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New York City’s suburban housing markets are heating up in anticipation of the upcoming mayoral election on Nov. 4.
Zohran Mamdani, a Democratic Socialist, is leading in the polls, and now field has one less candidate with incumbent mayor Eric Adams dropping out of the race last weekend.
Mamdani’s housing policies have some wealthy residents eyeing the exits to the suburbs.
Zach and Heather Harrison, Westchester-based real estate agents representing The Harrison Team at Compass, are already tracking a spike in Manhattan residents reaching out about suburban properties.
“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,” Zach and Heather tell 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.”
Since Mamdani’s primary victory in June, sales going into contract in Westchester County are up 15% compared to the same period last year, according to The Harrison Team. Local agents are already calling it the “Mamdani effect.”
“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,” say the couple.
Not that it’s cheaper in the suburbs. Westchester County, just north of New York City, has a median home list price of $729,999 as of August 2025—well above the national median of $429,990.
(Realtor.com)
The core of Mamdani’s housing agenda
Mamdani’s sweeping housing proposal calls for a $100 billion investment over the next decade, paired with the construction of 200,000 new publicly subsidized, rent-stabilized units.
He has pledged to impose a multiyear rent freeze on rent-stabilized apartments and to double the capital budget for the New York City Housing Authority to preserve public housing.
Mamdani has also promised to grant “fast-track” status to any project that is 100% affordable housing, removing bureaucratic delays that often stall such developments.
His campaign estimates these moves, combined with a new 2% tax on New Yorkers earning more than $1 million annually, could raise about $4 billion a year—money that would be funneled into programs such as universal early child care and expanded affordable housing.
(Realtor.com)
For working-class and immigrant communities, the plan represents relief after decades of rising rents and limited affordable housing options. But for higher earners, the prospect of additional taxes is spurring some to look north.
“I’d say taxes are the No. 1 priority for buyers considering a move to Westchester in light of the mayoral election,” says Zach. “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.”
Not everyone is convinced that Mamdani’s proposals will benefit the city. Skeptics are already warning that higher taxes could drive away the very residents whose income fuels the city’s budget. Fox News host Sean Hannity, who has already relocated to Florida, suggested the city could soon see a dramatic outflow.
“If they want to go with Mamdani as the mayor of New York City, I invite you all to come and broadcast your show as I do, originate your show in the free state of Florida,” said Hannity in July, while appearing on Fox & Friends. “Because there is going to be a mass exodus out of the state of New York, the likes of which we have never seen.”
Whether or not predictions like Hannity’s prove true, the Harrisons say their phones are already ringing more often.
“Our buyers have cited their concern around the risk of higher taxes, as well as safety. New York City residents are taxed at a resident income tax rate of 3.078% to 3.876%, on top of state and federal taxes,” say the Harrisons. “One of the great things about Westchester County is that, unlike in the city, nearly all of our towns (with the exception of Yonkers) have no resident income tax.”
(Realtor.com)
National housing market slows, but New York City sees surprising gains
In August, the housing market remained slow across much of the U.S., with homes in 44 of the 50 largest metro areas lingering longer than last year, according to Realtor.com data. Only Kansas City and Buffalo saw homes move faster, while markets such as Houston, Louisville, New York City, and Philadelphia showed no change.
In New York City, the typical price per square foot bucked seasonal trends, rising 0.3% from July, even as national prices fell 1.2%. Active inventory in the city totaled 5,981 homes, down 11.1% from the previous month and largely unchanged from last year. Meanwhile, new listings dropped 32.1% from July, to 836, slightly below the total a year ago.
Nationally, active inventory edged down 0.4% to 1,098,681 homes, while new listings fell 7.5% to 402,268, highlighting a market where supply remains tight and buyers face competition.
New York City homes averaged 58 days on the market in August 2025, while nationally, homes moved more slowly, averaging 60 days, according to the Realtor.com August 2025 Monthly Housing Market Trends Report.
Whether Mamdani’s plans truly spark a large-scale migration remains to be seen. But for now, Westchester’s real estate agents are busier than usual, fielding calls from Manhattan residents who want to explore their options.
“According to polls as of this writing, signs point to a Mamdani victory as very likely,” say the Harrisons. “If he doesn’t win the election, we would anticipate that the city-to-suburbs market will normalize. If he does win, we would anticipate a greater surge in activity in the Westchester market, given the early surge we’ve seen well in advance of Election Day.”