new york city suburbs thrive due to ‘mamdani effect’

new york city suburbs thrive due to ‘mamdani effect’

New York City’s suburbs have experienced an uptick in housing demand from wealthy residents in recent months, according to local real estate agents, as high earners scared off by Zohran Mamdani’s mayoral primary victory look for plan B within a reasonable distance.

One such place is Westchester County, a picturesque suburb just 30 minutes north of the Big Apple. Here, real estate agent Zach and Heather Harrison told Newsweek about what they call the “Mamdani effect.”

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housing market predictions for 2025: when will home prices drop?

housing market predictions for 2025: when will home prices drop?

This summer’s housing market was less about sizzle and more about cooling, giving buyers some relief and sparking enough demand to hint at what fall could bring.

Slowing home price growth, builder incentives, rising inventory in some regions and easing mortgage rates are giving buyers more options and purchasing power. Yet, despite this advantage, many are still putting homeownership on hold.

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housing market predictions for 2025: when will home prices drop?  

housing market predictions for 2025: when will home prices drop?  

The much-anticipated spring home-buying season never bloomed. In truth, it hardly even budded.

Now, housing market stakeholders are looking to summer for a potential rebound, hoping that growing inventory and slower home price appreciation will entice buyers off the sidelines by offering more options and greater negotiating power.

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housing market predictions for 2025: when will home prices drop?

housing market predictions for 2025: when will home prices drop?

As we move into spring, the housing market remains challenging, with record-high home prices and stubbornly elevated mortgage rates prolonging buyer struggles.

Yet, positive signals have emerged in the form of a deceleration in home price growth and decreasing mortgage rates.

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westchester home prices reach historic high in 2024, home sales dipped. what it means

westchester home prices reach historic high in 2024, home sales dipped. what it means

Westchester home prices continued climbing in 2024 as sales dipped, according to a report by Houlihan Lawrence.

The report released on Dec. 23 showed median sale prices of single-family homes went up 8.2% to $930,750 from 2024 while sales dropped slightly by 1.5%.

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housing market predictions for 2025

housing market predictions for 2025

The housing market in 2025 might have a more favorable outlook than much of 2024 had, especially if mortgage rates and inventory levels improve. There’s still uncertainty in the air, though: Rising prices and slowing construction could cause some trouble for buyers in 2025, and the impact of the new presidential administration remains a wild card.

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redding house of mary travers of peter, paul and mary holding estate sale this weekend with piano, 12-foot painting

redding house of mary travers of peter, paul and mary holding estate sale this weekend with piano, 12-foot painting

The sale will begin Friday at 9 a.m. with a sign up sheet available the night before. The sale will end on Friday at 3 p.m. before opening again on Saturday from 9 a.m. to 3 p.m. Only 25 people will be able to enter at one time and Redding police will be on hand to help facilitate operations, according to Boffey. Boffey added that parking is "tough" in the area and that customers must follow signs of where and where not to park.

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westchester real estate is in uncharted territory. the median single-family home price is over $1 million

westchester real estate is in uncharted territory. the median single-family home price is over $1 million

The median price of a single-family home in Westchester County, New York has topped $1 million for the first time.

It's not just a big-dollar benchmark for real estate in New York City's northern suburbs. It's the new normal.

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