RealtyHop Price Drop Report: June
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 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||210|
|2||Upper East Side-Carnegie Hill||Manhattan||209|
|3||Lenox Hill-Roosevelt Island||Manhattan||137|
|4||Upper West Side||Manhattan||132|
When looking at the top five neighborhoods with the most price drops over the past month this time around, we’re seeing a lot of the same neighborhoods on the list, with the exception of Upper West Side who replaced West Village from last month’s report. However, all neighborhoods on the list still remain in the borough of Manhattan. The neighborhood with the highest number of price drops in May was Turtle Bay-East Midtown, with a total of 210 price drops. The neighborhoods on the list ranged between price drops of 124 – 210.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|1||Sunset Park East||Brooklyn||-16.3% (-$201,498)|
|3||Mount Hope||Bronx||-11.0% (-$20,984)|
|5||Cambria Heights||Queens||-10.4% (-$52,000)|
Now, taking a look at the top five neighborhoods with the highest price drops by percentage value, we are seeing two things this month: 1) Like last month, none of the neighborhoods are located in Manhattan and 2) all of the neighborhoods in the top five list this month are new addition to the list compared to last month’s list. The neighborhood with the highest median percentage price drop in May was Sunset Park East, Brooklyn.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|1||Sunset Park East||Brooklyn||-$201,498 (-16.3%)|
|2||SoHo-TriBeCa-Civic Center-Little Italy||Manhattan||-$141,871 (-4.6%)|
|3||Upper East Side-Carnegie Hill||Manhattan||-$126,000 (-6.3%)|
|4||West Village||Manhattan||-$100,000 (-4.8%)|
|5||Hudson Yards-Chelsea-Flatiron-Union Square||Manhattan||-$100,000 (-4.7%)|
Up next we take a look at the neighborhoods with the biggest median price drops by dollar value. While we saw all boroughs represented on this list in our last report, this time around we’re only seeing Brooklyn and Manhattan represented. While Queensbridge-Ravenswood-Long Island City took first place last month, the neighborhood has been replaced by Sunset Park East this month, with a median price drop of $201,498. Last month we saw bigger median dollar price drops than this month.
Top 5 Addresses with the Highest Percentage Price Drop in May
|Address||Current Price||Recent % Price Drop|
|1||4 W 21st St, Manhattan, 10010||$1,650,000||-33.9% (-$845,000)|
|2||67-30 Dartmouth St, Queens, 11375||$185,000||-26.0% (-$65,000)|
|3||50 Central Park S, Manhattan, 10019||$29,500,000||-25.3% (-$10,000,000)|
|4||845 United Nations Plz, Manhattan, 10017||$2,495,000||-24.3% (-$800,000)|
|5||1 Hanson Pl, Brooklyn, 11217||$695,000||-21.0% (-$185,000)|
Like last month, we took a closer look at which addresses saw the biggest price drops in the last month. Last month the address that topped the list was a Brooklyn address, with a drop of $525,000 which equated to 24.9% of the total price. This time around the number one address was 4 W 21st St in Manhattan , with a drop of $845,000, which equals 33.9% of the total price. All the addresses on the top five list still saw cuts above 20%.
Top 5 Addresses with the Highest Dollar Price Drop in May
|Address||Current Price||Recent $ Price Drop|
|1||50 Central Park S, Manhattan, 10019||$29,500,000||-$10,000,000 (-25.3%)|
|2||166 Perry St, Manhattan, 10014||$25,000,000||-$5,000,000 (-16.7%)|
|3||720 Park Ave, Manhattan, 10021||$17,000,000||-$3,000,000 (-15.0%)|
|4||35 E 76th St, Manhattan, 10021||$9,995,000||-$2,505,000 (-20.0%)|
|5||11 Beach St, Manhattan, 10013||$8,500,000||-$1,500,000 (-15.0%)|
Again, not surprisingly, all the highest price drops in absolute dollar terms are located in Manhattan. This month, the top address on the list was 50 Central Park S, with a huge price drop of 10,000,000. The same address was also listed in the top 5 addresses with the hghest percentage price drops, with a percentage price drop of 25.3%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $1.5M – 10M in May.
The intractive 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.
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.