Halfway through 2026, New York’s housing market is showing an interesting trend–a shrinking pool of buyers in a rising sea of prices.
Data from January through June shows how wide the gap between buyers and sellers in New York has become, with 10 of the largest counties by sales volume seeing declines in Q2 as prices continue to inflate.
To determine which areas are being hit hardest, Zoocasa analyzed data from three major REALTOR® boards across the state. Overall, the data shows buyers and sellers aren’t seeing eye to eye in some of New York’s largest markets.
As Prices Increase, Sales Slow in New York
So far in 2026, February is the only month that the year-over-year change in home sales increased while prices decreased, according to the New York State Association of REALTORS®, the state’s largest REALTOR® board.
Overall, closed sales have decreased while prices have increased across NYSAR counties. The widest gap between closed sales and median price changes was in May, where home sales were down 9.5% and prices rose 2.5% year over year.
June marked the first month in 2026 that both the median sales price and the number of closed sales saw positive year-over-year gains, at 8% and 0.8%, respectively.
10 Largest Counties See Sales Decreases
Across New York, the 10 largest counties by sales volume all experienced declines in closed sales in Q2. Most of the counties are located in southeastern New York near New York City, alongside Rochester and Buffalo in northwestern New York, and Syracuse in central New York.
As the largest county by sales volume, Suffolk experienced a 4.9% decrease year over year.
Queens and Orange counties each saw 10.6% declines in Q2, while Onondaga in the Syracuse area saw the largest decrease at 12%. Erie County in Buffalo had the smallest decrease at 0.6% down year over year.
Central New York Sees Largest Losses in Sales
Across New York, the largest decrease in sales were all correlated with higher prices. The largest loss was in Yates County, with a 26.1% decrease in closed sales and a 25.1% increase in the median price for homes sold in Q2.
There was a four-county cluster of sales decreases in central New York, including Yates, Tioga Madison and Onondaga counties. Beyond this, the counties that saw the largest sales decreases were mostly in the west and northwest areas of New York state.
Genesee County saw the second-largest price increase in Q2 among counties with the largest percent change in sales. Orleans County was the only county on the list to see a decline in both closed sales and price change year over year.
Why the Divide is Widening
There are a variety of factors affecting the housing market in New York, but by far one of the most prevalent is the increased cost of housing. New York has been in an affordability crisis for a long time, according to a recent report from United for ALICE.
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Between 2020 and June 2026, the median home sales price increased by about 42%. Meanwhile, the median household income has only increased by roughly 26% between 2020 and 2024, which is the most recent statewide data.
Historically high inflation is partially to blame, making every part of life more expensive for Americans. Additionally, higher interest rates at the federal level, driven by factors such as ongoing geopolitical tensions, are also playing a role in the slowing New York housing market.
Similar to New York, home sales at the national level are down year-over-year for both existing and pending sales in June, particularly in the South and Midwest.
Meanwhile, 80% of metros nationwide saw price increases in Q2, according to a recent National Association of REALTORS® report. Syracuse was the only New York city on the top 10 list of highest median sales price increases year over year at 9.6%.
In regard to sales, the Northeast United States was held back by slower job growth and faster-appreciating home prices, according to the NAR. This hurt affordability in Q2, although broadly the NAR says housing affordability is increasing nationwide due to wage growth.
Bridging New York’s Buyer and Seller Gap
When it comes to New York’s housing market, buyers and sellers aren’t on the same page. Due to quickly appreciating properties, sellers are requesting more than buyers can afford due to slower wage growth in the state, harming affordability.
Central and western New York in particular are facing some obstacles with decreasing demand amid higher prices, while areas with high volumes of sales are also seeing lower year-over-year turnout.
Collectively, a market correction may be in New York’s future if buyers and sellers are unable to find common ground on pricing.
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Methodology
This report uses Q1 and Q2 data reports from the New York State Association of REALTORS®, the Hudson Gateway Association of REALTORS® and the Greater Capital Association of REALTORS®. Additionally, information was pulled from NYSAR’s annual reports for median sales prices since 2020.
