RealtyHop Price Drop Report: August 2019

Posted August 1st, 2019


 
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 Turtle Bay-East Midtown Manhattan 157
2 Upper East Side-Carnegie Hill Manhattan 113
3 Lenox Hill-Roosevelt Island Manhattan 103
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 101
5 Lincoln Square Manhattan 98

The number one neighborhood in regards to price drops for the month of July was again Turtle Bay-East Midtown. The neighborhood had in the past month a total number of price drops of 157, significantly lower compared to last month. The number of price drops across all top 5 neighborhoods had decreased in the past month, which is somewhat expected, as the real estate market tends to be more robust from May to August and usually reaches its peak in July. This time around, we see that Lenox Hill-Roosevelt Island made the top five list, knocking out Upper West Side. The neighborhoods on the list ranged between price drops of 98 – 157.
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Mount Hope Bronx -15.0% (-$35,000)
2 Rugby-Remsen Village Brooklyn -14.2% (-$100,000)
3 Homecrest Brooklyn -10.6% (-$165,000)
4 Seagate-Coney Island Brooklyn -9.1% (-$75,000)
5 Ocean Hill Brooklyn -8.8% (-$75,000)

In our last report, four of the biggest percentage price drops occurred in the Bronx, with only one in Queens. In the month of July, Brooklyn became the borough of the highest percentage price drops, with only one neighborhood in the Bronx on the list. The neighborhood with the highest median percentage price drop in July was Mount Hope, the Bronx.
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Sunset Park East Brooklyn -$199,999 (-6.7%)
2 Homecrest Brooklyn -$165,000 (-10.6%)
3 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$150,000 (-3.6%)
4 Manhattanville Manhattan -$149,500 (-6.3%)
5 Steinway Queens -$102,000 (-6.8%)

Time time around, for the neighborhoods with the biggest median price drops by dollar value, we’re seeing some new neighborhoods that were not on the list last month. Sunset Park East took back its first place and replaced SoHo-TriBeCa-Civic Center-Little Italy, with a median price drop of $199,999. Homecrest, Manhattanville, and Steinway also made the list in the month of July. Homecrest, Brooklyn had a median price drop of $165,000 or 10.6%.
 

Top 5 Addresses with the Highest Percentage Price Drop in July
Address Current Price Recent % Price Drops
1 1605 Nostrand Ave, Brooklyn, 11226 $1,000,999 -28.5% (-399,000)
2 1993 Amsterdam Avenue, Manhattan, 10032 $150,000 -24.6% (-$49,000)
3 7409 Rockaway Blvd, Queens, 11421 $235,000 -24.2% (-$75,000)
4 845 United Nations Plz, Manhattan, 10017 $8,000,000 -23.8% (-$2,500,000)
5 3543 Willett Ave, New York, 10467 $329,900 -23.3% (-$100,000)

Now, let’s take a close look at which addresses saw the biggest price drops in the last month. Unlike what we saw in June, this time around, four out of five boroughs made the list of top addresses with the highest percentage price drop. The address topping the list for this month’s report was located in Booklyn. The property, which is a multifamily building with a renovated storefront, had a price drop of $399,000 which equated to 28.5% of the original listed price. All the addresses on the top five list here saw cuts above 23%.
 

Top 5 Addresses with the Highest Dollar Price Drop in July
Address Current Price Recent $ Price Drops
1 838 5th Ave, Manhattan, 10065 $33,000,000 -$6,950,000 (-17.4%)
2 151 E 58th St, Manhattan, 10022 $22,000,000 -$4,000,000 (-15.4%)
3 1 Central Park South, Manhattan, 10019 $19,000,000 -$3,200,000 (-14.4%)
4 212 W 18th Street, Manhattan, 10011 $24,995,000 -$3,005,000 (-10.7%)
5 275 W 10th Street, Manhattan, 10014 $20,950,000 -$3,000,000 (-12.5%)

Not surprisingly, we face another month with all addresses for the highest price drops in absolute dollar terms located in Manhattan. For the past month, the top address on the list with the highest price drop still on the market was 838 5th Ave, with a big price drop of $6,950,000. That equals a price drop of 17.4%. It seems that, compared to June, the price drop ranges were a little bit tigher in Manhattan this time around. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $3M and $7M in July.
 

Full Dataset

The intractive 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.