RealtyHop Price Drop Report: July 2020

Posted July 1st, 2020


 

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 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 77
2 Turtle Bay-East Midtown Manhattan 72
3 Lincoln Square Manhattan 61
4 West Village Manhattan 51
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 50
We are have been seeing a slight uptick in price drops in the past months, and the month of June shared the same trend. For this month’s price drop report we have the Upper East Side-Carnegie Hill as the number one neighborhood in New York City, in terms of being the neighborhood that saw the highest number of price drops. The neighborhoods on the list had a total number of price drops ranging from 50 to 77 price drops.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Manhattanville Manhattan -19.1% (-$450,000)
2 East Harlem North Manhattan -14.4% (-$35,000)
3 North Corona Queens -11.8% (-$199,444)
4 Breezy Point-Belle Harbor-Rockaway Park-Broad Channel Queens -9.5% (-$100,500)
5 Midtown-Midtown South Manhattan -9.0% (-$100,000)
For the month of June, the number one neighborhood with the highest median percentage price drop was located in Manhattan, and that neighborhood was Manhattanville. Manhattanville took the number one spot with a 19.1% median percentage price drop, which equals a $450,000 drop in price. Last month it was Bushwick North that took the number one spot. The highest median price drops on the list in terms of percentage ranged from 9.0% to 19.1%.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Manhattanville Manhattan -$450,000 (-19.1%)
2 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$222,500 (-6.0%)
3 North Corona Queens -$199,444 (-11.8%)
4 Chinatown Manhattan -$165,000 (-6.8%)
5 East Village Manhattan -$154,000 (-5.0%)
Manhattan secured the number spot on the list of neighborhoods with the highest medial dollar price drops as well this month. Last month we saw that Carroll Gardens-Columbia Street-Red Hook secured the number one spot on this list, however Manhattanville took the lead this month. Manhattanville had a median price drop of $450,000 this month, which equals a percentage of 19.1%. Only Manhattan and Queens were represented on the list this month.

 
 

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in June
Address Current Price Recent % Price Drops
1 143-50 Hoover Avenue, Queens, 11435 $198,000 -39.1% (-$127,000)
2 1289 Lexington Ave, Manhattan, 10128 $2,550,000 -30.1% (-$1,100,000)
3 303 E 57th St, Manhattan, 10022 $895,000 -25.4% (-$305,000)
4 2 E 55th St, Manhattan, 10022 $130,000 -20.7% (-$34,000)
5 4 Lexington Ave, Manhattan, 10010 $995,000 -20.4% (-$255,000)
While we usually see only Manhattan addresses reported on this list, this month not only do we have another borough represented but that borough ended up taking the number one spot on the list. Queens managed to secure the top spot on the top five list of neighborhoods with the highest percentage price drop in June. The address with the highest percentage price drop was located in Briarwood and had a percentage price drop of 39.1%. All the addresses on the top five list saw price cuts of 20.4% and up.

 
 

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in June
Address Current Price Recent $ Price Drops
1 1010 Park Ave, Manhattan, 10028 $39,900,000 -$5,100,000 (-11.3%)
2 15 W 53rd St, Manhattan, 10019 $30,000,000 -$5,000,000 (-14.3%)
3 927 5th Ave, Manhattan, 10021 $32,500,000 -$3,000,000 (-8.5%)
4 240 Riverside Blvd, Manhattan, 10069 $15,570,000 -$3,000,000 (-16.0%)
5 351 E 51st St, Manhattan, 10022 $25,450,000 -$2,500,000 (-8.9%)
Manhattan secures all five top spots on the list of neighborhoods having the highest dollar price drops in dollar value in June. This month, the top address was located on the Upper East Side and it had a price drop of $5,100,000, which equals a price drop of 11.3%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 2.5M to 5.1M in June.

 
 

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. 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.