Demand surges for single-family homes north of NYC

TRD TRI-STATE /
Oct.October 01, 2020 02:30 PM
Westchester County (Wikipedia, iStock)

Westchester County (Wikipedia, iStock)

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


Related Articles

arrow_forward_ios
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)

Newark restricts businesses again to curb Covid spike

Newark restricts businesses again to curb Covid spike
Fotis Dulos (AP Images/ Erik Trautmann)

Former home of Jennifer and Fotis Dulos hits market

Former home of Jennifer and Fotis Dulos hits market
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
The former Dowling College campus (Photo via Dowling College)

Suffolk County will seize 25-acre former Dowling College campus in Oakdale

Suffolk County will seize 25-acre former Dowling College campus in Oakdale
New Jersey Governor Phil Murphy (Getty, CDC)

New Jersey braces for more shutdowns as Covid cases rise

New Jersey braces for more shutdowns as Covid cases rise
Charles Kushner, Kushner Companies Journal Square project rendering

Kushner Companies ends legal battle, resumes Jersey City project

Kushner Companies ends legal battle, resumes Jersey City project
2 Wallis Lane (Courtesy of Mickey Conlon and Tom Postilio, Douglas Elliman; iStock)

Sprawling, 1930s-era North Shore estate hits the market

Sprawling, 1930s-era North Shore estate hits the market
More than 900 homes would be included in the registry if it were created today. (iStock)

Smithtown eyes registry of vacant and foreclosed homes

Smithtown eyes registry of vacant and foreclosed homes
arrow_forward_ios

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

Loading...