Buyers Are Flocking to NYC’s Suburbs. Too Bad There Aren’t Many Homes to Sell.

Couple sitting on steps in front of home

Bidding wars abound in areas where demand far outstrips supply, even as some parts of the US grapple with a much slower market.

February 20, 2023
Jennifer Epstein & Prashant Gopal - Bloomberg

In the midst of the worst US housing slump in a decade, a wave of finance and tech layoffs and drumbeats of a potential recession, open houses in affluent New York suburbs are packed.

Offers come in fast — sometimes for hundreds of thousands over asking.

A typical scene played out on a cloudy Sunday last month in Scarsdale, a suburb about 20 miles (32 kilometers) north of Manhattan known for its bucolic setting and high-rated schools. At the tail end of an open house, a dozen people were still wandering in and around a 1926 Tudor-style house listed for about $1.93 million.

An older couple took video on their iPhone for their offspring too busy to attend, while a younger man walked around with his infant in a chest carrier. The house was in need of some touch-ups. Somebody whispered that the hardwood floors were scratched, another said that the refrigerator looked warped, and a pair of kitchen cabinet doors was missing. It hardly mattered.

Reprinted courtesy of Jennifer Epstein, Bloomberg and Prashant Gopal, Bloomberg


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