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.

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