Pandemic Could Lead To Boom In Real Estate Market

For sale Sign
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NEW YORK (WCBS 880) — As New York City continues to progress through the phased reopening process, the real estate market is seeing an unexpected boom.

Last week, WCBS 880’s Sophia Hall reported Suffolk County was seeing a sudden increase in housing sales as people sought to leave the city and move to the suburbs amid the pandemic.

Many people were tired of being cooped up in tiny apartments in the five boroughs and were migrating east to purchase more space for themselves and their families. 

WCBS 880’s Peter Haskell reports suburban areas around the city, not just on Long Island, are also seeing a bump in the housing market.

Dottie Herman, CEO of Douglas Elliman, says she expects dozens of New Yorkers to make a change.

“If you were in an apartment and you have two kids and you were basically on lockdown for two to three months, you're looking and saying, ‘listen, I need space I need a place for my kids to go,’” she explains.

Prices in the city could drop 10% or more, but Herman expects that to be temporary.

“If you go back to 9/11, people exited, they left. It took a year to rebound but it comes back,” she explains.

For the last three month, any showing has been virtual, but in-person showings have been approved to start again under Phase 2 of the reopening process. 

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