RealtyHop Price Drops Report: January 2021

RealtyHop-Price-Drops-Jan-2020
The real estate market has its ups and downs. In January’s monthly price drop report, RealtyHop analyzed available data for December 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 118
2 Upper East Side-Carnegie Hill Manhattan 108
3 Lenox Hill-Roosevelt Island Manhattan 94
4 Lincoln Square Manhattan 85
5 Upper West Side Manhattan 73

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 price drops of 118. 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, all though the number of price drops were slightly lower than last month. The neighborhoods on the list had a total number of price drops ranging from 73 to 118 price drops.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Fordham South Bronx -25.8% (-$180,000)
2 Steinway Queens -12.5% (-$50,000)
3 University Heights-Morris Heights Bronx -9.3% (-$64,501)
4 Fresh Meadows-Utopia Queens -9.0% (-$99,000)
5 Canarsie Brooklyn -8.3% (-$40,000)

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 25.8%, which equals a drop in price of $180,000. 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 8.3% to 25.8% 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 (-6.0%)
2 Fordham South Bronx -$180,000 (-25.8%)
3 Upper East Side-Carnegie Hill Manhattan -$149,500 (-5.9%)
4 Midtown-Midtown South Manhattan -$129,500 (-5.6%)
5 Chinatown Manhattan -$112,000 (-6.1%)

Compared to last month, we only have one borough represented on this list this month other than Manhattan and that is the Bronx. The number one spot on this list, in terms of neighborhoods with the highest median dollar price drop, is again Soho-TriBeCa-Civic Center-Little Italy. The neighborhood had a median dollar price drop of $200,000, which equals a 6.0% drop in price. Other neighborhoods represented on the top five list is Fordham South, Upper East Side-Carnegie Hill, Midtown-Midtown South, and Chinatown.

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

Address Current Price Recent % Price Drops
1 100 W 57th St, Manhattan, NY 10019 $799,000 -42.7% (-$596,000)
2 66 W 138th St, Manhattan, NY 10037 $395,000 -29.3% (-$163,000)
3 252 South St, Manhattan, NY 10002 $4,950,000 -25.3% (-$1,679,000)
4 250 W 90th St, Manhattan, NY 10024 $3,950,000 -24.8% (-$1,300,000)
5 40 E 80th St, Manhattan, NY 10075 $1,195,000 -24.1% (-$380,000)

Again we see that the borough of Manhattan manages to secure all top five spots on the list of neighborhoods 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 the Theater District in Manhattan and it had a price drop of 42.7%. That equals a drop in price of $596,000. All of the addresses on the top five list saw price cuts of 24.1% and up.

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

Address Current Price Recent $ Price Drops
1 220 Central Park S, Manhattan, NY 10019 $24,900,000 -$2,000,000 (-7.4%)
2 115 Central Park W, Manhattan, NY 10023 $9,950,000 -$1,950,000 (-16.4%)
3 252 South St, Manhattan, NY 10002 $4,950,000 -$1,697,000 (-25.3%)
4 502 Park Ave, Manhattan, NY 10022 $16,500,000 -$1,495,000 (-8.3%)
5 960 Park Ave, Manhattan, NY 10028 $10,500,000 -$1,495,000 (-12.5%)

For the list of neighborhoods that have the highest dollar price drops in December, 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 located in the Theater District and it had a price drop of $2,000,000. That equals a price drop of 7.4% when looking at the percentage. The top addresses with the highest price drops in absolute dollar value ranged in price drops between 1.4M to 2M in December.

Full Dataset

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