New York City’s suburban housing markets are reportedly seeing a surge in demand as the mayoral race heads toward the Nov. 4 election, with Democratic Socialist Zohran Mamdani leading in the polls.
Mamdani's housing platform — which includes a rent freeze and higher taxes on top earners — reportedly has some New Yorkers turning to the suburbs. Zach and Heather Harrison, real estate agents in the affluent Westchester County, said calls from Manhattan residents spiked after Mamdani’s Democratic primary win in June, according to Realtor.com.
IS A MORE AFFORDABLE HOUSING MARKET ON THE HORIZON?
"We are absolutely seeing a correlation between Zohran Mamdani’s surprise win in the Democratic primary and an uptick in real estate interest in Westchester," the Harrisons told Realtor.com. "Since the summer, nearly every buyer from the city we have taken out to see homes in Westchester has mentioned the mayoral election as one of the drivers for shopping in the suburbs."
Home sales going into contract have surged 15% since Mamdani’s June primary win, a jump local agents have dubbed the "Mamdani effect," according to Realtor.com, citing the Harrisons.
HOME PRICES REACH RECORD HIGH IN JUNE – THESE STATES ARE THE MOST EXPENSIVE
"The current environment is giving buyers and investors a reason to reconsider their next real estate move, and turning to Westchester as the main attraction," the duo said.
Westchester’s median home list price hit $729,999 in August, which is higher than the national median of $429,990. But unlike New York City, many parts of Westchester County do not impose a resident income tax, Realtor.com reported, citing the Harrisons.
"I’d say taxes are the No. 1 priority for buyers considering a move to Westchester in light of the mayoral election," Zach Harrison said. "In today’s work-from-home world, many people do not need to be in the office five days a week. So when you can move toward greater space, community amenities, and affordability that the suburbs offer, it really becomes an easy decision for most buyers."
Following the announcement on Sunday that New York City Mayor Eric Adams was dropping out of the mayoral race, John Katsomatides, CEO of Gristedes and D'Agostino Supermarkets, told FOX Business that many New Yorkers, especially in the real estate industry, were "panicking."
"I think we have 32, 33 days left to the election," Katsomatides said Wednesday on FOX Business' "Mornings with Maria. A lot of New Yorkers, especially in the real estate industry, [are] panicking because they're afraid that if they have a billion dollars worth of real estate … 32 days from now it might be worth a half the price."
The shift isn’t limited to New York’s suburbs. Real estate agents previously reported a surge in wealthy New Yorkers heading south after Mamdani's win in the city's mayoral primary. Daniel de la Vega, president of ONE Sotheby’s International Realty in Miami, Florida, said website traffic from the New York area increased by 50% in the week after the primary.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Our agents are fielding calls from buyers actively reassessing their options, and we have seen a clear uptick in demand across our new developments," he said at the time.
