UES Neighborhood Sees Most Home Price Reductions In June: Study

UPPER EAST SIDE, NY — Asking prices on more than 70 home listings in a subsection of the Upper East Side saw reductions during the month of June, topping a list of New York City neighborhoods with the most price drops, according to a new study.

The Upper East Side-Carnegie Hill neighborhood — defined by home listing site RealtyHop as East 60th to 120th streets east of Third Avenue — had 77 listings reduce their asking prices in June, according to RealtyHop's monthly price drop report. The neighborhood outpaced East Midtown (72 reductions), Lincoln Square (61), the West Village (51) and Hudson Yards-Chelsea-Flatiron-Union Square (50), which rounded out the study's top five.

While RealtyHop defines the Upper East Side-Carnegie Hill neighborhood as 60th to 120th street on the east side of Third Avenue, Carnegie Hill is more typically labeled as 86th to 96th street from Third to Fifth Avenue.

"We are have been seeing a slight uptick in price drops in the past months, and the month of June shared the same trend. For this month’s price drop report we have the Upper East Side-Carnegie Hill as the number one neighborhood in New York City, in terms of being the neighborhood that saw the highest number of price drops," the RealtyHop study reads.

The Upper East Side had the highest number of price drops, but other areas of the city saw more dramatic reductions to rents. Manhattanville, located just above Morningside Heights on the west side, had a median price reduction of $450,000 compared to the Upper East Side's median of $150,000. The numbers don't necessarily tell the full story when it comes to neighborhood trends though, as Manhattanvile saw only one price reduction during the month of June.

Other neighborhoods with large median price drops include: SoHo-Tribeca ($222,500), North Corona ($199,444), Chinatown ($165,000) and the East Village ($154,000).

Check out the full RealtyHop study here.