From rental to sales, some Big Apple suburbs are getting newfound attention.
As we enter mid-July, the coronavirus (COVID-19) outbreak has continued making its way through the U.S. But its related statistics now show a different picture as compared to the start of the pandemic in the country.
For example, the once-struggling epicenter of New York has turned things around for the better. The Empire State hit its peak of over 11,000 cases back in April. Now, it is recording around 600-700 cases in the past few days, with the last two days reporting under 300 cases.
This paints a positive picture for the area, while bringing great news to the New York real estate market. According to latest observations, the sector is seeing new found interest in both rentals and sales across various areas.
New York Economy is Restarting Through Real Estate
New York is still trying to reopen without causing a predicted second wave of the coronavirus. As a result, its economy is going through a tepid phase. But the current onslaught of new renters and buyers indicates an uptick in major economic activity.
So far, the interest in the New York real estate market has been most profound in Hudson Valley and Catskills. Both of these areas previously reported a slump in COVID-19 cases, with a few occasional issues of new cases cropping up. In addition to these regions, rural New York has also popped up on the radar of those who want to rent or own real estate in the state, now that it has somewhat curbed COVID-19.
These renters and buyers are a mix of people who hail from in and out of state. This is in high contrast with how individuals fled New York during the worst of the pandemic. But it’s also understandable, since the novel coronavirus is now spreading in other parts of the country, with Florida being designated as its new epicenter.
Locals are Perplexed at the News
Many are happy that at least one part of the state’s economy is improving in the form of the New York real estate market. But others are worried about these out of town visitors bringing in the virus with them.
Either way, these temporary or permanent movers are not backing away from their newfound love for New York suburbs. Searchings for Airbnb rentals in Hudson Valley, Catskills and Adirondacks topped 40 percent over the Fourth of July weekend. Similarly, city residents moved to close on sales in these and similar areas, showing that they want to get out of densely populated concrete jungles for now.
Due to these movements, the New York suburb and surrounding area market is seeing its most rapid activity since 9/11. According to most realtors, there is a good reason for this. Not only people from local city areas are showing an interest, but many out of state buyers such as those from California and Washington are also considering it.
This illustrates that even as the metropolitan areas of New York show signs of struggle, open-air regions with the well maintained distance between homes are picking up traction. If you are one that enjoys tranquility and an added joy of safety through the pandemic, following similar footsteps might not be a bad idea.