There”™s been a lot of anecdotal evidence that more and more New York City residents are have been showing interest in becoming Westchester, Putnam and Fairfield homebuyers as effects of the Covid-19 pandemic continue to reverberate through the canyons of the Big Apple.
Now, the Rye Brook-based real estate brokerage Houlihan Lawrence has produced some hard data that demonstrate that”™s actually been the case, and it has translated into actual buys.
Houlihan Lawrence, which bills itself as the largest residential brokerage in the suburbs north of New York City, has massaged its real-time buyer data and found that city-dwellers have become recent suburban buyers in substantial numbers.
Liz Nunan, president and CEO of the company, said, “Our data can also show trends over time offering a unique predictive model of what the future may hold, based on similar market conditions.”
Houlihan Lawrence”™s proprietary data indicate that 37% of buyers in Westchester in the third quarter of 2020 originated from New York City, an increase from 26% year-over-year. Year-to-date, 54% of city buyers were from Manhattan, and 18% from Brooklyn. Other percentages were not provided.
In neighboring Putnam County, the percentage of third quarter New York City buyers rose to 33%, nearly twice as many as third quarter last year.
The most popular Westchester markets for New York City buyers have been the Sound Shore (Rye, Rye Neck, Port Chester, Harrison, Mamaroneck and Larchmont) and Northern Westchester (Bedford, Armonk, Chappaqua, Pound Ridge and North Salem).
In Bedford, for example, the percentage of buyers that came from the city rose from 11% to 43%, a 291% increase year-over-year. Houlihan’s report says that buyers have been looking for more open space and amenities, and putting less emphasis on proximity to the city.
According to Brendon DeSimone, manager of Houlihan Lawrence”™s Bedford and Pound Ridge office, “We heard many buyers say that they couldn”™t imagine bringing their kids back to New York City. They appreciate all that we have to offer and realize there is a desirable lifestyle outside the city.
“People can now work remotely at least half the time or more. They can commute to the city during off hours, attend a few meetings and get back home without the stress of a Monday through Friday daily commute. They like that option. It”™s become the best of both worlds.”
Terra Corning, manager of Houlihan Lawrence”™s Larchmont office, said, “Since March, the New York City buyer segment is definitely driving sales in our communities.” She added that the high end of the market, sales over $4 million, primarily has consisted of local trade-up buyers in Larchmont.
“I think the New York City buyer at the higher-end price range is looking for newer construction more easily found in Rye and Greenwich,” Corning said.
Houlihan Lawrence”™s proprietary data indicates the percentage of residents from New York City buying in the Greenwich market rose from 19% to 34%. Darien also showed a similar increase from 19% to 35%.
The brokerage has 30 offices and more than 1,300 agents serving Westchester, Putnam, Dutchess, Columbia, Ulster and Greene counties in New York and Fairfield and Litchfield counties in Connecticut.
