Sales Boom in New York City’s Suburbs

In the seven years since New York City’s real estate market hit rock bottom in 2009, the surrounding suburbs have experienced a striking increase in the number of homes sold year over year. During the same period, residential sales in the city have grown at a much slower pace. Is an exodus taking place?

Not exactly. The city’s market is hardly sagging; rather, high prices and low inventory may be causing buyers to spill over into surrounding areas.

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For comparison, we looked at the number of homes sold in Brooklyn and Westchester, and their average sales prices during the first three quarters of 2016 and every year since 2009. Average sales prices in Brooklyn rose nearly 67 percent during those seven years, and the number of homes sold increased by nearly 47 percent. In Westchester, prices went up nearly 9 percent during the same period, while the number of sales increased impressively by just over 106 percent.

And these numbers represent a historic high: In the first three quarters of 2016, there were 7,074 home sales in Westchester — the most since at least 1982, the earliest year for which data is available.

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