A handful of New York City neighborhoods saw price drops in August 2020, according to a new report.
RealtyHop recently released their September monthly price drop report, which tracks price decreases throughout the city this past August. According to their findings, Brooklyn’s Brownsville neighborhood saw a 10.4% median percentage price drop, which equals a $122,000 drop in price.
Following Brownsville is Queens’ Hollis neighborhood, which had a 10% price drop, equaling a $180,000 price decrease. This price drop also gave Hollis the highest median dollar price drop for the month.
The Bronx took the next three places on the list with high percentage price drops, with the Mott Haven-Port Morris neighborhood with the third-highest price percentage drop, reaching a 9.8% decrease. The Soundview-Bruckner area of the Bronx came in fourth with an 8.5% drop, followed by the Highbridge area with an 8.3% drop.
The report found that Manhattan had the highest number of total price drops, with the Upper West Side neighborhood having the most with 159 properties with price drops. Next in line is the Turtle Bay-East Midtown area with 148 price drops, followed by Lenox Hill-Roosevelt Island with 121 drops.
Rounding out the bottom of the list of the highest number of total price drops is the West Village with 109 drops and the Hudson Yards-Chelsea-Flatiron-Union Square are with 108.