Pricey Williamsburg pads might soon be a little more attainable.
A report released Wednesday by StreetEasy found that median resale prices in North Brooklyn, which contains Williamsburg, East Williamsburg and Greenpoint, declined 1.2% from $875,475 in October 2015 to $864,969 in October 2016.
Competition for Williamsburg homes also weakened during that year as 44.3% of listed properties had price cuts and they took a median of 90 days to get into contract, according to the real estate site.
By comparison, overall Brooklyn’s median resale prices rose 4% year over year to $566,283, according to StreetEasy.
Serge Reda, a real estate professor at Fordham University, said the Williamsburg’s dip is an indication that investors and home hunters aren’t as hungry as they used to be for the multimillion dollar condos that have popped up over the last decade.
“This is a symptom of overbuilding in the high-end and luxury condo market,” he said.
Krishna Rao, an economist with StreetEasy, predicted that high-end sellers in New York will continue to cut prices due to the restrained market and a pending L train shutdown in 2019.
“Those interested in moving to the area should keep their eye on it as the shutdown approaches — competition is softening, and there could be a window of opportunity where the negotiating tables tip in buyers’ and renters’ favor ever so slightly,” he said in a statement.
