Albany Housing Market: Prices, Trends, Forecast 2024 – Norada Real Estate Investments

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Albany’s housing market leans towards being a Seller’s Market, evident from the quick turnaround of property listings and the majority of sales occurring over the list price. This means more buyers than available homes lead to faster selling times and potentially higher prices.

How is the Albany housing market doing currently?

Median Listing Home Price: According to Realtor.com, the median listing home price in Albany stands at $268.5K, with a median listing price per square foot at $178. For those considering a purchase, Albany provides diverse options, including affordable 1-bedroom listings.


Buy/sell, rent/lease residential &
commercials real estate properties.

Neighborhood Diversity: Albany, New York is a city characterized by its 33 distinct neighborhoods. Among the noteworthy areas are Pine Hills, Campus Area, and Delaware Avenue, known for their unique charm and desirability. Center Square stands out as the most expensive, with a median listing home price of $472.5K, while West Hill offers affordability with a median listing home price of $124K.

Recent Sales Data: In December 2023, the median listing home price witnessed a notable increase of 16.8% year-over-year, reaching $268.5K. The median sold home price was $273K, indicating a robust real estate market.

Seller’s Market: Albany, NY remains a seller’s market, emphasizing high demand with more prospective buyers than available homes. Homes are selling close to the asking price, with a sale-to-list price ratio of 100%.

Days on Market: Homes in Albany, NY typically sell after an average of 53 days on the market. While this is a slight increase from the previous year, it signifies a healthy and competitive real estate environment.

Albany Housing Market Forecast for 2024

In the vibrant city of Albany, the housing market has shown resilience and growth, with the average home value reaching $281,584, reflecting a noteworthy 5.7% increase over the past year. Based on the available forecasts and current market conditions, there is no imminent sign of a housing market crash. The forecasted changes suggest a measured and gradual adjustment rather than a sharp decline.

According to data sourced from Zillow, homes in Albany are swiftly going pending within approximately 9 days, indicating a robust demand.  As of November 30, 2023, the housing inventory stands at 223 for sale, with 99 new listings added during the same period.

The median sale to list ratio, a key metric, recorded at 1.042 as of October 31, 2023, underlines the market’s stability. Additionally, the median sale price stands at $293,833, while the median list price is $262,167. Noteworthy percentages include 70.1% of sales over list price and 21.7% of sales under list price, both reported as of October 31, 2023.

Albany MSA Housing Market Forecast

Looking ahead to the future, the Metropolitan Statistical Area (MSA) forecast for Albany, NY, reveals intriguing insights. According to data available, the forecast for the end of 2023 indicates a stable trend with a change of 0%, while the beginning of 2024 shows a slight decline of -0.6%, and by the end of November 2024, the forecast projects a more significant decrease of -1.7%.

The Metropolitan Statistical Area (MSA) encompasses Albany, NY, as its central hub. It includes several counties, forming a significant economic and demographic region. The housing market within the Albany MSA comprises a diverse range of properties, catering to various preferences and needs of its residents. The counties within this MSA contribute to its overall housing market size, creating a dynamic landscape for buyers and sellers alike.

Are Home Prices Dropping in Albany?

As of the latest data available, there is no indication of home prices dropping. The market reflects stability, with the average home value experiencing a 5.7% increase over the past year. Considering the stability in home prices, the robust demand, and the favorable market conditions, the current scenario in Albany suggests that it could be a good time for prospective buyers to explore the market and make informed decisions.

Is Albany, NY a Good Place For Real Estate Investment?

Considering real estate investment opportunities? Albany, New York, emerges as a compelling contender on the map. With a rich historical backdrop, a growing economy, and a vibrant community, Albany holds potential for savvy investors seeking to diversify their portfolios.

The Economic Landscape

Albany boasts a robust and diverse economy, driven by sectors such as government, education, healthcare, and technology. The presence of prominent institutions like the State University of New York (SUNY) and various government offices contributes to a stable employment environment. This steady job market can create a consistent demand for rental properties, making it an attractive prospect for real estate investors.

Real Estate Market Trends

As of the latest data, Albany’s housing market has showcased positive trends. The average home value has experienced a +5.0% increase over the past year, reflecting a healthy appreciation. Additionally, the relatively short median days to pending sales indicate a competitive market, which can be advantageous for sellers.

Furthermore, the projected changes in the Albany Metropolitan Statistical Area (MSA) housing market demonstrate a positive trajectory. With anticipated growth percentages over specific periods, the market signals potential for property value appreciation, making it an enticing prospect for real estate investors.

Educational and Cultural Hub

Albany’s rich cultural scene and educational institutions contribute to its allure. The city offers various museums, theaters, and galleries, catering to diverse interests. Proximity to renowned universities and colleges not only supports a knowledgeable workforce but can also drive demand for housing among students and faculty.

Quality of Life

Albany’s quality of life factors also contribute to its investment appeal. The city strikes a balance between urban amenities and a more relaxed pace of life. Its historic charm, access to natural beauty, and family-friendly communities can attract a range of potential tenants, from young professionals to families.

Considerations and Conclusion

While Albany presents an array of promising opportunities, as with any investment, due diligence is key. Analyze local market conditions, stay informed about regulatory changes, and consider working with real estate professionals who are well-versed in the Albany area. Real estate investment success hinges on aligning your investment goals with the local market’s dynamics.

In summary, Albany, NY, holds the potential to be a favorable destination for real estate investment. Its diverse economy, positive market trends, educational institutions, and quality of life collectively contribute to its appeal. As with any investment decision, careful research and consultation are vital to make informed choices that align with your financial objectives.


Sources:

  • https://www.zillow.com/albany-ny/home-values/
  • https://www.realtor.com/realestateandhomes-search/Albany_NY/overview

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