RealtyHop Price Drops Report: March 2021

RealtyHop-Price-Drops-Mar-2021

The real estate market has its ups and downs. In March’s monthly price drop report, RealtyHop analyzed available data for February 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 143
2 Upper East Side-Carnegie Hill Manhattan 134
3 West Village Manhattan 103
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 98
5 Lincoln Square Manhattan 98

For the month of February, the neighborhoods that saw the most price drops were all located in the borough of Manhattan. The neighborhood with the most price drops for the last month was, like last month, Turtle Bay-East Midtown in Manhattan. The neighborhood saw a total of 143 price drops, a slight drop compared to last month (177 price drops). The neighborhoods on the list had a total number of price drops ranging from 98 to 143 price drops.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Westchester-Unionport Bronx -25.0% (-$50,000)
2 Hunts Point Bronx -22.4% (-$130,000)
3 Mount Hope Bronx -18.4% (-$450,000)
4 Claremont-Bathgate Bronx -16.5% (-$99,000)
5 Brownsville Brooklyn -14.3% (-$112,000)

While the Bronx remained the borough having the neighborhood with the highest median percentage price drop this month, the neighborhood differed this month. While we saw Fordham South at the top of the list last month, this month we have Westchester-Unionport at the top. The neighborhood saw a median percentage price drop of 25.0%, which equals a drop in price of $50,000. This month, the boroughs represented on this list is mainly Bronx, securing four spots out of five, and Brooklyn, securing fifth place on the list. The highest median price drops on the list in terms of percentage ranged from 14.3% to 25.0% this time around.

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Mount Hope Bronx -$450,000 (-18.4%)
2 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$210,000 (-5.7%)
3 Norwood Bronx -$133,000 (-13.1%)
4 Hunts Point Bronx -$130,000 (-22.4%)
5 Borough Park Brooklyn -$126,000 (-6.2%)

SoHo-TriBeCa-Civic Center was listed at the top one neighborhood with the highest median dollar price drop last month. This month, the neighborhood got bumped one spot down to second as Mount Hope, located in the Bronx, took the top spot as the neighborhood with the highest median dollar price drop. The neighborhood had a median dollar price drop of $450,000, which equals an 18.4% drop in price. Other neighborhoods represented on the top five list include Norwood (Bronx), Hunts Point (Bronx), and Borough Park (Brooklyn).

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

Address Current Price Recent % Price Drops
1 298 E 2nd St, Manhattan, NY 10009 $1,750,000 -37.5% (-$1,050,000)
2 2063 Turnbull Ave, Bronx, NY 10473 $185,000 -32.7% (-$90,000)
3 320 E 35th St, Manhattan, NY 10016 $250,000 -28.6% (-$100,000)
4 150 W 56th St, Manhattan, NY 10019 $1,988,000 -25.8% (-$690,000)
5 521 W 47th St, Manhattan, NY 10036 $599,000 -25.0% (-$200,000)

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 East Village in Manhattan and it had a price drop of 37.5%. That equals a drop in price of $1,050,000. All of the addresses on this list were located in Manhattan this time around and saw price cuts of 25% and up.

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

Address Current Price Recent $ Price Drops
1 157 W 57th St, Manhattan, NY 10019 $44,000,000 -$5,800,000 (-11.6%)
2 157 W 57th St, Manhattan, NY 10019 $39,800,000 -$5,200,000 (-11.6%)
3 151 E 58th St, Manhattan, NY 10022 $29,500,000 -$4,500,000 (-13.2%)
4 522 W 29th St, Manhattan, NY 10001 $11,980,000 -$3,120,000 (-20.7%)
5 210 Central Park S, Manhattan, NY 10019 $9,990,000 -$3,010,000 (-23.2%)

Again, for the list of neighborhoods that have the highest dollar price drops in February, the borough of Manhattan secured all top five spots on the list. The top address with the highest dollar price drop, that’s still on the market, was located in the Theater District. It had a price drop of $5.8M, which equals a price drop of 11.6%. The top addresses with the highest price drops in absolute dollar value ranged in drops between 3M to 5.8M in February.

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. 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.