RealtyHop Price Drop Report: March 2020

Posted March 2nd, 2020


 

The real estate market has its ups and downs. In March’s monthly price drop report, RealtyHop analyzed available data for February 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 155
2 Turtle Bay-East Midtown Manhattan 151
3 Lincoln Square Manhattan 96
4 Lenox Hill-Roosevelt Island Manhattan 91
5 Hudson Yards-Chelsea-Flatiron_Union Square Manhattan 88
When comparing the numbers to January, we see that February is not much different in terms of the five leading neighborhoods with the most price drops. The only difference this time around is a slight change in the total number of price drops by neighborhoods, some seeing an increase while other a decrease, and that Hudson Yards-Chelsea-Flatiron_Union Square knocked out Midtown-Midtown South as being the fifth neighborhood with the highest number of price drops in February. The neighborhoods on the list ranged between price drops of 88 to 155.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Sunset Park East Brooklyn -23% (-$305,000)
2 Canarsie Brooklyn -12% (-$92,500)
3 Williamsbridge-Olinville Bronx -12% (-$15,000)
4 Hamilton Heights Manhattan -8% (-$49,000)
5 College Point Queens -8% (-$49,000)
Brooklyn, Bronx, Manhattan, and Queens all represented the top 5 list of neighborhoods that had the highest median percentage price drops in February. Brooklyn had the most neighborhoods represented on the list, taking the top spot with Sunset Park East and its 23% median price drop, which equals a $305,000 drop in price. The highest median price drops on the list ranged from 8% to 23% this month.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Sunset Park East Brooklyn -$305,000 (-23%)
2 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$205,000 (-5%)
3 Morrisania-Melrose Bronx -$200,000 (-5%)
4 Homecrest Brooklyn -$200,000 (-5%)
5 Hunts Point Bronx -$200,000 (-5%)
Yet again, Brooklyn is at the top of the list for the neighborhoods with the highest median dollar price drop. For the month of February, Brooklyn secured two spots, Manhattan one spot, and the Bronx two spots. The neighborhood with the highest median dollar price drop was Sunset Park East, with a median price drop of $305,000, which equals a price drop of 23%.

 
 

Top 5 Addresses with the Highest Percentage Price Drop in February (Still on the Market)
Address Current Price Recent % Price Drops
1 503 W 24th St, Manhattan, 10001 $14,875,100 -23.7% (-$4,624,900)
2 425 E 58th St, Manhattan, 10022 $1,300,000 -23.3% (-$395,000)
3 172 Madison Ave, Manhattan, 10016 $76,000,000 -22.4% (-$22,000,000)
4 838 Greenwich St, Manhattan, 10014 $450,000 -21.1% (-$120,000)
5 3614 Johnson Ave, Bronx, 10463 $475,000 -20.8% (-$124,999)
While Manhattan secured all five spots on the list of addresses with the biggest price drops in January, the Bronx was able to secure one spot on the list in February. The address with the highest percentage price drops in February was located in Chelsea, and had a percentage price drop of 23.7%. All the addresses on the top five list saw price cuts above 20%, just like for January.

 
 

Top 5 Addresses with the Highest Dollar Price Drop in February (Still on the Market)
Address Current Price Recent $ Price Drops
1 172 Madison Ave, Manhattan, 10016 $76,000,000 -$22,000,000 (-22.4%)
2 503 W 24th St, Manhattan, 10001 $14,875,100 -$4,624,900 (-23.7%)
3 80 Columbus Cir, Manhattan, 10023 $25,000,000 -$4,000,000 (-13.8%)
4 25 Columbus Cir, Manhattan, 10019 $26,995,000 -$3,000,000 (-10%)
5 145 Central Park W, Manhattan, 10023 $22,750,000 -$2,250,000 (-9%)
For the month of February, we see yet again that all the five spots for the addresses with the highest dollar prices were by addresses located in the borough of Manhattan. For the month of February, the highest price drop was $22,000,000, which equals a price drop of 22.4%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 2.2M to 22M in February.

 
 

Full Dataset

 
The intractive table below includes all NYC listings with price drops in the month of February. 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.