COVID-19 was devastating for many businesses. Restaurants, health clubs, movie theaters and other enterprises suffered substantial losses due to pandemic shutdowns. However, one industry thrived during the worst of COVID-19: real estate.
Fueled by an out-migration from urban areas and supported by record-low interest rates, the suburban New Jersey real estate market remained blazing hot through the dead of winter and well into the summer. Brokers reported unprecedented traffic and bidding wars once open house presentations resumed, and neighborhoods that were previously out of commuting range for buyers working from New York City became destination communities for employees who now worked remotely.
According to Robert Norman, president at Coldwell Banker Residential Brokerage, New York City Metropolitan Area, the strong market transitioned almost seamlessly from the shutdown to the reopening of the economy.