Real Estate
New Yorkers Fleeing City Hunt for Million-Dollar Suburban Homes
- New Jersey, Westchester and other areas seeing bidding wars
- Exodus of city dwellers adds to New York’s economic problems
Wealthy families who escaped New York during the pandemic are ending up in the city’s suburbs, competing for a scarce supply of homes in the commuter towns of New Jersey, Connecticut, Long Island and Westchester.
The open houses are held on video, and the real estate agents wear masks and gloves. But that hasn’t slowed the inquiries and offers. Many of the buyers are city dwellers with young children and budgets of $1 million to $2 million, agents said.