In September 2026, Yonkers single-family homes sold for an average of 102.22% of their list price. By October 8, 2026, construction was officially underway at Ridge Hill on a 17-story, $140 million tower. The two facts are a few weeks apart, and they are less in tension than they look. Every one of the tower's 282 units will be a rental, and so will nearly everything else in the city's current development pipeline. For a buyer comparing Yonkers with other Westchester and New York City options, the cranes are real. They are adding apartments to rent. They are not adding homes to buy.
What a Yonkers buyer saw in September
Here is the single-family market for September 2026, from one Westchester brokerage's monthly Yonkers report:
| Measure, September 2026 | Figure | vs. August 2026 | vs. September 2025 |
|---|---|---|---|
| Median sale price | $764,500 | -3.2% | +1.9% |
| Homes sold | 34 | -12.8% | -24.4% |
| Average days on market | 27 | -28.9% | -20.6% |
| Sale price as % of list | 102.22% | +0.4% | +1.8% |
| Homes for sale, end of month | 103 | +24.1% | -16.3% |
| Months of inventory | 3.0 | +42.9% | +11.1% |
The headline median moved less than 2% over the year. The more important figure is the drop in volume. Thirty-four sales is about a quarter fewer than in September 2025, yet the homes that did sell went faster and for more over asking than a year earlier. Listings rose sharply from August, but at 103 homes the count was still well below a year earlier. In September 2026, the Yonkers buyer was working with a short supply of houses and paying slightly above list to get one.
New construction is the usual answer to a short supply. In Yonkers, new construction is going into a different product.
Ridge Hill shows the pattern in one place
The clearest example is a single campus. Miroza's Monarch at Ridge Hill, at 599-701 Ridge Hill Boulevard, started with Tower 1, a 162-unit condominium that is now occupied. Towers 2 and 3 followed with 180 units each, both rentals and both occupied. Miroza's proposed Tower 4, a 14-story, $96 million building at 599 Ridge Hill Boulevard, is planned as 174 rental units, 17 of them affordable.
That is one condo building followed by three rental buildings from the same developer on the same land. The Monarch campus has 696 units, built and proposed, and 162 of them are for owners.
A short walk away, The Ibex at Ridge Hill follows the same pattern. An October 8, 2026 report says construction is now underway at 22 Lembo Drive, also known as Parcel K, next to Whole Foods Market on Ridge Hill's Main Street. The developers are a joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, with construction financing from Bank OZK. The plans call for 282 apartments, including 28 affordable units, about 5,000 square feet of ground-floor retail, and 423 resident parking spaces in Ridge Hill's existing garage. The developers expect the first apartments to be ready in late 2028, according to HGAR.
When the project went before the Yonkers Planning Board earlier in 2026, the developer's attorney described the plan directly, as reported by Westfair:
"The applicant is a very experienced developer, they are doing this as a rental project. And they are very confident in their market studies and their ability to deliver a luxury product and to be able to lease that product."
The citywide pipeline, by ownership type
Ridge Hill is not an exception. In June 2026, the Yonkers Times reported that the Yonkers Industrial Development Agency had voted final and preliminary approval of incentives for five residential projects. Together they total about 764 apartments and roughly $421 million in private investment. More projects have appeared in the agency's records since then. The table lists each one with its type.
| Project | Location | Units | Type |
|---|---|---|---|
| The Ibex at Ridge Hill | 22 Lembo Drive | 282 | Rental, 28 affordable |
| The Parker | 632-636 South Broadway | 160 | Affordable, at or below 80% of AMI |
| Monarch Tower 4 | 599 Ridge Hill Boulevard | 174 | Rental, 17 affordable |
| Locust Hill Estates | 45-57 Locust Hill Avenue | 98 | Apartment building |
| 21 Scarsdale Road, phase 2 | 21 Scarsdale Road | 50 | Rental |
| 70 Jackson Street | Former P.S. 19 site | about 128 | Apartment building |
| The Riverdale | 372 Riverdale Avenue / 13 Culver Street | about 144 | Affordable rental, at or below 60% of AMI |
| 53 Morningside Avenue | 53 Morningside Avenue | 65 | Market-rate apartments |
| 164 Ashburton Avenue | 164 Ashburton Avenue | 29 | Market-rate adaptive reuse |
That adds up to well over 1,000 apartments. A 94-unit affordable senior building at 221-223 Buena Vista Avenue, which received final IDA incentives in August 2025, is expected to be finished by July 2027. None of these projects is described as a condominium or townhome for sale. Our research also found no new for-sale condo or townhouse development announced, under construction, or selling in Yonkers in 2025 or 2026. A search can miss things, so that is not proof none exists, but it matches what the agency records show.
Some of these projects are at different stages. The September 11, 2026 IDA board packet lists draft final resolutions for 70 Jackson Street and the second phase of 21 Scarsdale Road, and an inducement resolution for The Riverdale. Draft resolutions are proposals until adopted. The packet also gives three different unit counts for The Riverdale: about 144 in the resolution, and 145 and 105 in the supporting sheets. 70 Jackson Street is a revival, too: an earlier authorization from 2018 never produced a finished building.
What the incentives are, and what they do not prove
Most of these projects are asking the IDA for the same types of help. For The Ibex and Monarch Tower 4, the package includes a sales tax exemption, a mortgage recording tax exemption, and a real property tax agreement known as a PILOT, or payment in lieu of taxes. The Parker receives a sales tax exemption and a PILOT. In July 2026 meeting minutes, the agency said sales-tax relief for the 29-unit Ashburton Avenue conversion would help the project move forward and stay within budget, and that the PILOT would be considered later.
The agency also publishes its own estimate of the payoff for each project. It puts the benefit to the city at $3.05 for every $1 of assistance for The Ibex, $2.85 for Monarch Tower 4, and $2.55 for The Parker.
It would be easy to conclude that the incentives drive developers toward rentals. The public record does not say so. No developer, IDA official, or city document in our research says the PILOT structure caused anyone to choose rental over condo. The on-record explanation is simpler and comes from The Ibex team: they ran market studies and expected to lease a luxury product. What the record does show is that, in 2026, most new multifamily construction in Yonkers is rental, and much of it has city tax incentives attached.
Where that leaves someone shopping to buy
For a buyer, this changes what supply means. The new towers at Ridge Hill, on South Broadway, and around downtown add units for renters. They do not add to the 103 single-family homes listed for sale at the end of September 2026. That resale count depends on existing owners deciding to sell. In September 2026, those owners were selling about a quarter less often than a year earlier, and their homes still sold above asking on average.
Two signals suggest the pressure may not be uniform:
- Single-family supply is picking up from a low point. Months of inventory rose to 3.0 in September 2026, up 11.1% from September 2025. Listings rose 24.1% in one month. That is still a narrow market, but it was wider than in August.
- Co-ops are a separate market. A Yonkers-only co-op breakdown was not available. Across Westchester County in July 2026, OneKey MLS data showed co-op inventory up 16.8% and new co-op listings up 27.2% year over year, while single-family inventory fell 9.3%. The county co-op median that month was $249,500, and the condo median was $622,500. Those are countywide figures, not Yonkers figures. They do show co-op supply growing while house supply shrank.
The rental pipeline matters to buyers in a less direct way, too. Thousands of new renters at Ridge Hill, on South Broadway, and near the waterfront is what the developers are planning for. When The Ibex opens in late 2028, its residents will be some of the people who may later want to buy in Yonkers, and the resale market they enter will be the same one that exists today.
Quick questions
Are any new condos being built in Yonkers right now? Our research found no new for-sale condo or townhouse project announced, under way, or selling in 2025 or 2026. The most recent large condo building identified is Monarch Tower 1 at Ridge Hill, which is already occupied. The newer towers on that campus are rentals.
When will The Ibex at Ridge Hill open? The developers expect the first apartments to become available in late 2028.
Do IDA incentives affect property taxes for nearby homeowners? A PILOT is an agreement for a specific project and sets that property's payments. The IDA publishes its estimated cost-benefit ratio for each project. Questions about how any agreement affects a particular property are best answered by the city assessor or a tax professional.
Is the Yonkers median price the best number to watch? The September 2026 median of $764,500 was up 1.9% from a year earlier. The sale-to-list ratio and inventory numbers changed more over the year and say more about how competitive the market is.
If you are weighing a Yonkers home against the new rentals going up around it, HLRE can help you read the resale data alongside the development pipeline. As an owner or investor, you can also look at what this rental construction means for an existing property. Let's Connect.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
