RealtyHop Price Drop Report: June 2020

Posted June 4th, 2020


 

The real estate market has its ups and downs. In June’s monthly price drop report, RealtyHop analyzed available data for May 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 Lincoln Square Manhattan 47
2 Turtle Bay-East Midtown Manhattan 35
3 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 32
4 Lenox Hill-Roosevelt Island Manhattan 31
5 Upper East Side-Carnegie Hill Manhattan 31
Still, the overall price drops numbers in New York City are low. Again, a slower housingmarket is an expected outcome from the Covid-19 outbreak and NYC’s stay at home order. However, we are seeing a tiny bit of an increase in terms of the numbers. For the month of June, we have Lincoln Square at the top of the list in terms of being one of the neighborhoods that saw the most price drops in the past month. Lincoln Square ended up with 47 price drops in May. The neighborhoods on the list ranged between price drops of 31 to 47 this month.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Bushwick North Brooklyn -20.9% (-$250,000)
2 Van Cortlandt Village Bronx -16.7% (-$200,000)
3 Brownsville Brooklyn -15% (-$115,000)
4 Ocean Parkway South Brooklyn -12.3% (-$74,999)
5 Sunset Park East Brooklyn -11.8% (-$805,000)
For the month of May, the number one neighborhood with the highest median percentage price drop was located in Brooklyn. Bushwick North took the lead with a 20.9% median percentage price drop, which equals a $250,000 drop in price. Last month, we saw North Corona, Queens securing the number one spot. This month, however, North Corona didn’t make the list. The highest median price drops on the list ranged from 11.8% to 20.9% this month.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Sunset Park East Brooklyn -$805,000 (-11.8%)
2 Bushwick North Brooklyn -$250,000 (-20.9%)
3 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$211,500 (-6.6%)
4 Van Cortlandt Village Manhattan -$200,000 (-16.7%)
5 Elmhurst-Maspeth Queens -$150,000 (-11%)
Last month, we saw that Carroll Gardens-Columbia Street-Red Hook secured the top spot on the list of neighborhoods with the highest median dollar price drops. This month, however, Sunset Park East in Brooklyn takes number 1. Sunset Park East ended up with a median price drop of $805,000, which equals a percentage of 11.8%. Represented on the list this month was Brooklyn, Manhattan, and Queens.

 
 

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in May
Address Current Price Recent % Price Drops
1 303 E 57th St, Manhattan, 10022 $999,000 -33.2% (-$496,000)
2 123 Clinton Ave, Brooklyn, 11205 $420,000 -25% (-$140,000)
3 502 Park Ave, Manhattan, 10022 $1,595,000 -24% (-$505,000)
4 3121 Middletown Road, Manhattan 10461 $250,000 -21.6% (-$69,000)
5 959 1st Ave, Manhattan 10022 $6,500,000 -21.2% (-$1,750,000)
Again, we see another month with only Manhattan addresses being represented on the top five list of neighborhoods with the highest percentage price drop in the past month. The address with the highest percentage price drop in May was located in Midtown East and had a percentage price drop of 33.2%. All the addresses on the top five list saw price cuts of 21% and up.

 
 

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in May
Address Current Price Recent $ Price Drops
1 959 1st Ave, Manhattan 10022 $6,500,000 -$1,750,000 (-21.3%)
2 1 Central Park W, Manhattan 10023 $7,500,000 -$1,495,000 (-16.6%)
3 218 E 75th St, Manhattan 10023 $2,990,000 -$1,005,000 (-25.2%)
4 60 E 55th St, Manhattan 10022 $4,995,000 -$1,005,000 (-16.8%)
5 245 10th Ave, Manhattan 10001 $6,995,000 -$1,000,000 (-12.5%)
Unlike the list above, Manhattan secures all tip five spots for the top addresses still on the market in terms of having the highest dollar price drop in May just like we saw in April. For the month of May, the top address was located in Midtown East and had a price drop of $1,750,000, which equals a price drop of 21.2%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 1M to 1.8M in May.

 
 

Full Dataset

 
The interactive table below includes all NYC listings with price drops in the month of May. 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.