Is Albany, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Albany is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Albany has remained a Seller's Market.

Key Takeaway

Albany is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Albany, NY

How much do homes in Albany, NY cost?

Median Sold Price

$285,637

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$20,705(+7.8%)

Key Takeaway

Homes in Albany have sold for 7.8% more than they did a year ago.

Summary: The median home sold price in Albany was $285,637 in November 2024, up 7.8% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $142.9K$145K
+1.5%
2 $218K$219.9K
+0.9%
3 $266.8K$299.2K
+12.2%
4 $320K$316K
-1.3%
5+ $257.2K$282.3K
+9.7%

Summary: Albany housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.5%, 2 bedroom homes increased by 0.9%, 3 bedroom homes increased by 12.2%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes increased by 9.7%.

Median Sold Price Compared To Nearby Cities

Slingerlands
+22.4%
Delmar
+8.6%
Bethlehem
+8.1%
Albany
+7.8%
Rensselaer
+2.1%

Housing Supply in Albany, NY

How many homes are available in Albany, NY?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
566447-21.0%

Summary: The Albany real estate market had 447 homes for sale in November 2024, a 21.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 10
-100.0%
2 6145
-26.2%
3 204158
-22.5%
4 133108
-18.8%
5+ 167136
-18.6%

Summary: The Albany housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 26.2%, 3 bedroom homes decreased by 22.5%, 4 bedroom homes decreased by 18.8%, and 5+ bedroom homes decreased by 18.6%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
134115-14.2%

Asking Price vs. Sold Price

48 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

55 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Albany, you could pay more than the asking price. 47.8% of homes here sold above asking price last month.

Summary: A total of 115 homes were sold or pending in Albany in November 2024, down by 14.2% month-over-month. Of the 115 sold homes, 42% were sold under asking, 10% were sold at asking, and 48% were sold over asking.

Days on Market for Albany, NY

How long does it take to sell a home in Albany, NY?

Average Sale Time

Nov 2023Nov 2024CHANGE
18 Days23 Days+27.6%

Summary: Homes in Albany had an average of 23 days on market in Nov 2024, up by 27.6% compared to last year.

Breakdown of Home Sale Times

90 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Albany are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 115 homes were sold in Albany; 78% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 10 Days Ago

Newest Listings in Albany, NY

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