RealtyHop Price Drops Report: September 2020

Posted September 8th, 2020


 

The real estate market has its ups and downs. In September’s monthly price drop report, RealtyHop analyzed available data for August 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 West Side Manhattan 159
2 Turtle Bay-East Midtown Manhattan 148
3 Lenox Hill-Roosevelt Island Manhattan 121
4 West Village Manhattan 109
5 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 108
COVID-19 has greatly impacted the NYC sales market in many ways. After months of lackluster performances, we are once again seeing activities. While inventory is returning to the market, there seems to be a huge gap between the asking price and what buyers are willing to offer.

In both July and August, we saw an uptick in the number of sales listings, and compared to July, the number of price drops in New York City didn’t fluctuate much this past month. When comparing to August 2019, we noticed that there were significantly more price reductions this summer. Upper West Side, for instance, saw only 76 price drops in August 2019. This number jumped to 159 in August 2020, a 109% increase. Below are the top fice neighborhoods that saw the most price drops. The neighborhoods on the list had a total number of price drops ranging from 116 to 158 price drops.

 
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Brownsville Brooklyn -10.4% (-$122,000)
2 Hollis Queens -10.0% (-$180,000)
3 Mott Haven-Port Morris Bronx -9.8% (-$65,100)
4 Soundview-Bruckner Bronx -8.5% (-$36,000)
5 Highbridge Bronx -8.3% (-$34,500)
While the number one neighborhood with the highest median percentage price drop was located in Queens last month, this time around the neighborhood is located in Brooklyn. Brownsville had the number one spot this month, with a 10.4% median percentage price drop, which equals a $122,000 drop in price. The highest median price drops on the list in terms of percentage ranged from 8.3% to 10.4%.

 
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 Hollis Queens -$180,000 (-8.5%)
2 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$145,000 (-5.2%)
3 Brownsville Brooklyn -$122,000 (-10.4%)
4 Upper East Side-Carnegie Hill Manhattan -$99,750 (-5.9%)
5 DUMBO-Vinegar Hill-Downtown Brooklyn-Boerum Hill Brooklyn -$80,000 (-5.1%)
While it is usually the borough of Manhattan that secures the number one spot on this list, this month it is Queens that takes the lead. In August, Hollis, Queens was the neighborhood with the highest median dollar price drop, with a median price drop of $180,000 (a 10.0% percentage drop in price). SoHo ranks the second this month, and while the median price drop in dollar amount was at $145,000, this only accounted for 5.2% of the original asking price.

 
 

Top 5 Addresses (Still on the Market) with the Highest Percentage Price Drop in August
Address Current Price Recent % Price Drops
1 150 Central Park S, Manhattan, NY 10019 $8,000,000 -50.0% (-$7,990,000)
2 645 E 26th St, Brooklyn, NY 11210 $445,000 -31.0% (-$200,000)
3 1600 Broadway, Manhattan, NY 10019 $1,400,000 -29.8% (-$595,000)
4 21-77 33rd Street, Queens, NY 11105 $350,000 -29.2% (-$145,000)
5 1399 Park Ave, Manhattan, NY 10029 $2,995,000 -27.0% (-$1,105,000)
Unlike previous months, in the month of August Brooklyn and Queens both made the list in terms of the highest percentage price drops. Located in Flatbush, the Co-Op unit at 645 E 26th Street saw a price drop of $200,000, or 31.0%. Meanwhile, 21-77 33rd Street in Astoria took a 29.2% cut, bringing the listed price down to $350,000. The address with the highest percentage price drop was located in Midtown Manhattan and had a percentage price drop of 50.0%. All of the addresses on the top five list saw price cuts of 27.0% and up.

 
 

Top 5 Addresses (Still on the Market) with the Highest Dollar Price Drop in August
Address Current Price Recent $ Price Drops
1 150 Central Park S, Manhattan, NY 10019 $8,000,000 -$7,999,999 (-50.0%)
2 50 Central Park S, Manhattan, NY 10019 $21,000,000 -$4,000,000 (-16.0%)
3 12 E 80th St, Manhattan, NY 10021 $21,800,000 -$3,200,000 (-12.8%)
4 860 Fifth Avenue, Manhattan, NY 10065 $11,999,000 -$2,951,000 (-19.7%)
5 15 Central Park W, Manhattan, NY 10023 $13,788,000 -$2,112,000 (-13.3%)
Manhattan, again, secures all five top spots on the list of neighborhoods having the highest dollar price drops in dollar value in August. This month, the top address was located in Midtown Manhattan and it had a price drop of $7,999,000, which equals a price drop of 50.0%. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $8.0M to $21.8M in August.

 
 

Full Dataset

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