Suburban NYC home market slows down after its peak in 2020 and 2021

Since the beginning of the pandemic, many New Yorkers who can work remotely left the city for the suburbs. The real estate market around New York City, New Jersey, Westchester County, and Long Island has reached its peak in 2020 and the first half of 2021. Now, it begins to slow down a bit. 

As New York lifts most COVID-19 restrictions and office workers begin to return to the city, the real estate market is undergoing a shift in demand. Many would-be buyers in the suburbs are discouraged by constant competition and high prices. Another reason for the decline in the suburban home market is the shrinking inventory of affordable housing.

Overall, the New York City real estate market returns to its pre-pandemic numbers. More and more New Yorkers feel comfortable returning to the city. As a result, the bidding war on property in the suburbs is shrinking. The value of homes outside of NYC is going down.

Resources:

“New York After Covid-19: How Are Rent And Real Estate Prices Doing?” by Natalie Campisi (Forbes, 2021)

“Suburban Home Sales Soar in the New York Region,” by Vivian Marino and C. J. Hughes (The New York Times, 2021)

“New Yorkers Are Fleeing to the Suburbs: ‘The Demand Is Insane’” by Matthew Haag (The New York Times, 2020)

“As inventory shrinks, suburban NYC home market calms down a bit,” by TRD Staff (The Real Deal, 2021)

“New York suburbs see sales surge while Manhattan’s sink,” by TRD Staff (The Real Deal, 2020)

“Breaking Seasonal Barriers: Why The New York Real Estate Market Won't Be Slowing Down In The Summer,” by Frederick Peters (Forbes, 2021)