RealtyHop Price Drop Report: February 2020
The real estate market has its ups and downs. In February’s monthly price drop report, RealtyHop analyzed available data for January 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||159|
|2||Turtle Bay-East Midtown||Manhattan||121|
|4||Lenox Hill-Roosevelt Island||Manhattan||96|
For the past month of January, we’re seeing an uptick in the total number of price drops around New York City. For the month of December, we noted that the neighborhood with the highest number of price drops was Turtle Bay-East Midtown with 97 price drops. However, for the month of January, the neighborhood with the most price drops was Upper East Side-Carnegie Hill. While these two neighborhoods tend to alternate between who ranks number one as the neighborhood with the most price drops for the month, Upper East Side-Carnegie Hill this month had a total of 159 price drops. That is a increase in price drops from the last month’s numbers by 64%. The neighborhoods on the list ranged between price drops of 89 to 159.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|1||Rugby-Remsen Village||Brooklyn||-12% (-$243,500)|
|2||Crown Heights South||Brooklyn||-10% (-$185,000)|
|4||Cypress Hills-City Line||Brooklyn||-10% (-$55,000)|
|5||Prospect Lefferts Gardens-Wingate||Brooklyn||-9% (-$111,111)|
Last month we saw a variation of boroughs represented on this list, with Brooklyn, Bronx, and Queens all representing the top five neighborhoods with the highest median percentage price drops. However, for the month of January, all five spots on this list are secured by the borough of Brooklyn. The number one neighborhood with the highest median percentage price drops this month was Rugby-Remsen Village, with a 12% median price drop, which equals a $243,500 drop in price. The highest median price drops on the list ranged from 9% to 12% this month.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|2||Rugby-Remsen Village||Brooklyn||-$243,500 (-12%)|
|4||SoHo-TriBeCa-Civic Center-Little Italy||Manhattan||-$202,500 (-5%)|
|5||Bensonhurst East||Brooklyn||-$200,000 (-8%)|
For the top five neighborhoods with the highest median dollar price drops for January, we are seeing the same trend as for the top five neighborhoods with the highest median percentage price drops, and that is that Brooklyn is highly represented on the list. For the month of January, Brooklyn secured four out of five spots on the list. The neighborhood securing first on the list is Brownsville, with a median price drop of $255,001, which equals a price drop of 8%.
Top 5 Addresses with the Highest Percentage Price Drop in January (Still on the Market)
|Address||Current Price||Recent % Price Drops|
|1||240 E 47th St, Manhattan, 10017||$2,999,000||-28.6% (-$1,201,000)|
|2||139 W 82nd St, Manhattan, 10024||$1,099,000||-26.5% (-$396,000)|
|3||22 W 66th St, Manhattan, 10023||$7,450,000||-21.2% (-$2,000,000)|
|4||721 5th Ave, Manhattan, 10022||$3,350,000||-20.2% (-$850,000)|
|5||111 Murray St, Manhattan, 10007||$4,995,000||-20.1% (-$1,255,000)|
Unsurprisingly, the borough of Manhattan yet again, month after month, secures all five spots on the list of addresses with the biggest price drops in January in terms of highest percentage price drops. The top address with the highest percentage price drop in January was located in Midtown East, with a percentage price drop of 28.6%. All the addresses on the top five list saw price cuts above 20.0%, just like for December.
Top 5 Addresses with the Highest Dollar Price Drop in January (Still on the Market)
|Address||Current Price||Recent $ Price Drops|
|1||520 W 28th St, Manhattan, 10001||$38,925,000||-$4,775,000 (-16.1%)|
|2||172 Madison Ave, Manhattan, 10016||$11,000,000||-$2,000,000 (-15.4%)|
|3||32 W 18th St, Manhattan, 10011||$10,500,000||-$2,000,000 (-16.0%)|
|4||515 Park Ave, Manhattan, 10022||$33,000,000||-$2,000,000 (-5.7%)|
|5||22 W 66th St, Manhattan, 10023||$7,450,000||-$2,000,000 (-21.2%)|
Just like for the list above, we see that all five spots for the addresses with the highest dollar prices were secured by addresses located in Manhattan. For the month of January, the highest price drop was $4,775,000, which equals a price drop of 16.1%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 2M to 4.7M in January.
The intractive table below includes all NYC listings with price drops in the month of January. You can sort by column or do a quick search using the search bar.
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.