NYC Suburbs That Drew Homebuyers During COVID-19

Property Shark Key Takeaways:

• Home sales dipped in NYC, but increased substantially in many of the city’s suburbs
• Suburbs in New Jersey & Connecticut were largely ahead of those in New York state
• Buyers generally preferred larger, detached homes further from NYC proper
• Toms River, N.J., saw largest the increase in sales activity in 2020 with 492 additional sales compared to 2019, up 24%
• Ocean County, NJ & Fairfield County, CT were the top homebuying destinations in their respective states

COVID-19 was a complete game-changer in many areas, including the real estate market. Many New Yorkers sought alternatives to city life and, although prices for homes in New York City remained steady, the number of transactions dropped by 28% in NYC between March 2020 and February 2021.