RealtyHop released its monthly New York City price drop report on April 6, revealing that neighborhoods in Manhattan saw the highest number of price drops during March.
RealtyHop analyzed sales price movements from March across all of New York’s boroughs and neighborhoods to provide useful information for those looking to invest in real estate during April.
The monthly report seeks to reveal New York’s neighborhoods with the highest total number of price drops by median percentage, median dollar value and street address.
During March, the neighborhoods that saw the highest number of price drops were all located in Manhattan. Turtle Bay in East Midtown had the most price drops at 154, followed closely by the Upper East Side’s Carnegie Hill with 150 price drops. RealtyHop attributes the increase of price drops in these neighborhoods to the picking up of the Manhattan residential real estate market.
Most of the neighborhoods that experienced the biggest price drops percentage-wise during March are located in the Bronx. Melrose South in Mott Haven North saw the largest price drops, with the median percentage price drop hitting 23.7%, equaling a price reduction of $28,000 in dollar terms.
Neighborhoods in Queens, Manhattan, Brooklyn and the Bronx made it on the top five list for the highest median dollar price drops during March. Jamaica, Queens saw the highest median dollar drop of $250,000, translating to 8.1% of the property’s original asking price. East Harlem South saw the second-highest median price drop in dollar terms with a $156,000 drop which translates to 9.8% of the property’s asking price within the preceding 31 days.
RealtyHop’s report also includes the top five addresses still on the market with the highest percentage price drops and the highest dollar price drops in March. 59 John St., a penthouse condominium unit in Manhattan’s Financial District, had an enormous price reduction of 48.2% or $2,050,000 in dollar terms and is now listed for $2,200,000.
8 East 62nd St., an almost 15 thousand square-foot, six-story limestone mansion, saw the highest dollar price drop in March of $10 million, or 15.4% of the listing’s previous asking price. The property can now be yours for a great steal of $55 million!