RealtyHop Price Drops Report: February 2021

RealtyHop-Price-Drops-Feb-2021

The real estate market has its ups and downs. In February’s monthly price drop report, RealtyHop analyzed available data for January 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 Turtle Bay-East Midtown Manhattan 177
2 Upper East Side-Carnegie Hill Manhattan 147
3 Lincoln Square Manhattan 112
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 102
5 Upper West Side Manhattan 97

The neighborhood with the most price drops for the last month was this time around Turtle Bay-East Midtown in Manhattan. The neighborhood saw a total of 177 price drops. The neighborhoods in the top fiveneighborhoods with the highest number of price drops were all located in the borough of Manhattan, and they are all neighborhoods who frequent this top five list. Compared to the previous month, we saw more price movements this month. The neighborhoods on the list had a total number of price drops ranging from 97 to 177 price drops.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Fordham South Bronx -23.1% (-$120,000)
2 Brownsville Brooklyn -9.5% (-$104,999)
3 Westchester-Unionport Bronx -8.9% (-$36,900)
4 University Heights-Morris Heights Bronx -7.7% (-$74,999)
5 Ridgewood Queens -7.6% (-$124,501)

The neighborhood with the highest median percentage price drop was located in the borough of Bronx, more specifically Fordham South. The neighborhood saw a median percentage price drop of 23.1%, which equals a drop in price of $120,000. We also see that the boroughs represented in the top five list of neighborhoods with the highest median percentage price drops are Bronx, Brooklyn, and Queens. Manhattan is not represented on the list this month. The highest median price drops on the list in terms of percentage ranged from 7.6% to 23.1% 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 -$200,000 (-5.9%)
2 Ridgewood Queens -$124,501 (-7.6%)
3 Fordham South Bronx -$120,000 (-23.1%)
4 Upper East Side-Carnegie Hill Manhattan -$105,000 (-6.0%)
5 Brownsville Brooklyn -$104,999 (-9.5%)

As one of the most expensive neighborhoods in New York City, it is not surprising that Soho-TriBeCa-Civic Center-Little Italy tops as the neighborhood with the highest median dollar price drop. The neighborhood had a median dollar price drop of $200,000, which equals a 5.9% drop in price. Other neighborhoods represented on the top five list include Ridgewood, Fordham South, Upper East Side-Carnegie Hill, and Brownsville, which saw a price drop of $104,999, which translates to 9.5% of the original asking price.

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

Address Current Price Recent % Price Drops
1 2925 W 5th St, Brooklyn NY 11224 $480,000 -43.5% (-$370,000)
2 1624 Sedgwick Avenue, Bronx, NY 10453 $949,999 -36.7% (-$550,001)
3 170-31 Grand Central Parkway, Queens, NY 11432 $449,000 -33.5% (-$250,999)
4 138 Broadway, Brooklyn, NY 11211 $2,695,000 -32.5% (-$1,300,000)
5 111 E 56th St, Manhattan, NY 10022 $5,995,000 -29.5% (-$2,505,000)

The table above highlights the properties with the highest percentage price drop in the past 30 days that are still on the market. The address with the highest percentage price drop was located in Coney Island in Brooklyn and it had a price drop of 43.5%. That equals a drop in price of $370,000. Meanwhile, 1624 Sedgwick Avenue, a small multifamily building located in the Bronx saw a price change of $550,000, a discount of 33.5% from the original asking price. All of the addresses on the top five list saw price cuts of 30% and up.

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

Address Current Price Recent $ Price Drops
1 1010 Park Ave, Manhattan, NY 10018 $32,500,000 -$7,400,000 (-18.5%)
2 15 Central Park W, Manhattan, NY 10023 $57,900,000 -$7,100,000 (-10.9%)
3 157 W 57 St, Manhattan, NY 10019 $19,900,000 -$4,000,000 (-16.7%)
4 625 Park Ave, Manhattan, NY 10065 $24,950,000 -$2,550,000 (-9.3%)
5 111 E 56 St, Manhattan, NY 10022 $5,995,000 -$2,505,000 (-29.5%)

For the list of neighborhoods that have the highest dollar price drops in January, the borough of Manhattan manages to secure all top five spots on this list. The top address with the highest dollar price drop that’s still on the market is a penthouse located in the Upper East Side. It had a price drop of $7.4M, which equals a price drop of 18.5%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $2.5M to whopping 7.4M in January.

Full Dataset

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