In the past seven years since the Great Recession came full force in 2009, New York City and its surrounding areas have actually seen a dramatic rise in home sales. Most interesting is the home sales boom seen in the city's suburbs as opposed to the city center.
The New York Times analyzed the home sales between 2009 and 2016. While Brooklyn's home sales increased 47% in the seven-year span, Westchester, just north of the city, experienced a 106% increase. Michael Kolomatsky, a NYT writer, begs the question if this signals a slowing in migration to the city and a possible mass exodus to the surburbs.
He concludes that's not likely and more renters who are looking for homes are being pushed to the suburbs due to lack of housing supply and ballooning prices.