Market Trends & ResearchRealtyHop NYC Price Drops Report: July 2021

RealtyHop NYC Price Drops Report: July 2021

July RealtyHop Price Drops

The real estate market has its ups and downs. In July’s monthly price drop report, RealtyHop analyzed available data for June 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 Upper East Side-Carnegie Hill Manhattan 162
2 Turtle Bay-East Midtown Manhattan 141
3 Upper West Side Manhattan 118
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 107
5 Lenox Hill-Roosevelt Island Manhattan 104

For the month of June, the neighborhoods that saw the most price drops were again all located in Manhattan. Upper East Side-Carnegie Hill remained the neighborhood with the most price drops, with a total of 162 price decreases. Turtle Bay-East Midtown ranked #2, totaling 141 price drops. The neighborhoods on the list had a total number of price drops ranging from 104-162 price drops.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Springfield Gardens South-Brookville Queens -32.6%(-$350,000)
2 Soundview-Bruckner Bronx -19.2% (-$129,500)
3 Rugby-Remsen Village Brooklyn -12.4% (-$107,000)
4 Laurelton Queens -11.4% (-$64,950)
5 Mount Hope Bronx -9.4% (-$100,000)

Percentage-wise, Springfield Gardens South-Brookville, Queens saw the biggest price drops in June, with a median percentage price drop of 32.6% or $350,000 in dollar terms. Meanwhile, Soundview-Bruckner, Bronx came in as the #2 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 19.2%, or $129,500.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Springfield Gardens South-Brookville Queens -$350,000 (-32.6%)
1 Upper East Side-Carnegie Hill Manhattan -$130,000 (-5.2%)
3 Soundview-Bruckner Bronx -$129,500 (-19.8%)
4 Queensbridge-Ravenswood-Long Island City Queens -$111,944 (-8.1%)
5 Rugby-Remsen Village Brooklyn -$107,000 (-12.4%)

Springfield Gardens South-Brookville, Queens came in as the #1 neighborhood with the highest median dollar price drop this month. Upper East Side-Carnegie Hall came in as the #2 neighborhood with the highest median dollar price drop. But given the overall higher real estate values in the neighborhood, that amount only accounts for around 5.2% of price changes. The neighborhoods on the list had a median price drop ranging from $107,000 to $350,000 in dollar terms.

 

Top 5 Units (Still on the Market) with the Highest Percentage Price Drop in May

Address Current Price Recent % Price Drops
1 20 Pine Street #911, Manhattan, NY 10005 $1,345,000 -29.0% (-$550,000)
2 941 Park Avenue #MAIS1CD, Manhattan, NY 10028 $1,400,000 -29.3% (-$500,000)
3 15 Williams Street #8G, Manhattan, NY 10004 $895,000 -25.4% (-$304,000)
4 61 Sharrotts Road, Staten Island, NY 10309 $560,000 -25.0% (-$200,000)
5 895 Park Avenue #1B, Manhattan, NY 10075 $795,000 -22.9% (-$275,000)

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. 895 Park Avenue #1B, a co-op unit in the Upper East Side, experienced two price drops in the past month. It went on the market on May 7th for $1.2 million and the seller lowered the price to $925,000 on June 8, a 22.9% reduction. The asking price further dropped to $795,000 on June 22, another 14.1% price decrease within two months since it was first listed. All properties on the list experienced a price cut of over 23%.

 

Top 5 Units (Still on the Market) with the Highest Dollar Price Drop in May

Address Current Price Recent $ Price Drops
1 3 Riverside Drive, Manhattan, NY 10075 $19,995,000 -$5,005,000 (-20.0%)
2 443 Greenwich St #PHB, Manhattan, NY 10013 $35,000,000 -$3,500,000 (-9.1%)
3 25 Columbus Circle #PH80, Manhattan, NY 10019 $59,000,000 -$3,500,000 (-5.6%)
4 730 Park Avenue #34B2B, Manhattan, NY 10021 $16,800,000 -$3,150,000 (-15.8%)
5 35 Hudson Yards #7302, Manhattan, NY 10001 $14,995,000 -$2,855,000 (-16.0)

Between June 1 and June 30, all five properties that had the highest price drops in dollar terms were located in Manhattan. The Kleeberg Residence, a landmark building located at 3 Riverside Drive, was first listed on April 22 for $25 million. The price dropped to $19,995,000 on June 10, which translates to a 20% reduction of the original asking price. The top addresses with the highest price drops in absolute dollar value ranged from $2.855M to $5M.

 

Full Dataset

The interactive table below includes all NYC listings with price drops in the month of June. 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.

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

Recent studies

RealtyHop Housing Affordability Index: August 2022

In this August installment of RealtyHop’s Housing Affordability Index, we examined the share of income U.S. households would have...

RealtyHop Housing Affordability Index: July 2022

  With rising interest rates, more and more U.S. families struggle to enter homeownership. In this July installment of RealtyHop’s...

RealtyHop Price Drops Report: July 2022

The real estate market has its ups and downs. In this June installment of the NYC price drops report,...