Residents who were based in New York City and have cash are moving to the suburbs nearby as they can work from home with the wake of COVID-19 pandemic and office buildings in Manhattan remain almost vacant. In Hudson Valley, New Jersey, Westchester County, and Connecticut, there has been a rise in demand for houses over the past few months, according to real estate brokers in these areas.
There has been a 44% hike in home sales in July in suburbs located just outskirts of NYC, in comparison to 2019, according to Miller Samuel Real Estate Consultants. Out of this hike, Fairfield County has seen a 73% hike, Westchester County has got a whopping 112% rise in home sales, Putnam County got 35% and Dutchess County got a 19% rise.
The New York Times reported 56% drop in home sales in Manhattan in July. New Yorkers ended up living in tiny, cramped apartments before the pandemic arrived. They had to live with high cost of living just for the sake of short commutes to workplaces and easy accessibility to nightlife and cultural attractions.
Since a lot of theatres, museums, and stadiums have been closed due to COVID-19, people who have all the sources are looking for homes from where they can easily work. People who are fleeing to the suburbs have also shown concerns related to the increasing crime rate in the past few months, according to some real estate agents.
The number of victims from shooting incidents has increased to 166%, especially during the 4 weeks ended August 23, as compared to last year during the same period, according to the reports shared by NYPD. There was 87% rise in incidents related to shooting and 95% rise in shooting victims from January 1 to August 23, as compared to last year. According to a New Jersey based real estate agent, James Hughes, most New Yorkers are moving to peaceful suburbs with the feeling of urgency and ample space is all they want. According to Hughes, around 60% of New York exiles are potential buyers showing interest in his properties.