One of the most popular places in the housing market right now is Upstate New York, where those wanting a reprieve from the city are finding low mortgage rates and less crowding.
Across the country the median sales price for single family homes has increased overall by 22.9% in the last year.
Realtors are finding an influx of clients looking to move from NYC to places like the Finger Lakes or the Adirondacks after working remotely and wanting more space for their homes.
The pandemic is partly responsible for residents of the city discovering the areas up here.
Currently, clients are looking for homes that offer space for home offices and gyms, and have space to bike or walk, especially near water.
Homes are selling within one day to a week at times for well above the asking price.
Open houses are not starting back up anytime soon with people still worried about the spread of COVID.
One benefit to sellers is that homes in need of work are selling for far more than they’re worth just based on location and size.
One realtor, Timothy Sweeney, president of Hudson Valley Catskill Region Multiple Listing Service, says that the market is acting very similarly to the way it did after 9/11.
2008 brought the market down following its rapid increase after 9/11, and one factor that makes it different now is that after the terrorist attacks many people were buying second homes for vacationing, this time they’re looking for full time homes. Working remotely has changed the way people live.
The biggest contributor to the housing market change right now is people wanting to escape crowded city life after experiencing a pandemic and having the ability to work remotely.