Skyrocketing Suburbs: The 10 Urban Escapes Where Prices Are Rising the Most by Realtor.com The COVID-19 pandemic has really taken the shine out of big-city life. Prices are shooting up in the now desirable suburbs.
1. Lakewood, NJ - Median listing price: $309,000 Percentage increase: 47.6%
Unlike the New York City–adjacent suburbs of northern New Jersey, Lakewood and other towns in the central part of the Garden State aren't relying mainly on stressed former urbanites for their influx of new residents. There are plenty of home sales coming from folks already in the area desperately looking to trade up—or scale down—in the wake of the COVID-19 pandemic. All that activity, along with skimpy inventory, has led to a price surge. Lakewood also has an ample supply of 55-plus communities, where homes have been selling fast as boomers cash out the equity in their existing homes for more manageable condos and townhomes in communities that are known for
their social vibes. Older adults can pick up a two-bedroom starting as low at $80,000 in a golf course community if they’re willing to put in a bit of work, or even find a fully renovated two-bedroom with marble and granite galore for just $169,000. “Boomers are moving,” says Susan Miller, sales associate with Diane Turton Realtors. “It’s a seller's market right now, so you see people wanting to take advantage of that.” see full list at
realtor.com
Part of the price surge in Lakewood is a result of real estate agents trying to create bidding wars in order to raise the price and with it the dollar size of the commission. This is combined with agents pressuring would be buyers to offer more and enticing people to sell by giving the seller high valuations.
ReplyDeleteIn other words, much of the rise in prices is due to manipulations by the agents.