Suburbs surrounding New York City are experiencing unprecedented demand, which can be seen in one $285,000 New Jersey home which received 97 showings, 24 offerings, and a final selling price 21% over asking, according to The New York Times. But that is not just an isolated event. One Long Island home received six offers after a Facebook Live tour, another priced just under $1 million needed only one day to receive four all-cash bids. July experienced a 44% increase in home sales for suburban counties around New York City compared to last year. During this time, Manhattan property sales dropped by 56%.
The suburban demand, driven in part by New York City residents who are able to work remotely while offices are closed, raises unsettling questions about how fast the city will be able to recover from the pandemic. It is an exodus that analysts say is reminiscent of the one that fueled the suburbanization of America in the second half of the 20th century.
It is not just crowded open houses, multiple offers and bids above asking prices. People in New Jersey suburbs who have no interest in putting their homes on the market are receiving unsolicited calls and knocks on the door from brokers asking if they want to sell.
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