RealtyHop Price Drops Report: December 2020

RealtyHop-Price-Drops-Dec-2020
 

The real estate market has its ups and downs. In December’s monthly price drop report, RealtyHop analyzed available data for November 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 171
2 Turtle Bay-East Midtown Manhattan 159
3 Lenox Hill-Roosevelt Island Manhattan 133
4 Upper West Side Manhattan 108
5 West Village Manhattan 106

For the month of December, we see that neighborhoods across New York City saw a dip in total amount of price drops. While the neighborhood with the most price drops last month had a total of 259 price drops, this month the number one neighborhood had a total of 171 price drops. That is 88 price drops less than what we saw last month for the number one spot. The neighborhood that saw the most price drops in November was Upper East Side-Carnegie Hill, Manhattan, with a total of 171 price drops. All of the neighborhoods with the most price drops for the month of November was located in Manhattan. The neighborhoods on the list had a total number of price drops ranging from 106 to 171 price drops.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Brownsville Brooklyn -8.4% (-$101,000)
2 Manhattanville Manhattan -6.7% (-$100,000)
3 Breezy Point-Belle Harbor-Rockaway Park-Broad Channel Queens -6.7% (-$60,000)
4 Windsor Terrace Brooklyn -6.4% (-$39,000)
5 Fresh Meadows-Utopia Queens -6.3% (-$75,056)

For this month, the neighborhood with the highest median percentage price drop was located in Brooklyn, more specifically Brownsville. Brownsville, Brooklyn saw a percentage price drop of 8.4 which equals a $101,000 drop in price. The highest median price drops on the list in terms of percentage ranged from 6.3% to 8.4% this time around.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$222,500 (-4.9%)
2 Upper East Side-Carnegie Hill Manhattan -$120,000 (-6.3%)
3 Brownsville Brooklyn -$101,000 (-8.4%)
4 Manhattanville Manhattan -$100,000 (-6.7%)
5 Auburndale Queens -$100,000 (-6.3%)
5 Chinatown Manhattan -$100,000 (-4.4%)

This month we have a mix of neighborhoods that ended up in the top five list of neighborhoods with the highest median dollar price drop in November. Furthermore, we have a tie for the last spot on the list. Soho-TriBeCa-Civic Center-Little Italy took the number one spot in this list, with a median dollar price drop of $222,500, which equals a 4.9% drop in price. Upper East Side-Carnegie Hill, Brownsville, and Manhattanville also ended up taking a spot on the list this month. Last we have two neighborhoods that tied for the number five spot on the list, Auburndale, Queens and Chinatown, Manhattan. Both neighborhoods had a median dollar price drop of $100,000 in the past month.

 
 

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

Address Current Price Recent % Price Drops
1 44 Prospect Park W, Brooklyn, NY 11215 $649,999 -31.6% (-$300,000)
2 1040 5th Ave, Manhattan, NY 10028 $16,500,000 -31.0% (-$7,400,000)
3 200 E 69th St, Manhattan, NY 10065 $8,750,000 -23.9% (-$2,750,000)
4 301 E 61st St, Manhattan, NY 10065 $989,000 -23.6% (-$306,000)
5 570 Park Ave, Manhattan, NY 10065 $1,750,000 -20.5% (-$450,000)

While the borough of Manhattan secured the majority of the spots on the list of the top five addresses with the highest percentage price drop in the past 30 days that are still on the market, the borough didn’t secure the number one spot. The address with the highest percentage price drop was located in Park Slope, Brooklyn and it had a price drop of 31.6%. That equals a $300,000 drop in price. All of the addresses on the top five list saw price cuts of 20.5% and up.

 
 

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

Address Current Price Recent $ Price Drops
1 1040 5th Ave, Manhattan, NY 10028 $16,500,000 -$7,400,000 (-31.0%)
2 995 5th Ave, Manhattan, NY 10028 $50,000,000 -$5,000,000 (-9.1%)
3 1220 Park Ave, Manhattan, NY 10128 $15,000,000 -$3,000,000 (-16.7%)
4 200 E 69th St, Manhattan, NY 10065 $8,750,000 -$2,750,000 (-23.9%)
5 625 Park Ave, Manhattan, NY 10065 $13,500,000 -$2,450,000 (-15.4%)

For the list of neighborhoods having the highest dollar price drops in November, the borough of Manhattan dominates. The top address with the highest dollar price drop that’s still on the market is located in Upper East Side and it had a price drop of $7,400,000, which equals a price drop of 31.0% when looking at the percentage. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 2.75M to 7.4M in November.

 
 

Full Dataset

 
The interactive table below includes all NYC listings with price drops in the month of November. 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.