Currently Reading

Did the Pandemic Kill Urban Markets?

Advertisement
Housing Markets

Did the Pandemic Kill Urban Markets?


May 7, 2021
new york city
Photo: ingusk | stock.adobe.com

The influx of ex-urbanites into the suburbs last year sparked conversations and concerns about the death of cities. But the connection between city and suburban real estate has proven to be much less binary than previously thought, says the New York Times. Manhattan sales activity compared to the suburban Westchester county now shows that Manhattan sales activity increased along with suburban sales activity. Westchester gains did exceed Manhattan’s, but the city’s market continues to steadily improve since its dramatic drop during the second quarter of 2020. 

“This outbound pattern created the idea that the suburbs had their day at the cities’ expense, and that cities were over,” said Jonathan Miller, of Miller Samuel, the appraisal company. “As it turns out, the assumption that there’s a binary relationship between city and suburbs isn’t quite right, as measured by sales activity.”

Mr. Miller contributed data for this week’s chart, which provides a timeline of sales activity in Manhattan and the suburban county of Westchester, where activity is representative of that in other New York City suburbs.

By the end of the second quarter of 2020 — a couple of months into the pandemic market — sales in Manhattan had plummeted about 54 percent year over year. In Westchester, the drop in sales was about 27 percent. By Q3, six months into the pandemic, Manhattan sales had crept upward, about 46 percent lower compared with a year earlier, while Westchester’s were well on the rise, within 1 percent of the previous year’s levels. By Q4, the Westchester sales had surpassed the previous year by about 13 percent, while Manhattan sales were 21 percent lower.

Read More
 

Related Stories

Housing Markets

Metros With the Highest Home Value Growth

Homeownership provides buyers with equity and a long-term investment that could have a great payoff when it comes time to sell, as long as they’re…

Market Data + Trends

Here’s Where Vacation Home Sales Boomed the Most

Sales for vacation homes increased 16.4% in 2020 as many Americans worked remotely and fled high-density areas for more scenic lower-density areas…

Housing Markets

Where are Single-Family and Multifamily Permits Rising?

All 50 states experienced an increase in single-family permits in April compared to one year prior, but multifamily permits were much less stable…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.