Demand surges for single-family homes north of NYC

The suburban exodus from New York City is leading a surge in interest for homes in counties close to the five boroughs.

Demand for single-family homes was up year-over-year across Westchester, Putnam and Dutchess counties in the third quarter, according to Westfair Online, citing data from the brokerage Houlihan Lawrence.

Westchester saw 11.7 percent more single-family sales than the same time last year, but both condo and co-op sales were down year-over year. Sales volume jumped by 9 percent in Putnam and 3.9 percent in Dutchess.

That demand is also leading to a surge in prices: Westchester, Putnam, and Dutchess counties saw their median sales prices rise by 16.2, 11 and 10 percent, respectively.

New York’s suburbs have seen an uptick in interest since the start of the pandemic, but much of the activity is led by Manhattanites moving out of the city. “That urban-to-suburban story has to be recast as Manhattan-to-suburban,” real estate appraiser Jonathan Miller recently told The Real Deal. [Westfair Online] —Dennis Lynch