Nassau seeing real estate boom as NYC buyers move to the suburbs
Long Island has always been an attractive spot for homebuyers, but real estate agents say the demand has seen a boom during the COVID-19 pandemic.
The increase in interest has come largely from people moving out of New York City and headed to the suburbs.
Nassau Executive Laura Curran says in July, real estate sales were up 60% in the county. Real estate agents say a lot of the rise comes from pent-up demand since agencies were closed in the spring.
Agents also say ad sales are booming in Nassau, with prices up 5-9%. And they expect those prices to go even higher as more transactions close very soon.
Agents say older millennial families aged 30+ from New York City are driving the demand, all wanting a better quality of life.
"There has been a lot of pent-up demand. And I know you guys are incredibly busy. There are bidding wars that I'm hearing about, there are some folks who were buying houses before they even set foot inside. So that's a good thing for our economy. It's a good thing for a real estate community and as a very good thing for Nassau County," says Curran.
Curran says walkable downtown communities near train stations are very much in demand. She wants to encourage development in those areas.