The coronavirus outbreak has affected the real estate market all around the world, and many of us assumed that normal activities would be temporarily halted. A year later, everyone is in the same boat. In 2020, as soon as the pandemic hit New York City, people packed their stuff and moved to the suburbs, and the remote work gave them another reason to leave the city. Throughout the US, the virus caused people to move out of the cities to seek larger spaces instead. For this reason, in 2021, New York City’s suburbs continue to boom because the city’s residents don’t want to move far away. After all, they might get called back to the office and are still hoping that the nightlife would return to normal. Therefore, the current situation has led to an increase in NYC’s suburban home sales.
Since there is a high demand for homes in the suburbs, the housing market is exhibiting one of the tightest markets. In Westchester County, signed home contracts have exploded since January, with most sales stemming from homes priced at $1 million to $2 million. And among sales that closed this past winter, the average time from listing to going under contract shrank to two months. Meanwhile, over in New Jersey (the northern and central part of the state are often regarded as suburban NYC), closed sales in January rose 17% despite there being nearly 44% fewer homes available on the market. Not only that, but the median sales price climbed about 20%.
Similarly, Long Island’s residential market is performing well due to an increase in buyer’s demand. On the South Shore, there’s just about a month’s supply of accessible homes to buy, whereas in other areas, there are hardly any available homes.
Moreover, in Fairfield County, Connecticut, real estate investors have seen a major surge in home sales considering the flat sales a year ago. Even though Fairfield is quite far away from New York City than popular suburban hubs like Greenwich and Stamford, the sales clearly show the extent to which the homebuyers will go to acquire a home in the respective vicinity.
Overall, the home sales in NYC’s suburbs are escalating continuously, in a progressive way. Real estate investors are facing a hard time trying to squeeze in as many buyers as possible. Hence, there’s no doubt that it is tough to get a home in NYC’s suburbs at the moment. But we are hoping that NYC’s residential market will get back on its feet in no time, and gradually suburbs would start to open up.