Analysts at Zillow have found that, with a few noteworthy exceptions, the housing market remains strong in the United States in urban as well as suburban areas amid the ongoing coronavirus pandemic.
The time a property spends on the market has decreased slightly more in the suburbs since February, but urban and suburban areas have nearly identical trendlines for the slowdown and subsequent acceleration in newly pending sales, the analysts found.
Meanwhile, StreetEasy's July Market Report shows that the high-priced markets of New York City and San Francisco are exceptions to the trend of urban resilience. Buyer demand has not kept pace with inventory in New York City, the report found, with sellers accepting offers well below asking price. In Manhattan, homes are staying on the market almost twice as long as they did in 2019.
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Jane Wester
Jane Wester is a litigation reporter for the New York Law Journal. Email her at [email protected] or find her on Twitter @janewester.
