Here’s some good news for New York City house hunters: Prices in two of the city’s hottest markets have cooled compared to last year.
The North Brooklyn submarket — made up of Williamsburg, East Williamsburg and Greenpoint — saw a year-over-year drop of 1.2 percent to $864,969, according to StreetEasy’s October 2016 Market Report.
Though hardly bargain-basement prices, it was the only Brooklyn submarket to see a decrease in prices, with sellers closing 92 percent of their listed price, a drop from 99.6 percent in October 2015.
“In Williamsburg, it will be particularly interesting to see if price declines continue as the L train closure approaches,” said StreetEasy economist Krishna Rao. “For those who don't mind dealing with restricted transit options over the next few years, this could present an opportunity for investment that will ultimately pay off.”
As a whole, Brooklyn’s median resale price did increase by 4 percent to $566,283 over last year, but it was the lowest October growth in four years.
Manhattan’s prices also grew by 0.5 percent to $982,042 over last year, representing the borough’s smallest increase since February 2011.
Resale prices in Lower Manhattan, the borough’s priciest submarket, dropped 1.8 percent to $1.19 million. Upper Manhattan, however, saw a 3.2 percent jump.
“Approaching winter, high-end sellers are already cutting prices as they adjust to a more restrained market. Buyers looking in formerly ultra-competitive areas may find the ball is back in their court,” Rao said.