February 5, 2017 Comments Off on Has Williamsburg Hit its Peak? Views: 161 New York News, Outer Boroughs New York

Has Williamsburg Hit its Peak?

The Williamsburg and Greenpoint neighborhoods together make up the only housing submarket in Brooklyn where the median price of a home fell in the fourth quarter compared to the year before — dropping 2.9% to $560,493, according to StreetEasy.

“Brooklyn is synonymous with what’s considered cool in New York City real estate, but that cool-factor could be reaching a peak,” said StreetEasy economist Krishna Rao. “This could be due to L train fears, or simply buyer fatigue in the face of Williamsburg’s luxury prices.”

The all-important L train, which serves Williamsburg, is scheduled to have a long hiatus for repairs. Williamsburg and Greenpoint homes spent a median 83 days on the market, longer than those on any other Brooklyn submarket, and 31 days more than last year.

Read More at StreetEasy.

Connect to StreetEasy’s Rao

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