RealtyHop Price Drops Report: May 2021

RealtyHop-Price-Drops-Apr-2021

The real estate market has its ups and downs. In May’s monthly price drop report, RealtyHop analyzed available data for April 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 190
2 Upper East Side-Carnegie Hill Manhattan 182
3 Upper West Side Manhattan 133
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 103
5 Lenox Hill-Roosevelt Island Manhattan 101

For the month of April, the neighborhoods that saw the most price drops were again all located in Manhattan. As the market continued to improve, the number of price changes we observed increased. Turtle Bay-East Midtown once again came in as the #1 neighborhood with the most price drops, with a total of 190 price decreases, 23.3% more than in the previous month. The neighborhoods on the list had a total number of price drops ranging from 101 to 190 price drops.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Hammels-Arverne-Edgemere Queens -28.6% (-$150,000)
2 Hunts Point Bronx -12.7% (-$15,500)
3 Longwood Bronx -11.9% (-$31,000)
4 East Flushing Queens -9.6% (-$120,500)
5 Norwood Bronx -8.8% (-$110,000)

Percentage-wise, Hammels-Arverne-Edgemere, Queens saw the biggest price drops this month, with median percentage price drop hitting 28.6%, or $150,000 in dollar terms. Meanwhile, Hunts Point, Bronx came in as the #2 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 12.7%, or $15,500.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Hammels-Arverne-Edgemere Queens -$150,000 (-28.6%)
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$150,000 (-4.7%)
3 East Harlem South Manhattan -$142,500 (-7.1%)
4 East Flushing Queens -$120,500 (-9.6%)
5 Norwood Bronx -$110,000 (-8.8%)

Hammels-Arverne-Edgemere, Queens came in as the #1 neighborhood with the highest median dollar price drop this month, with a median price drop of $150,000. SoHo-TriBeCa-Civic Center-Little Italy also had a median dollar price drop of $150,000 in the month of April, but given the overall higher real estate values in the neighborhood, that amount only accounts for a 4.7% price change. The neighborhoods on the list had a median price drop ranging from $110,000 to $150,000 in dollar terms.

 

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

Address Current Price Recent % Price Drops
1 303 E 57th St #44G, Manhattan, NY, 10022 $550,000 -30.8% (-$245,000)
2  205 Beach 30th St, Queens, NY 11691 $375,000 -28.6% (-$150,000)
67-07 Roosevelt Avenue, Queens, NY 11377 $1,099,888 -26.7% (-$400,112)
4 245 7th Ave #PHBC, Manhattan, NY 10001 $5,995,000 -24.1% (-$1,900,000)
5 123 Washington St #51D, Manhattan, NY 10006 $1,900,000 -24.0% (-$600,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market, three of which are located in Manhattan. Th1e address with the highest percentage price drop was 303 E 57th Street Unit 44G, a co-op unit located in Midtown East. All properties on the list experienced a price cut over 24%.

 

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

Address Current Price Recent $ Price Drops
1 820 5th Ave #3FL, Manhattan, NY 10065 $39,000,000 -$11,000,000 (-22.0%)
2 432 Park Ave #82FL, Manhattan, NY 10022 $79,000,000 -$11,000,000 (-12.2%)
3 2 Park Pl #PavalionA, Manhattan, NY 10007 $25,950,000 -$3,900,000 (-13.1%)
4 15 Central Park West #37A, Manhattan, NY 10023 $24,500,000 -$3,500,000 (-12.5%)
5 247 W 46th St #PH2, Manhattan, NY 10036 $10,499,000 -$3,001,000 (-22.3%)

All five properties that had the highest price drops in dollar terms were all located in Manhattan. 820 5th Avenue #3FL, a six-bedroom, seven-bathroom co-op unit in the Upper East Side is currently for sale for $39M, after a price reduction of $11M, or 22% of the original asking price. The top addresses with the highest price drops in absolute dollar value ranged in drops between $3M to $11M in the past month.

 

Full Dataset

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