RealtyHop Price Drops Report: April 2021

RealtyHop-Price-Drops-Apr-2021

The real estate market has its ups and downs. In April’s monthly price drop report, RealtyHop analyzed available data for March across boroughs and neighborhoods in New York City to provide a useful resource for those looking to invest in real estate.

We focused on neighborhoods with the highest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and 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 154
2 Upper East Side-Carnegie Hill Manhattan 150
3 Lincoln Square Manhattan 121
4 Upper West Side Manhattan 118
5 Lenox Hill-Roosevelt Island Manhattan 106

For the month of March, the neighborhoods that saw the most price drops were all located in Manhattan. As residential real estate is finally picking up in the city since the pandemic, the number of price changes we observed increased. The neighborhood with the most price drops for the last month was, like in our previous report, Turtle Bay-East Midtown. The neighborhood saw a total of 154 price drops, a slight increase compared to the previous month (+7.7%). The neighborhoods on the list had a total number of price drops ranging from 106 to 154 price drops.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Melrose South-Mott Haven North Bronx -23.7% (-$28,000)
2 Highbridge Bronx -15.0% (-$149,999)
3 Rugby-Remsen Village Brooklyn -13.9% (-$130,500)
4 Westchester-Unionport Bronx -13.3% (-$20,000)
5 Claremont-Bathgate Bronx -10.0% (-$44,000)

Percentage-wise, Melrose South-Mott Haven North saw the biggest price drops this month, with median percentage price drop hitting 23.7%. This equals a price reduction of $28,000 in dollar terms. Most of the neighborhoods that experienced the biggest price drops percentage-wise are located in the Bronx.

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Jamaica Queens -$250,000 (-8.1%)
2 East Harlem South Manhattan -$156,000 (-9.8%)
3 Erasmus Brooklyn -$155,000 (-5.5%)
4 Highbridge Bronx -$149,999 (-15.0%)
5 Rugby-Remsen Village Brooklyn -$130,500 (-13.9%)

Jamaica, Queens came in as the #1 neighborhood with the highest median dollar price drop this month, with median price drop of $250,000, which translates to 8.1% of the original asking price. East Harlem South made this month’s list as the second neighborhood experiencing the highest median price drop in dollar terms. The median price drop in the neighborhood was $156,000, or 9.8% in the past 31 days. Other neighborhoods represented on the top five list include Erasmus (Brooklyn), Highbridge (Bronx), and Rugby-Remsen Village (Brooklyn).

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in March

Address Current Price Recent % Price Drops
1 59 John St, Manhattan, NY 10038 $2,200,000 -48.2% (-$2,050,000)
2 15405 118th Avenue, Jamaica, NY 11434 $240,000 -38.5% (-$150,000)
3 30 E 31st St, Manhattan, NY 10016 $2,510,000 -36.5% (-$1,440,000)
4 3631 Tibbett Ave, Bronx, NY 10463 $889,000 -30.9% (-$397,000)
5 526 W 158th St, Manhattan, NY 10032 $140,000 -30.0% (-$60,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. The address with the highest percentage price drop was 59 John Street, a condo unit located in Financial District in Manhattan. The unit was first for sale in December 2018, and four months after it first hit the market, went off-market temporarily, with no transaction recorded. It’s now back on the market, but with a whopping price reduction of 48.2%, or $2,050,000 in dollar terms.

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in March

Address Current Price Recent $ Price Drops
1 8 E 62nd St, Manhattan, NY 10065 $55,000,000 -$10,000,000 (-15.4%)
2 390 W End Ave, Manhattan, NY 10024 $21,999,998 -$3,000,002 (-12.0%)
3 145 Central Park W, Manhattan, NY 10023 $19,950,000 -$2,800,000 (-12.3%)
4 1158 5th Ave, Manhattan, NY 10029 $12,500,000 -$2,500,000 (-16.7%)
5 21 Astor Pl, Manhattan, NY 10003 $9,750,000 -$2,245,000 (-18.7%)

Again, all five neighborhoods that had the highest price drops in dollar terms this month are all in Manhattan. The mansion located at 8 E 62nd St in the Upper East Side is currently for sale for $55M. It was originally listed last September, asking $65M. The top addresses with the highest price drops in absolute dollar value ranged in drops between $2.5M to $10M in the past month.

Full Dataset

The interactive 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. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.

Want to know who owns these listings? Check it out by using our New York Property Records Search.