Sales are surging and prices are rising in the New York suburbs

First quarter sales in Westchester increased 7% YOY

New York /
Apr.April 13, 2017 02:57 PM

The ‘burbs are back. Buyers in upstate New York and New Jersey are engaging in biddings wars to come away with suburban homes with easy access to Manhattan.

In Westchester County, for example, sales figures in the first quarter of 2017 jumped by nearly 7 percent year-over-year, the Wall Street Journal reported, citing data from brokerage Houlihan Lawrence. The median price also increased — rising by more than 5 percent to hit $570,000 in the first quarter.

It’s a similar story across New Jersey, where the monthly sales numbers have increased year-over-year for the past 2.5 years. On Long Island, sales in the third quarter of last year also hit a record high, and the median price went up nearly 5 percent in the last three months of 2016.

Rising interest rates and declining inventory is pushing more people to buy homes across the country, according to the newspaper. And with rents and sale prices rising in the city, locales further afield are becoming increasingly attractive to buyers.

Homes at the lower end of the market, and properties in well-connected New Jersey enclaves like Montclair and Glen Ridge, are particularly sought after.

“The dynamic at the entry-level price point is very frothy,” Chris Meyers, the president of Houlihan Lawrence, which has agents in Westchester and in Fairfield County in Connecticut, told the Journal. “We could use some more sellers.”

In first quarter of the year, the overall median apartment sale price in Manhattan was $1.1 million, a 3 percent decline from last year.  In Brooklyn, the median hit a record $770,000, while the northwest Queens’ median hit $485,000. [WSJ]Miriam Hall


Related Articles

arrow_forward_ios
StreetEasy to hike rental listing fees by 25% on June 1
StreetEasy to hike rental listing fees by 25% on June 1
StreetEasy to hike rental listing fees by 25% on June 1
Robert Rahmanian, Louis Adler, Lyndsey Casagrande, Kenny Fung and Robert Reffkin (Getty)
Real New York sues Compass agents for breach of contract
Real New York sues Compass agents for breach of contract
Project Renewal CEO Eric Rosenbaum, Attorney Adam Leitman Bailey and 27 West 11th Street. (Google Maps, Facebook via Project Renewal, Bailey)
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
REBNY's James Whelan, Sen. Brad Hoylman and Assemblymember Emily Gallagher (Getty, Whelan via Anuja Shakya)
Bill to audit 421a gets hearing as pols put subsidy in crosshairs
Bill to audit 421a gets hearing as pols put subsidy in crosshairs
REBNY's James Whelan with Sen. Julia Salazar and Sen. Jabari Brisport (Getty, Brisport via Jabari for State Senate, Whelan by Anuja Shakya for The Real Deal)
It’s back: Lawmakers propose ban on broker fees
It’s back: Lawmakers propose ban on broker fees
Exterior and amenities of 85 Jay Street in Dumbo. (Front & York)
Two Brooklyn homes asking $8M go into contract
Two Brooklyn homes asking $8M go into contract
740 Park Avenue and 24 Leonard Street (Google Maps)
Steven Mnuchin’s Park Avenue pad tops Manhattan contracts last week
Steven Mnuchin’s Park Avenue pad tops Manhattan contracts last week
(Getty)
Where the lawsuits challenging NY’s 2019 rent law stand
Where the lawsuits challenging NY’s 2019 rent law stand
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...