 percent, or $39,000, in Windsor Terrace.
An address in nearby Park Slope took the home’s top spot with the most significant percentage decline in price. According to the report, the 44 Prospect Park West home plummeted by $300,000 and is now on the market for just under $650,000.
This is a peek at the rankings for the neighborhood:
Largest Decline In Median Percentage:
- Brownsville, Brooklyn: 8.4 percent, $101,000
- Manhattanville, Manhattan: 6.7 percent, $100,000
- Breezy Point-Belle Harbor-Rock away Park-Broad Channel, Queens: 6.7 percent, $60,000
- Windsor Terrace, Brooklyn: 6.4 percent, $39,000
- Fresh Meadows-Utopia, Queens: 6.3 percent, $75,056
For December, they saw that New York City communities had seen a decline in the overall number of price rises. While last month’s neighborhood with the most price drops had a total of 259 price drops, the number one neighborhood had 171 price drops this month. That’s 88 fewer price drops than what they saw last month for position number one. The Upper East Side-Carnegie Hill, Manhattan, was the region that saw the most price drops in November, with a total of 171 price drops. For November, all the communities with the most significant price declines were located in Manhattan. A cumulative number of price drops in the communities on the map range from 106 to 171 price drops.
Highest Median Dollar Price Drop:
- SoHo-TriBeCa-Civic Center-Little Italy, Manhattan: $222,500, 4.9 percent
- Upper East Side-Carnegie Hill: $120,000, 6.3 percent
- Brownsville, Brooklyn: $101,000, 8.4 percent
- Manhattanville, Manhattan: $100,000, 6.7 percent
- Auburndale, Queens: $100,000, 6.3 percent
- Chinatown, Manhattan: $100,000, 4.4 percent
The neighborhood with the highest average percentage price decrease for this month was located in Brooklyn, precisely Brownsville. A percentage price decline of 8.4 was seen in Brownsville, Brooklyn, equivalent to a price drop of $101,000. The most significant median price decline on the chart in percentage terms varied from 6.3 percent to 8.4 percent this time around.