RealtyHop Price Drop Report: October 2019

Posted October 1st, 2019


 
The real estate market has its ups and downs. In October’s monthly price drop report, RealtyHop analyzed available data for September 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 211
2 Turtle Bay-East Midtown Manhattan 206
3 Upper West Side Manhattan 151
4 Lincoln Square Manhattan 146
5 West Village Manhattan 146

For the month of September, we saw a big increase in the total of number of price drops across neighborhoods. Upper East Side – Carnegie Hill was the neighborhood with the most price drops this month, just as they were last month. The big difference was the increase in price drops when comparing the two past months, as Upper East Side – Carnegie Hill saw a 56% increase in price drops with a total of 211 price drops. All of the top five neighborhoods with the highest number of price drops ended up having a bigger number of price drops than the number one neighborhood last month. The neighborhoods on the list ranged between price drops of 146 to 211.
 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Brownsville Brooklyn -16.7% (-$50,000)
2 Borough Park Brooklyn -16.0% (-$223,000)
3 Crowns Heights South Brooklyn -11.9% (-$74,500)
4 Ocean Hill Brooklyn -11.3% (-$102,000)
5 Morrisania-Melrose Bronx -10.6% (-$37,500)

The borough of Brooklyn secured four out of five spots in the top five neighborhoods with the highest median percentage price drop. Brownsville ended up having the biggest median percentage price drop of 16.7%. Last month, the highest median percentage price drop was 22.9% in Fort Greene, Brooklyn.
 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Borough Park Brooklyn -$223,000 (-16.0%)
2 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$203,000 (-4.7%)
3 Upper East Side-Carnegie Hill Manhattan -$145,000 (-5.6%)
4 Ocean Hill Brooklyn -$102,000 (-11.3%)
5 Bushwick North Brooklyn -$100,000 (-6.3%)

For the top five neighborhoods with the highest median dollar price drops, Borough Park, Brooklyn took the lead, with a price drop of $223,000, which equals a price drop of 16%. Only the boroughs of Brooklyn and Manhattan was represented in the top five this time around.
 
 

Top 5 Addresses with the Highest Percentage Price Drop in September
Address Current Price Recent % Price Drops
1 20 W 84th St, Manhattan, 10024 $990,000 -38.1% (-$610,000)
2 50 Riverside Blvd, Manhattan, 10069 $2,888,000 -25.7% (-$1,000,000)
3 151 Central Park W, Manhattan, 10023 $2,400,000 -25.0% (-$800,000)
4 240 Centre St, Manhattan, 10013 $14,900,000 -23.6% (-$4,600,000)
5 260 W Broadway, Manhattan, 10013 $11,500,000 -22.3% (-$3,000,000)

For the addresses that saw the biggest price drops in September in terms of percentage, only the borough of Manhattan was represented in the top five list. The top address with the highest percentage price drop was located on the Upper West Side, with a percentage price drop of 38.1%. All the addresses on the top five list saw price cuts above 22%.
 
 

Top 5 Addresses with the Highest Dollar Price Drop in September
Address Current Price Recent $ Price Drops
1 15 E 69th St, Manhattan, 10021 $38,500,000 -$6,500,000 (-14.4%)
2 778 Park Ave, Manhattan, 10021 $39,000,000 -$6,000,000 (-13.3%)
3 240 Centre St, Manhattan, 10013 $14,900,000 -$4,600,000 (-23.6%)
4 1040 5th Ave, Manhattan, 10028 $23,900,000 -$4,600,000 (-16.1%)
5 515 Park Ave, Manhattan, 10022 $35,000,000 -$4,500,000 (-11.4%)

Again, all the addresses in the top five addresses with the highest dollar price drop table are located in Manhattan. Last month, the biggest price drop was $2,000,000. This month, we saw significantly bigger price drops as the biggest price drop was for a unit located on the Upper East Side, with a price drop of $6,500,000, which equals 14.4%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $4.5M to $6.5M in September.
 
 

Full Dataset

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