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Apparently not everyone is moving out of the NYC metro area
For much of 2021, the suburban New York real estate markets continued to be dominated by bidding wars, long lines at open houses and rising prices, as the housing inventory in many communities fell short of demand.
Fueling the frenetic activity, which started in mid-2020, was the allure of still-low mortgage rates, along with an influx of pandemic-weary city dwellers and new millennial buyers. At the same time, homeowners were holding onto their properties longer, many unable to afford to upgrade.
“It was the same story across all the suburbs,” said Jonathan J. Miller, a Manhattan-based real estate appraiser who also monitors suburban markets.
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