(Realtor.com)<\/span><\/figcaption><\/figure>\n\u201cBuyers consistently mentioned three main concerns\u2014taxes, safety, and more space. Showing activity this fall is up 28.1% compared to June, before the primary election,” Zach noted. <\/p>\n
“Nearly all of the Westchester towns have no resident income tax, and many potential buyers have voiced concerns that resident income taxes in the city may be on the rise.”<\/p>\n
Bidding wars are really heating up as demand outpaces supply, the agent duo explained.<\/p>\n
“Most of the bidding wars are in the \u2018under $4 million\u2019 price category, but we recently saw multiple bids on a home priced between $4 and $5 million,” they revealed.<\/p>\n
And this trend is not limited to one specific area\u2014or even a handful of suburban communities. <\/p>\n
“In practical terms, we\u2019re seeing more tours, faster offer cycles, and more bids above asking. Some of
The Harrisons say they recently saw a Westchester home listed at $1.5 million draw 24 offers. It sold for $700,000 over asking after just four days on the market.<\/p>\n
\u201cWhat makes this season different is the pace at which buyers are interested in buying immediately,\u201d says Heather. “The surge feels like we\u2019re back in the low-interest-rate COVID era, but with more urgency. <\/p>\n
“One of our recent listings had a buyer make an offer hundreds of thousands above asking before they had even seen it in person to try to beat out the competition!\u201d<\/p>\nThis Wyckoff home in Bergen County, NJ, sold for $1,528,000\u2014$103,000 above asking. (Realtor.com)<\/span><\/figcaption><\/figure>\nA Glen Rock, NJ, home was listed for $899,000 but sold for $1,052,000. (Realtor.com)<\/span><\/figcaption><\/figure>\n<\/span>New Jersey neighbors<\/span><\/h2>\nIn New Jersey, the momentum is just as fierce, Lucyk says. <\/p>\n
“Yes, the election is definitely playing a big role in buyers\u2019 motivation to relocate,” he confirmed. “We\u2019ve seen a noticeable increase in clients from New York City who are exploring the suburbs, and our open houses have been busier than usual. <\/p>\n
“We\u2019re gaining new clientele each week, and overall lead activity has picked up significantly.\u201d<\/p>\n
Lucyk shared examples that illustrate how heated the competition has become, revealing: \u201cOne of our recent buyer-side deals in Fair Lawn sold for over $70,000 above asking\u2014about 8% higher\u2014driven largely by the town\u2019s reputation and excellent school district. <\/p>\n
“Another home in Cedar Grove had 17 offers; we successfully secured it for our clients by offering $90,000 over asking. Both examples show just how competitive the market has become.<\/p>\n
\u201cInventory remains tight, but the recent dip in interest rates has had a major impact on activity. The political climate is adding an extra layer of urgency this year, making this season even busier than usual.\u201d<\/p>\nA Greenwich, CT, home sold for $3.8 million. It was originally listed for $3,690,000. (Realtor.com)<\/span><\/figcaption><\/figure>\nThis Cape Cod-style home in Greenwich was listed for $1,825,000 and sold for $1,975,000. (Realtor.com)<\/span><\/figcaption><\/figure>\nEven on Long Island, NY, homes are going above asking. This Farmingdale home sold for $1.48 million, $81,000 over asking. (Realtor.com)<\/span><\/figcaption><\/figure>\n<\/span>Suburbs defy national trends<\/span><\/h2>\nAccording to Realtor.com, national inventory growth has been strongest in the Northeast and Midwest, where buyers from pricier metro centers are spreading outward.<\/p>\n
By contrast, inventory growth in the South and West\u2014markets that led the post-pandemic boom\u2014has slowed, helping to narrow the regional divide in housing activity. Homes in politically stable, high-income suburbs around New York appear to be benefiting from that shift, with prices holding firm while other regions soften.<\/p>\n
In Greenwich, CT, Compass luxury real estate agent Mark Pruner<\/strong> says the demand surge is evident even at the top end.<\/p>\n\u201cOur inventory is down 81% from 2019, so our sales are limited by that. Overall, we only have 2.7 months of supply, so it is very much a seller’s market except over $5 million, where we have 9 months of supply. However, this is way down this year as we are having the best year ever for sales over $5 million,” Pruner told Realtor.com.<\/p>\n
Even with record-low inventory, Pruner says, contracts have \u201cgone up sharply\u201d over the last five weeks\u2014an anomaly that coincides with Mamdani\u2019s prominence. He cites several recent listings that went hundreds of thousands over ask, including a $2.4 million home that sold for $2.96 million in five days.<\/p>\n","protected":false},"excerpt":{"rendered":"
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