Sales Down 16%, Prices Up 11% — The Affordability Cliff

Here's the Westchester real estate paradox: homes are selling slower, but prices keep climbing.

Single-family home sales dropped 16% year-over-year in the first quarter of 2026. Yet the average sale price rose 11% to $1.3 million. These numbers aren't contradictory—they're complementary. They tell the story of a market driven by severe inventory constraints.

Fewer homes are listed. Fewer sellers have flexibility to move. The homes that do come to market are commanding higher prices because demand remains steady and options remain scarce. It's basic economics, and it's reshaping who can afford to live in Westchester.

The condo market is showing the first cracks. Condo sales ticked up slightly—from 240 to 251 units—but the median price dropped 5% to $529,000. That's a signal. Buyers are resisting higher price points and shifting to more affordable options. Co-op sales stayed flat at 337 units, with median prices climbing 7.3% to $256,000.

Why it matters: Young families—the demographic that built Westchester's suburbs—are being priced out of the single-family market. Many are downshifting to condos or co-ops. Others are leaving the county entirely. Over the next five to ten years, this exodus will reshape our communities, school enrollments, and municipal revenues.

For towns like Mount Vernon, Yonkers, and White Plains, transfer taxes on real estate sales have been a growing revenue stream. Fewer sales means less money for schools, infrastructure, and services. That's a real fiscal headwind.

The market is described as "resilient" by analysts. Demand hasn't evaporated. People still need to live here. But resilience is not the same as health. This is a market signaling worsening affordability—a warning sign for the future shape of Westchester.

District Galleria's June 30 Deadline
White Plains' $2.5 billion transformation project—mixed-use towers, retail, parking—reaches a critical milestone. The developer's option to proceed expires June 30. If approved, it could reshape downtown White Plains. If stalled, it signals caution in the development pipeline. Watch that date.

Con Edison Rate Hikes Accelerating
Con Ed filed for a 2.4% rate increase for 2026. The cumulative impact through 2028? 15%. That's significant for renters and homeowners on fixed incomes. Your heating bills and electric costs will climb faster than inflation over the next two years.

Employment Credit History Ban Takes Effect
Starting April 18, New York employers can no longer use consumer credit history as a hiring factor. It's a win for workers with financial troubles in their past and affects thousands of Westchester residents entering the job market.

Pleasantville's $17.5M School Bond Vote
Voters decide May 19 on a $17.5 million bond referendum. The controversy? New athletic field lights. It's a proxy fight between those who want expanded athletic programs and those who want to preserve neighborhood character after dark.

The New York League of Conservation Voters released its 2026 Westchester policy agenda. Key priorities: preservation of green space, transit access, and climate resilience. If you care about how Westchester develops over the next decade, it's worth reading.

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