Real Estate Market Report Albany, New York – April 2024

The real estate market in Albany, New York, has demonstrated a clear positive trajectory over the period from April 2023 through March 2024. Homebuyers and investors navigating this market should be attuned to the most notable trends: increasing average values and sale prices, as well as varying property counts throughout the year.

At the outset of this period, the average value of Albany properties was $220,000, steadily climbing to reach $259,350 by March 2024. This represents a significant rise, pointing to a robust market with appreciating asset values. The price per square foot, an essential gauge of property value that normalizes for size, also rose from $140 to nearly $160 in the same period, reinforcing the general upswing in property valuation.

When considering the sale prices that properties have achieved, a similar increasing trend is present. Starting with an average sale price of $235,783 in April 2023, there’s an upward momentum with slight monthly fluctuations, culminating at a higher average of $258,549 in March 2024. A parallel rise occurred in the average sale price per square foot, which stepped up from $147 to $159, marking a stable growth in value from one year to the next.

Interestingly, the volume of properties listed for sale shows a different pattern. The count varied across the months, reaching its zenith in September 2023 with 247 listings, suggesting a potential seasonal trend where more homeowners opt to sell before winter. However, the lowest point occurred in March 2024 with only 122 properties, which may reflect a seasonal slowdown in the new listings coming onto the market.

In terms of actual sales, the number of properties sold displayed variability as well, indicating that buyer activity fluctuated through the year. The peak of sales happened in August 2023 with 315 properties changing hands, likely a result of summer buying activity, while the lowest was in June 2023 with 175 sales, possibly reflecting a brief lull in market activity.

Comparative Real Estate Activity in Albany and Surrounding Areas

Next we’ll examine how Albany’s real estate market stacks up against nearby areas as of March 2024.

• In Slingerlands, a significantly higher average property value of $580,000 was noted, accompanied by a higher per square foot value of $212, indicating a more upscale market compared to Albany. The average sale price was $404,008 with a robust average sale price per square foot of $191. Given the property count of 5 and sold count of 21, one might infer a competitive market with a high turnover rate.
• Latham featured an average value of $370,000, striking a contrast with Albany, revealing a more expensive housing market, with a per square foot value of $211. The average sale price stood at $347,625, and a particularly high average sale price per square foot of $204 was noted. With 14 properties available and 36 properties sold, the data signals a high demand relative to supply.
• Rensselaer presented an average value comparable to Albany at $259,900, but a slightly higher per square foot value of $179. The average sale price was lower at $236,328, with the average sale price per square foot at $183. The property count of 11 and a high property sold count of 150 suggest a dynamic market, where properties listed are being sold quickly.
• Watervliet posted an average value of $264,900 and a per square foot value of $149, indicating lower valued properties against smaller square footage. The sale price metric showed an average of $212,802 and a lesser average sale price per square foot of $130, possibly hinting at a more buyer-friendly market. The property and sold counts stand at 11 and 30, respectively, indicating a balanced market.
• Delmar showcased a substantial average value at $349,900 with a per square foot value of $194, denoting a more affluent area with larger properties. An average sale price of $353,407 and a high average sale price per square foot of $207 are indicative of a strong housing demand. With 15 properties listed and 34 sold, Delmar’s market is also evidencing healthy activity vividly.

Overall, the Albany real estate market, while showing an overall growth trend with regards to property values and sale prices, also exhibits a more approachable entry point in valuation when compared to neighboring areas. These statistics and running comparisons underscore the essence of real estate markets being greatly localized, with their nuances reflecting the unique appeal and desirability of respective neighborhoods.