Is Albany, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Albany has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $146.4K | $140K | -4.4% |
2 Bedrooms | $210.5K | $223.5K | +6.2% |
3 Bedrooms | $249.9K | $274.3K | +9.8% |
4 Bedrooms | $300K | $314.8K | +5.0% |
5+ Bedrooms | $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 | $347.5K | $405K | +16.5% |
Bethlehem | $359.5K | $390K | +8.5% |
Albany | $250K | $268.3K | +7.3% |
Rensselaer | $245.4K | $254K | +3.5% |
Housing Supply in Albany, NY
How many homes are available in Albany, NY?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
410 | 301 | -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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 7 | 4 | -42.9% |
2 Bedrooms | 37 | 19 | -48.6% |
3 Bedrooms | 122 | 79 | -35.2% |
4 Bedrooms | 102 | 77 | -24.5% |
5+ Bedrooms | 142 | 122 | -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 2024 | Feb 2024 | CHANGE |
---|---|---|
110 | 65 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
33 Days | 42 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
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.