In New York City, the global epicenter of the coronavirus pandemic, homeowners are not putting their homes on the market: new sales inventory has hit a significant low during the months of lockdown as validated by real estate platforms Zillow, StreetEasy, local and suburban brokers and a moving company.New home listings on real estate platforms Zillow and StreetEasy in the New York metro area have been down by more than 70% in the weeks of the pandemic as compared to the same weeks last year.
Similarly, New York City-based movers TikTok Moving & Storage is experiencing 60% less business amid the coronavirus pandemic; company president Ricky Sharma toldthe company was doing 100-plus moves per month pre-coronavirus—now, they’re doing around 30 moves per month. Sharma said that for those who are selling their homes now, 80% of them are moving their belongings to storage units, not a final destination, showing the continued uncertainty for many city residents about where they will live in the future.
New rental inventory is also down from last year on StreetEasy, though new listings and new searchers in New York increase every week, as people look for places with more work-from-home amenities like outdoor space, StreetEasy’s economist Nancy Wu told“In the sales market people are taking a wait-and-see approach,” said Wu. “The big picture is: We haven’t seen much evidence that people are looking to leave the city permanently.
that business is booming with the coronavirus pandemic. In March, it was driven by students who fled from their dorms and apartments, hiring the moving company to pack their stuff via FaceTime and send it back to their parents’ homes in the suburbs. Now, the company’s business is shifting to families and older adults making moves from the city to sunnier provinces, with Florida and Georgia as the most popular destinations. “People are just trying to get out of the city,” said Norber.
And price shows no sign of decline anyway.
Why would they give up on potentially the only investments they have ?
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