RealtyHop Price Drop Report: August 2020

Posted August 3rd, 2020


 

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 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 Manhattan 158
2 Turtle Bay-East Midtown Manhattan 146
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 130
4 Lenox Hill-Roosevelt Island Manhattan 119
5 Upper West Side Manhattan 116
When comparing the month of June to July and the number of price drops seen in New York City, it is clear that the month of July had a significant higher number of price drops. One thing that didn’t change was the top neighborhood that saw the most price drops, which was again the Upper East Side-Carnegie Hill. The neighborhood saw a total of 158 price drops in the past month. The neighborhoods on the list had a total number of price drops ranging from 116 to 158 price drops.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Far Rockaway-Bayswater Queens -13.2% (-$255,000)
2 Belmont Bronx -13.0% (-$300,000)
3 Van Cortlandt Village Bronx -9.8% (-$49,900)
4 Bedford Park-Fordham North Bronx -8.7% (-$40,500)
5 Hollis Queens -8.5% (-$82,500)
While the number one neighborhood with the highest median percentage price drop was located in Manhattan last month, this time around the neighborhood is located in Queens. Far Rockaway-Bayswater had the number one spot this month, with a 13.2% median percentage price drop, which equals a $255,000 drop in price. The highest median price drops on the list in terms of percentage ranged from 8.5% to 13.2%.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Belmont Bronx -$300,000 (-13.0%%)
2 Far Rockaway-Bayswater Queens -$255,000 (-13.2%)
3 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$255,000 (-6.6%)
4 Upper East Side-Carnegie Hill Manhattan -$150,000 (-6.7%)
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan -$100,000 (-5.1%)
While it is usually the borough of Manhattan that secures the number one spot on this list, this month it is Bronx that takes the lead. In July, Belmont, Bronx was the neighborhood with the heighest median dollar price drop, with a median price drop of $300,000 (a 13.0% percentage drop in price). Only Bronx, Manhattan, and Queens were represented on the July list.

 
 

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in July
Address Current Price Recent % Price Drops
1 503 W 24th St, Manhattan, NY 10001 $9,400,000 -42.2% (-$6,850,000)
2 150 Charles St, Manhattan, NY 10014 $12,000,000 -39.2% (-$7,750,000)
3 503 W 24th St, Manhattan, NY 10001 $10,475,000 -29.6% (-$4,400,100)
4 755 Park Ave, Manhattan, NY 10021 $425,000 -28.6% (-$170,000)
5 1199 Park Ave, Manhattan, NY 10128 $475,000 -28.0% (-$185,000)
Again we see that Manhattan is the borough that, not only takes the number one spot, but secures all the spots on the list. The address with the highest percentage price drop was located in Chelsea and had a percentage price drop of 42.2%. All of the addresses on the top five list saw price cuts of 28.0% and up.

 
 

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in July
Address Current Price Recent $ Price Drops
1 150 Charles St, Manhattan, NY 10014 $12,000,000 -$7,750,000 (-39.2%)
2 503 W 24th St, Manhattan, NY 10001 $9,400,000 -$6,850,000 (-42.2%)
3 211 Central Park W, Manhattan, NY 10024 $19,500,000 -$4,500,000 (-18.8%)
4 50 West St, Manhattan, NY 10006 $14,495,000 -$4,455,000 (-23.5%)
5 503 W 24th St, Manhattan, NY 10001 $10,475,000 -$4,400,100 (-29.6%)
Manhattan, again, secures all five top spots on the list of neighborhoods having the highest dollar price drops in dollar value in July. This month, the top address was located in West Village and it had a price drop of $7,750,000, which equals a price drop of 39.2%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 4.4M to 7.8M in July.

 
 

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. 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.