As real-estate sales in Manhattan plummet amid the COVID-19 outbreak, demand for homes in the suburbs is spiking.
Real estate sales in Manhattan fell by 56 percent in July.
Meanwhile it's a far different story in the suburbs, especially the Hudson Valley, Fairfield County and Long Island.
“The demand is insane," one suburban realtor told The New York Times.
According to Miller Samuel Real Estate Appraisers & Consultants:
- Westchester County saw a 112 percent increase in home sales in July.
- In Connecticut, Fairfield County saw a 73-percent increase July home sales.
- Farther north of the city, Putnam and Dutchess counties both saw double-digit percent increases.
A three-acre property with a pool listed for $985,000 in the Hudson Valley received four all-cash bids within a day of having 14 showings, according to The New York Times report.
Six people made off on a Long Island home listed at $499,000 without even seeing it in person after seeing the Valley Stream residence on. video, the report said.
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