RealtyHop Price Drop Report: May 2019
The real estate market has its ups and downs. In this monthly price drop report, RealtyHop analyzed available data 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||212|
|2||Turtle Bay-East Midtown||Manhattan||170|
|4||Lenox Hill-Roosevelt Island||Manhattan||138|
Looking at the top five neighborhoods with the most price drops over the past month, we see that all are located in Manhattan. The neighborhood that saw the highest number of price drops in April was the Upper East Side-Carnegie Hill, with a total of 212 price drops. The neighborhoods on the list ranged between price drops of 130 – 212.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
|Neighborhood||Borough||Median % Price Drops|
|2||Hunts Point||Bronx||-15.4% (-$200,000)|
The story, however, is different when focusing on highest price drops by percentage value. When looking at the median price drop in percentage terms, the deepest cuts were located in Brooklyn and the Bronx. The neighborhood with the highest median percentage price drop in April was Midwood, Brooklyn.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
|Neighborhood||Borough||Median $ Price Drops|
|2||Hunts Point||Bronx||-$200,000 (-15.4%)|
|3||SoHo-TriBeCa-Civic Center-Little Italy||Manhattan||-$200,000 (-5.0%)|
|5||Upper East Side-Carnegie Hill||Manhattan||-$127,500 (-5.7%)|
Next, we took a closer look at the neighborhoods with the biggest median price drops by dollar value. Here we see all boroughs represented, except for Staten Island. Manhattan ended up with two spots on the top five list, with SoHo-TriBeCa-Civic Center-Little Italy and Upper East Side-Carnegie Hill. However, Queensbridge-Ravenswood-Long Island City is the neighborhood that takes first place on the list, with a median price drop of $500,000.
Top 5 Addresses with the Highest Percentage Price Drop in April
|Address||Current Price||Recent % Price Drop|
|1||1485 E 16th St, Brooklyn, NY, 11230||$525,000||-24.9% (-$174,000)|
|2||303 E 57th St, New York, NY, 10022||$990,000||-24.7% (-$325,000)|
|3||435 E 77th St, New York, NY, 10075||$675,000||-20.6% (-$175,000)|
|4||1010 5th Ave, New York, NY, 10028||$3,900,000||-20.4% (-$1,000,000)|
|5||157 E 72nd St, New York, NY, 10021||$599,000||-20.1% (-$151,000)|
We were also interested in seeing which addresses saw the highest percentage price drops in April. The address that topped the list was 1485 East 16th Street in Brooklyn with a drop of $525,000, equating to 24.9% of the total price. All others in the top five were located in Manhattan, and saw cuts above 20%.
Top 5 Addresses with the Highest Dollar Price Drop in April
|Address||Current Price||Recent $ Price Drop|
|1||834 5th Ave, New York, NY, 10065||$59,000,000||-$9,000,000 (-13.2%)|
|2||157 W 57th St, New York, NY, 10019||$53,000,000||-$7,000,000 (-11.7%)|
|3||56 Leonard St, New York, NY, 10013||$26,950,000||-$2,550,000 (-8.6%)|
|4||1 Central Park W, New York, NY, 10023||$18,995,000||-$2,505,000 (-11.7%)|
|5||377 Rector Pl, New York, NY, 10280||$11,500,000||-$2,100,000 (-15.4%)|
When looking at the highest price drops in absolute dollar terms, it is not surprising that all are located in Manhattan. The top address on the list was 834 5th Ave, with a price drop of $9,000,000. While high, in percentage terms this only equated to 13.2%. We see that the top addresses each had a price drop between $2M – $9M in April.
The intractive table below includes all NYC listings with price drops in the month of April. 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.