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High Real Estate Prices In NYC Drive Up Demand In Nearby Communities

The Westchester and Rockland County real estate markets have seen an increase in bidding wars from would-be commuters to jobs in New York City, The New York Times said.
The Westchester and Rockland County real estate markets have seen an increase in bidding wars from would-be commuters to jobs in New York City, The New York Times said. Photo Credit: File

Rising real-estate prices in New York City have begun to trickle down to the surrounding suburbs, putting the squeeze on would-be commuters in Westchester and Rockland counties, according to The New York Times.

For now, the market is a seller's one, as Westchester properties are going for anywhere between 20 and 40 percent above the original asking price according to appraisal firm Miller Samuel, the Times said.

In comparison, other counties' properties are ranging in prices two to 13 percent above the original selling price, reported the New York Times

Reasons for the rise include families being priced out of homes in New York and a low inventory of available homes, the Times noted.

Click here to read the New York Times article.

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