RealtyHop Price Drop Report: April 2020

Posted April 1st, 2020


 

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

We specifically focused on neighborhoods with the highest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and by 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 92
2 Turtle Bay-East Midtown Manhattan 91
3 West Village Manhattan 68
4 Upper West Side Manhattan 55
5 Lincoln Square Manhattan 53
When comparing the numbers we saw in February to March, we see that there has been a significant drop in price drops in general. While the top neighborhood with the most price drops hasn’t changed from February to March the number of price drops it had has. Upper East Side-Carnegie Hill was again the neighborhood with the most price drops but compared to the 155 price drops in February, the neighborhood only had 92 price drops in March. The West Village and the Upper West Side both made the list this time around. The neighborhoods on the list ranged between price drops of 53 to 92.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Brownsville Brooklyn -14% (-$349,500)
2 Van Cortlandt Village Bronx -13% (-$10,000)
3 Queensbridge-Ravenswood-Long Island City Queens -10% (-$313,100)
4 Glendale Queens -9% (-$99,001)
5 Ozone Park Queens -9% (-$76,700)
While the number one neighborhood with the highest median percentage price drop was Brownsville, Brooklyn for the month of March, we see that the borough of Queens dominated the list as the borough took up three spots. Only Brooklyn, Bronx, and Queens was represented on the list in March. The The number one neighborhood was Brownsville, Brooklyn with a 14% median percentage price drop, which equals a $349,500 drop in price. The highest median price drops on the list ranged from 9% to 14% this month.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Brownsville Brooklyn -$349,500 (-14%)
2 Queensbridge-Ravenswood-Long Island City Queens -$313,100 (-10%)
3 Fort Greene Brooklyn -$245,000 (-6%)
4 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$204,000 (-7%)
5 Ridgewood Queens -$200,000 (-7%)
Here we see that Brownsville, Brooklyn is also at the top for the neighborhood with the heighest median dollar price drop. Brownsville had a median dollar drop of $349,500, which equals a percentage of 14%. On the list of highest median dollar price drop for the month, Brooklyn, Manhattan, and Queens were the boroughs represented.

 
 

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in March
Address Current Price Recent % Price Drops
1 516 W 47th St, Manhattan, 10036 $995,000 -25% (-$296,000)
2 246 Spring St, Manhattan, 10013 $725,000 -22% (-$204,000)
3 565 Broadway, Manhattan, 10012 $5,500,000 -19% (-$1,300,000)
4 135 E 54th St, Manhattan, 10022 $1,500,000 -19% (-$350,000)
5 27 E 65th St, Manhattan, 10065 $1,400,000 -17% (-$295,000)
Here we see again that the borough of Manhattan was able to secure all top five spots on the list of addresses still on the market with the highest percentage price drop in the past 30 days. The address with the highest percentage price drops in March was located in Hell’s Kitchen and had a percentage price drop of 25%. All the addresses on the top five list saw price cuts of 17% and up.

 
 

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in March
Address Current Price Recent $ Price Drops
1 50 Central Park S, Manhattan, 10019 $25,000,000 -$5,000,000 (-17%)
2 30 E 85th St, Manhattan, 10028 $19,800,000 -$2,700,000 (-12%)
3 111 Murray St, Manhattan, 10282 $12,350,000 -$2,600,000 (-17%)
4 111 Murray St, Manhattan, 10282 $16,750,000 -$2,150,000 (-11%)
5 565 Broadway, Manhattan, 10012 $5,500,000 -$1,300,000 (-19%)
Just like the list for the top five addresses with the highest percentage price drop, we see that Manhattan secured all five spots for the top addresses still on the market with the heighest dollar price drop in March. For the month of March, the top address was located in Midtown East and had a price drop of 5,000,000M, which equals a price drop of 17%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 1.3M to 5M in March.

 
 

Full Dataset

 
The intractive table below includes all NYC listings with price drops in the month of March. 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. The dataset analyzed is taken from the month prior to publication and includes all five boroughs of New York City, given sufficient data.

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