Brokers across the suburbs of New York are reporting open houses with lines out the door, multiple offers as soon as a listing hits the market, and all-cash offers pouring in. As the market heads into its hectic spring sales season, the New York suburbs seems to already be there. When it comes to New York City, Manhattan’s housing market began to pick back up in December, reports The New York Times. Signed contracts for all property types in Manhattan leapt 73.1% compared to one year ago in February, likely a result of softer pricing, low mortgage rates, and the vaccine rollout.
Jeffrey Otteau, the president of the Otteau Valuation Group, based in Matawan, N.J., agreed that once-depressed urban areas would recover. “I don’t think anyone expected people would leave the city,” he said, “and never come back.”
For those buyers focused on the suburbs, here’s a glimpse at what’s going on throughout the region.
Westchester
Brisk could describe the weather and pace of sales in Westchester this winter, as the single-family sales market builds on its 2020 gains, from Pelham to Scarsdale to Armonk.
A shortage of single-family houses explains the heightened competition. Starting last fall, demand began eclipsing supply, according to a new report from Douglas Elliman, and signed contracts have picked up since January: The busiest brackets have been houses priced from $1 million to $2 million, with $600,000 to $800,000 a close second.
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