Market Trends & ResearchRealtyHop NYC Price Drops Report: August 2021

RealtyHop NYC Price Drops Report: August 2021

July RealtyHop Price Drops

The real estate market has its ups and downs. In August’s monthly price drop report, RealtyHop analyzed available data for July across boroughs and neighborhoods in New York City to provide a useful resource for those looking to invest in real estate.

We focused on neighborhoods with the greatest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and street address.


 

A Closer Look at NYC’s Neighborhoods

Our interactive map below depicts the neighborhoods we analyzed. All numbers are based on RealtyHop’s proprietary dataset.

Top 5 Neighborhoods With the Highest Number of Price Drops

Neighborhood Borough Number of Price Drops
1 Turtle Bay-East Midtown Manhattan 138
2 Upper East Side-Carnegie Hall Manhattan 125
3 Lenox Hill-Roosevelt Island Manhattan 111
4 Upper West Side Manhattan 96
5 Forest Hills Queens 94

Of the five neighborhoods that saw the most price drops in July, four of them were located in Manhattan. Turtle Bay-East Midtown uncrowned Upper East Side-Carnegie Hill with the most price reductions. The neighborhood saw a total of 138 price drops between July 1 and July 31. Forest Hills rounded out our top five this time around, with a total of 94 price drops. The neighborhoods on the list had a total number of price drops ranging from 94-138 price drops.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 North Corona Queens -6.7%(-$41,000)
2 Ridgewood Queens -6.7% (-$100,000)
3 Central Harlem South Manhattan -6.3% (-$87,500)
4 Bushwick South Brooklyn -5.7% (-$60,000)
5 Old Astoria Queens -5.6% (-$34,500)

Percentage-wise, North Corona, Queens saw the biggest price drops in July, with a median percentage price drop of 6.73% or $41,000 in dollar terms. Meanwhile, Ridgewood, Queens came in as the #2 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 6.67%, or $100,000.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$150,000 (-4.8%)
1 Ridgewood Queens -$100,000 (-6.7%)
3 Stuyvesant Heights Brooklyn -$100,000 (-5.6%)
4 Upper East Side-Carnegie Hall Manhattan -$100,000 (-5.3%)
5 Carroll Gardens-Columbia Street-Red Hook Brooklyn -$100,000 (-3.3%)

SoHo-TriBeCa-Civic Center-Little Italy came in as the #1 neighborhood with the highest median dollar price drop this month. Given the high real estate values, the median dollar price drop only accounts for a 4.8% price reduction from the median original asking price. Carroll Gardens-Columbia Street-Red Hook, another popular cluster of neighborhoods with lots of real estate activities recently, was the #5 neighborhood with the highest median dollar price drop. A median drop of $100,000 translates to a 3.3% price reduction.

Top 5 Properties (Still on the Market) with the Highest Percentage Price Drop in July

Address Current Price Recent % Price Drops
1 215-12 24th Avenue, Bayside, NY 11360 $1,625,000 -33.3%(-$963,000)
2 575 Park Avenue #PH1607, New York, NY 10065 $3,250,000 -27.8(-$1,250,000)
3 35 E 76th Street #320105, Manhattan, NY 10021 $2,750,000 -26.7% (-$1,000,000)
4 6628 Wallaston Court, Brooklyn, NY 11204 $1,299,000 -26.5% (-$500,000)
5 300 West 135th Street #12J, Manhattan, NY 10030 $1,000,000 -25.9% (-$349,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market, four of which are located in Manhattan. 215-12 24th Ave, a single-family home located in Bayside, experienced two price cuts in the past month. It first went on the market on May 26th for $2,888,000. The asking price then dropped to $1,925,000 on July 20th, a 33.3% reduction. The seller further reduced the price to $1,625,000 on July 30th, which equals another 15.6% price decrease within two months since it was first listed. All properties on the list experienced a price cut of over 25%.

Top 5 Properties (Still on the Market) with the Highest Dollar Price Drop in June

Address Current Price Recent $ Price Drops
1 211 Central Park West #14E, Manhattan, NY 10024 $13,950,000 -$3,000,000(-17.7%)
2 114-124 E 35th Street, Manhattan, NY 10016 $16,650,000 -$1,850,000 (-10.0%)
3 575 Park Avenue #PH1607, Manhattan, NY 10065 $3,250,000 -$1,250,000 (-27.8%)
4 173 Perry Street #6/7, Manhattan, NY 10014 $8,500,000 -$1,250,000 (-12.8%)
5 521 Park Avenue #3C, Manhattan, NY 10065 $4,800,000 -$1,200,000 (-20.0%)

Between July 1st and July 30th, all five properties that had the highest price drops in dollar terms were located in Manhattan. Unit 14E at the Beresford, located at 211 Central Park West, saw a price cut of $3 million, or 17.7%, after being on the market since April. The top addresses with the highest price drops in absolute dollar value ranged from $1.2M to $3M. This range is around half of what we observed in the last report.

Full Dataset

The interactive table below includes all NYC listings with price drops in the month of July. You can sort by column or do a quick search using the search bar.

 

Methodology

The New York City Price Drop report is a monthly report that analyzes proprietary data from RealtyHop to map price drops for listings in New York City. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.

Methodology Change

To fairly analyze each neighborhood and eliminate outliers, starting August 2021, only neighborhoods with over 10 price drops will be included in the rankings for the highest median percentage price drops as well as highest median dollar price drops sections.

Want to know who owns these listings? Check it out by using our New York Property Records Search.

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