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The Dramatic Shift of New York's Home Prices Since March 2020
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Bronx: -15.3% Dutchess: 48.5% Nassau: 28.6% |
Orange: 54.6% Putnam: 43.4% Rockland: 47.4% |
Suffolk: 35.8% Westchester: 30.8% |
Ralph’s Take
The pandemic initially brought uncertainty and a brief market slowdown, with Westchester County brokers unable to show properties from March 22 to June 10, 2020. However, this was soon followed by a significant surge in demand. As lockdowns and remote work prompted people to seek more space, our area saw an influx of buyers relocating from New York City. Coupled with historically low mortgage rates, these factors drove a rapid rise in home prices across the United States.
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