RealtyHop Price Drop Report: May 2020

Posted May 4th, 2020


 

The real estate market has its ups and downs. In May’s monthly price drop report, RealtyHop analyzed available data for April 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 33
2 Lenox Hill-Roosevelt Island Manhattan 26
3 Lincoln Square Manhattan 26
4 Turtle Bay-East Midtown Manhattan 21
5 Soho-TriBeCa-Civic Center-Little Italy Manhattan 19
Again, like for the previous month, we see that the number in price drops overall in NYC is significantly lower than the month before. It is clear from looking at the data that the housing market is showing very little movement at the moment, which is an expected outcome from the COVID-19 outbreak and NYC’s stay at home order. Again we have Upper East Side-Carnegie Hill at the top for the neighborhoods with the most price drops for the month of April. The neighborhood ended up with a total of 33 price drops, a significant drop from having 92 price drops in March. The neighborhoods on the list ranged between price drops of 19 to 33 this month.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 North Corona Queens -22.3% (-$200,000)
2 Carroll Gardens-Columbia Street-Red Hook Brooklyn -17.1% (-$4,088,000)
3 Williamsburg Brooklyn -14.3% (-$50,000)
4 Morrisania-Melrose Bronx -12.3% (-$50,000)
5 Bensonhurst East Brooklyn -11.6% (-$289,000)
In March, Brownsville, Brooklyn took the top spot but in April, we see that the neighborhood with the highest median percentage price drop was North Corona, Queens. North Corona ended up with a 22.3% median percentage price drop, which equals a $200,000 drop in price. The highest median price drops on the list ranged from 11.6% to 22.3% this month.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Carroll Gardens-Columbia Street-Red Hook Brooklyn -$4,088,000 (-17.1%)
2 Bensonhurst East Brooklyn -$289,000 (-11.6%)
3 Upper East Side -Carnegie Hill Manhattan -$245,000 (-7.4%)
4 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$245,000 (-5.2%)
5 North Corona Queens -$200,000 (-22.3%)
In terms of the neighborhood with the highest median dollar price drop, Carroll Gardens-Columbia Street-Red Hook took the lead by a lot, having a median price drop of $4,088,000, which equals a percentage of 17.1%. On the list this month, the boroughs of Brooklyn, Manhattan, and Queens was represented.

 
 

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in April
Address Current Price Recent % Price Drops
1 139 W 82nd St, Manhattan, 10024 $750,000 -24.6% (-$245,000)
2 1021 Park Avenue 13D, Manhattan, 10028 $3,650,000 -18% (-$800,000)
3 30 W 61st St, Manhattan, 10023 $1,975,000 -17.5% (-$420,000)
4 570 Park Ave, Manhattan, 10065 $2,500,000 -16.5% (-$495,000)
5 2000 Broadway, Manhattan, 10023 $1,995,000 -16% (-$380,000)
Again, we see the same trend where Manhattan is the borough that secures the top five spots on the list of addresses still on the market with the highest price drop in the past 30 days. The address with the highest percentage price drop in April was located in Upper West Side and had a percentage price drop of 24.6%. All the addresses on the top five list saw price cuts of 16% and up.

 
 

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in April
Address Current Price Recent $ Price Drops
1 737 Park Ave, Manhattan, 10021 $17,995,000 -$3,005,000 (-14.3%)
2 1289 Lexington Ave, Manhattan, 10128 $10,500,000 -$2,000,000 (-16%)
3 415 Greenwich St, Manhattan, 10013 $10,500,000 -$1,005,000 (-5%)
4 1289 Lexington Ave, Manhattan, 10128 $5,995,000 -$1,000,000 (-14.3%)
5 1021 Park Avenue 13D, Manhattan, 10028 $3,650,000 -$800,000 (-18%)
Again, we see that Manhattan also manages to secure all top five spots for the top addresses still on the market with the highest dollar price drop in April. For the month of April, the top address was located in Upper East Side and had a price drop of $3,005,000, which equals a price drop of 14.3%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 800K to 3M in April.

 
 

Full Dataset

 
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.

 

 

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.