These 3 NYC Neighborhoods Have Seen Home Prices Plunge

NEW YORK — The stock market has taken some big hits in 2018 — and so have home prices in Wall Street's home neighborhood. The Financial District is among three of the city's priciest locales that have seen prices plunge more than 30 percent this year, according to a Dec. 3 Property Shark report.

The real estate website compiled a "top 50" list of the most expensive neighborhoods of this year based on residential property sales closed between Jan. 1 and Nov. 23. The list actually has 52 entries because there were two ties.

The Financial District, the Flatiron District and Little Italy recorded this year's biggest decreases in median sale prices, the report shows.

FiDi's figure plummeted 34 percent from last year to $995,000, placing it at No. 27. That price is roughly a quarter of the $3.85 million median in nearby Tribeca, which took the top spot.

Little Italy saw the biggest year-over-year drop on the list — the neighborhood's median price fell 42 percent to about $1.31 million, still enough to make the bottom spot in the top 10, the report shows.

The Flatiron District recorded a 32 percent decrease, putting its median price at $1.57 million, which ranks eighth on the list, the report shows.

PropertyShark says the neighborhood's prices were inflated last year by dozens of luxury condo sales at the Madison Square Park Tower, where units went for a median price of $6.5 million, and 55 W. 17th St., where the median was $2.6 million.

Further uptown, the median price in the Garment District climbed a whopping 41 percent to $2.33 million, moving it up to third place on PropertyShark's ranking from No. 7 last year. The neighborhood ranked No. 2 on the site's third-quarter list.

While DUMBO and Boerum Hill were Brooklyn's most expensive neighborhoods, the report shows Greenpoint on the rise — its median price jumped 37 percent to about $1.22 million, landing it at No. 14.

See PropertyShark's full ranking below, and read the report here.

(Lead image: People walk by the New York Stock Exchange on Dec. 6, 2018. Photo by Spencer Platt/Getty Images)