As sales dipped in New York City last year during the pandemic, they rose in the suburbs ringing the city, and the largest increases were in the suburbs that belong to New York's neighboring states.
An analysis by PropertyShark ranked NYC’s suburbs based on the increase in home sales in 2020 compared to 2019. They found that buyers preferred larger, detached homes further from the city and that coastal suburbs in New Jersey and Connecticut were the most desirable. Ocean County, NJ, and Fairfield County, CT, were the top destination in their states. Toms River, N.J., saw largest the increase in sales activity in 2020 with 492 additional sales compared to 2019, an increase of 24 percent.
Although Fairfield saw fewer deals overall than Toms River, it had big leap in transactions, increasing 46 percent over the previous year.
The next suburb on the list saw more than two times the number of transactions in 2020 than in 2019: Westport had 661 home sales in 2020, up 109 percent from 2019. The affluent town saw increased demand in 2020 that pushed the median price up to $1,224,900.
It wasn’t just about changing location, buyers also shifted their preference toward larger, stand-alone houses.
“Homebuyers generally looked for larger, detached properties in the suburbs that could offer greater benefits during the pandemic—such as space for dedicated offices and ample outdoor areas—compared to more central properties with lower square footages,” the report says.
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