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As more and more NYC residents flock to the suburbs over pandemic concerns, Westchester welcomes a large influx of buyers to these top locales.
Prominent local residential brokerage Houlihan Lawrence just released a trove of proprietary sales data breaking down exactly where in Westchester it’s seeing the largest increase in sales. While Westchester has seen a solid uptick in both sale price and volume over the past two quarters as demand outstripped market supply, this new dataset allows us to peer more deeply into the emerging popularity.
In carefully tracking buyer data, Houlihan Lawrence discovered that 37 percent of its Westchester property buyers hail from New York City. This percentage has increased significantly from last year’s rate of 26 percent.
“Houlihan Lawrence has been a data-driven company for decades. As the market leader, we participate in a significant number of transactions and power our elite team of agents with the local market insights to help their clients make informed decisions,” says President and CEO Liz Nunan.
So, which towns are seeing the biggest bump? NYC buyers are moving steadily towards the Sound Shore: towns like Rye and Rye Neck, Port Chester, Harrison, Mamaroneck, and Larchmont. Northern Westchester is also seeing an uptick, as more former city dwellers move to less claustrophobic municipalities like Armonk, Bedford, Chappaqua, North Salem, and Pound Ridge. Bedford especially has seen a boom, as the number of new residents hailing from the city has risen by 291 percent year-over-year.
“We heard many buyers say that they couldn’t imagine bringing their kids back to New York City,” says Houlihan Lawrence’s Bedford/Pound Ridge office manager Brendan DeSimone. “Here in Northern Westchester, their kids are hiking, farming, swimming in a pool or even a lake. 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,” he adds. “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. It’s become the best of both worlds.”