New York

<p>In the last few months, homes in Albany, NY have increased in value; we have seen the local real estate market on a noteworthy upward trajectory from June 2023 to May 2024. The <a href="https://www.realtytrac.com/market-trends/albany-ny/">average property value in Albany</a> started at $239,900 in June last year and increased to $250,000 by this year. At the same time the average sale price per square foot saw a moderate increase, moving from $153 in June 2023 to $154 in May 2024.</p>
<p>In December of last year 260 properties changed hands., although this number saw a gradual decline to 159 by May 2024. This shift in sales volume could be indicative of varying market factors that impact buyer and seller behavior over different months.</p>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
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<th class="sc-7568d94b-2 hTsliE">May 2024</th>
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</thead>
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<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK"></td>
<td class="sc-7568d94b-5 eqHQXK">$250K</td>
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</tr>
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<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK"></td>
<td class="sc-7568d94b-5 eqHQXK">$253.2K</td>
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<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK"></td>
<td class="sc-7568d94b-5 eqHQXK">156</td>
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<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK"></td>
<td class="sc-7568d94b-5 eqHQXK">159</td>
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<p>As of May 2024, the average home value in Albany stands at $250,000 with an average price per square foot of $161. There are currently 156 homes for sale. The average sale price is $253,236, which staying close to the average listing value, suggests a market where properties are selling at or near their listing prices.</p>
<h3>Nearby Cities Real Estate Trends</h3>
<p>Turning our focus to nearby cities, we observe different patterns, each providing insights into the local market conditions relative to Albany:</p>
<ol>
<li>In Slingerlands, the highest average property value recorded was $635,000 in February 2024, before decreasing to $499,900 by May 2024. The average price per square foot in May was $213, and the average sale price was recorded at $428,471. Moreover, a comparison with Albany highlights higher property values and sale prices in Slingerlands, albeit with fewer transactions.</li>
<li>Latham displayed fluctuating values, marked by an initial decrease to $350,000 in February 2024, followed by a rebound. By May 2024, the average value stood at $449,800 with an average price per square foot of $221. The average sale price in Latham was comparatively lower at $377,462, suggesting that properties might be selling below their listed values.</li>
<li>Data from Guilderland showed a significant drop in average property value from $449,900 in April 2024 to $370,000 in May 2024. No sales data were available, which could indicate a very low volume of transactions or a pause in market activity.</li>
<li>In Rensselaer the average value saw a decreasing pattern, from $250,000 in June 2023 to $234,900 in May 2024. Reflecting a more active market, the sold properties count stood at 163 with an average sale price per square foot at $177, slightly below the average price per square foot of $186 for listed properties.</li>
<li>Watervliet experienced an increase in average property value from $194,900 in June 2023 to $240,000 by May 2024. The average sale price was notably higher at $268,000, and the sale price per square foot also followed an upward trend at $181.</li>
</ol>
<p>Albany shows a stable increase in property values and a robust sale price that aligns closely with listing prices, suggesting a healthy demand. Contrastingly, cities like Slingerlands and Watervliet show more fluctuation and higher average values, indicating potentially different buyer demographics or preferences.</p>
<p>Projected trends suggest that while some areas might experience continued growth or stabilization, others, like Guilderland, may face challenges unless market activity resumes.</p>
<p>See also –  <a href="https://www.realtytrac.com/resources/albany-real-estate-market-report-april-2024/">Real Estate Market Report Albany, New York – April 2024</a></p>


Market Reports

Albany Real Estate on the Rise: Average Property Values Climb to $250K by May 2024

Albany, NY real estate market saw growth from June 2023-May 2024 with avg. property value rising from $239,900 to $250,000. Neighboring cities show varying patterns.

Albany Real Estate on the Rise: Average Property Values Climb to $250K by May 2024 - RealtyTrac

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Tampa Real Estate Market Soars: Average Property Value Climbs to $440K by April 2024 - RealtyTrac

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