The Tri-State region, often referred to as the greater New York City area, includes New York (particularly New York City), Connecticut, and New Jersey. The housing market here varies significantly from the city to the suburbs.
As a result of the pandemic providing more freedom, including working from home, people have been taking advantage of that by the droves. After spending an extended amount of time outside of Manhattan to avoid the coronavirus, for example, many warmed up to the idea of a full-time non-urban life.
However, the opposite is true in some cases as the housing market in New York City has recently been undergoing a rebound, with out-of-staters moving in. The Wall Street Journal reported that from July through September, over 4,500 Manhattan condo and co-op sales closed, marking the most third-quarter sales in over three decades. That’s a dramatic change from the second quarter of 2020 when the median sale price for those condos and co-ops had dropped nearly 18 percent from the same period in 2019.
Still, while some are hedging their bets by moving into the city, particularly in the luxury market, more are choosing the suburbs, with these areas experiencing a scorching hot market.
Long Island, New York
Made up of four districts: Nassau, Suffolk, Kings, and Queens counties, Long Island has had a sizzling hot housing market, although recently, it’s begun to cool down. During the first half of 2021 in Suffolk and Nassau counties (excluding North Fork and the Hamptons), median and average home prices rose to their highest levels in nearly 20 years.
If you’re looking for the best of urban and suburban lifestyles, you might want to consider purchasing one of the Long Island houses for sale. When residents here crave time in the big city, they can easily reach it while enjoying nature and outdoor recreation at home, from swimming and hiking in the summer to ice skating and cross-country skiing in the winter.
Toms River, New Jersey
Redfin reports that in October 2021, Toms River home prices were up 16.8% compared to the same time last year, with a median selling price of about $335K. Despite the rise in price tags, homes are significantly lower than properties in NYC, and they’re even quite a bit lower than the average New Jersey listing price, which is nearly $100,000 more.
Toms River has become the most popular NYC suburb, thanks to the affordability combined with the chance to live by the beach. It’s about 90 minutes from both New York City and Philadelphia, ideal for enjoying a more tranquil seaside town and relatively easy access to big-city amenities.
Connecticut’s pricier home buying markets, including the shoreline, Litchfield, and Fairfield counties, saw a huge surge in home purchases in 2020 that continued into 2021.
Westport, located along Long Island Sound, led all zip codes in the state in net gains in people establishing residency. Home sales were up 109 percent between 2019 and 2020. The median home price today is at 1.6 million compared to $1.2 million last year. The town offers beautiful beaches and parks, hiking opportunities, great golf courses, and a thriving art scene. It’s also renowned for its picturesque downtown and outstanding schools.