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 February 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

$268,368

$173/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$18,368(+7.3%)

Key Takeaway

Homes in Albany have sold for 7.3% more than they did a year ago.

Summary: The median home sold price in Albany was $268,368 in February 2024, up 7.3% from last year, and the median price per square foot was $173.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $146.4K$140K
-4.4%
2 $210.5K$223.5K
+6.2%
3 $249.9K$274.3K
+9.8%
4 $300K$314.8K
+5.0%
5+ $250K$259.3K
+3.7%

Summary: Albany housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.4%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 3.7%.

Median Sold Price Compared To Nearby Cities

Delmar
+16.5%
Bethlehem
+8.5%
Albany
+7.3%
Rensselaer
+3.5%

Housing Supply in Albany, NY

How many homes are available in Albany, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
410301-26.6%

Summary: The Albany real estate market had 301 homes for sale in February 2024, a 26.6% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 74
-42.9%
2 3719
-48.6%
3 12279
-35.2%
4 10277
-24.5%
5+ 142122
-14.1%

Summary: The Albany housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 42.9%, 2 bedroom homes decreased by 48.6%, 3 bedroom homes decreased by 35.2%, 4 bedroom homes decreased by 24.5%, and 5+ bedroom homes decreased by 14.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
11065-40.9%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

27 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Albany, you may be able to get a good deal. 52.3% of homes here sold below asking price last month.

Summary: A total of 65 homes were sold or pending in Albany in February 2024, down by 40.9% month-over-month. Of the 65 sold homes, 52% were sold under asking, 6% were sold at asking, and 42% 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

Feb 2023Feb 2024CHANGE
33 Days42 Days+24.8%

Summary: Homes in Albany had an average of 42 days on market in Feb 2024, up by 24.8% compared to last year.

Breakdown of Home Sale Times

34 Homes Were Sold
Under 30 Days

24 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 February 2024, 65 homes were sold in Albany; 52% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 11% 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 28 Days Ago

Newest Listings in Albany, NY

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