Welcome to a comprehensive overview of the Albany, NY real estate market as of July 2023. Whether you're a potential homebuyer, seller, or just curious about the state of real estate in Albany, we've got you covered. Let's dive into the key trends and insights shaping the housing market in this vibrant city.
Current Albany Market Statistics
In July 2023, the median listing home price in Albany, NY stood at $259.9K, showcasing a 4.4% year-over-year increase. The median listing price per square foot reached $177. Moreover, the median sold price for homes was $265K. These figures indicate a dynamic and evolving real estate landscape that demands attention.
Sale-to-List Price Ratio
One intriguing aspect of Albany's housing market is the sale-to-list price ratio, which currently stands at 103.3%. This means that, on average, homes in Albany were sold for 3.3% above their asking price in July 2023. This competitive environment underscores the desirability of properties in the area and the potential for favorable returns for sellers.
Market Balance and Demand
Albany, NY finds itself in a balanced market as of July 2023, with supply and demand levels being relatively equal. This equilibrium suggests a healthy and sustainable real estate ecosystem, where both buyers and sellers can navigate transactions with reasonable expectations.
Median Days on Market
The median days on the market for homes in Albany, NY currently averages around 30 days. This metric provides insight into the pace at which homes are being bought and sold. It's worth noting that the trend for median days on the market in Albany has shown a slight increase compared to the previous month and year, indicating a potentially evolving buyer's journey.
Future Outlook and Forecast
Looking ahead, Albany's real estate market is poised to continue its trajectory of growth and activity. The upward movement in median listing prices and sale-to-list price ratios indicates sustained demand and potential for appreciation. However, prospective buyers should keep an eye on the evolving median days on market trends, as it might affect the decision-making process.
These Albany housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded.
Albany Housing Market Forecast 2023-2024
The Albany housing market has shown remarkable resilience and growth in recent times. As of July 31, 2023, the average home value in Albany stands at $284,310, reflecting an impressive +5.0% increase over the past year. Properties in this area also exhibit a swift pace of sale, with homes typically going pending in around 6 days.
Zillow Data Highlights
- Typical Home Values: $284,310
- 1-year Value Change: +5.0%
- Data through July 31, 2023
- Median days to pending (July 31, 2023): 6
Albany MSA Housing Market Forecast
The Albany Metropolitan Statistical Area (MSA) housing market is poised for further growth and stability. The Albany MSA encompasses various surrounding communities and suburbs, creating a dynamic real estate landscape.
Albany Metropolitan Statistical Area (MSA) is a geographical region that encompasses Albany and its surrounding areas. It includes various counties, cities, towns, and suburbs that are economically and socially integrated with Albany. This MSA provides valuable insights into the broader real estate trends of the region.
The projected changes in the Albany MSA housing market include expected percentage shifts in property values over specific timeframes. As of the provided data:
- Region Name: Albany, NY
- Region Type: MSA
- State Name: New York (NY)
- Base Date: July 31, 2023
- Expected Change by August 31, 2023: +0.5%
- Expected Change by October 31, 2023: +1%
- Expected Change by July 31, 2024: +4.1%
These projected changes indicate that the Albany MSA's housing market is expected to experience gradual yet noteworthy growth in property values over the specified periods. This data provides valuable insights into the evolving real estate trends within the Albany MSA, highlighting its potential as an attractive and promising market for buyers and investors.
In Summary
The Albany housing market, characterized by rising home values and swift sales, demonstrates its appeal to both buyers and sellers. The projected growth in the Albany MSA housing market further adds to the positive outlook, making it an exciting and promising area to watch for real estate enthusiasts.
Is Albany, NY a Good Place For Real Estate Investment?
Considering real estate investment opportunities? Albany, New York, emerges as a compelling contender on the map. With a rich historical backdrop, a growing economy, and a vibrant community, Albany holds potential for savvy investors seeking to diversify their portfolios.
The Economic Landscape
Albany boasts a robust and diverse economy, driven by sectors such as government, education, healthcare, and technology. The presence of prominent institutions like the State University of New York (SUNY) and various government offices contributes to a stable employment environment. This steady job market can create a consistent demand for rental properties, making it an attractive prospect for real estate investors.
Real Estate Market Trends
As of the latest data, Albany's housing market has showcased positive trends. The average home value has experienced a +5.0% increase over the past year, reflecting a healthy appreciation. Additionally, the relatively short median days to pending sales indicate a competitive market, which can be advantageous for sellers.
Furthermore, the projected changes in the Albany Metropolitan Statistical Area (MSA) housing market demonstrate a positive trajectory. With anticipated growth percentages over specific periods, the market signals potential for property value appreciation, making it an enticing prospect for real estate investors.
Educational and Cultural Hub
Albany's rich cultural scene and educational institutions contribute to its allure. The city offers various museums, theaters, and galleries, catering to diverse interests. Proximity to renowned universities and colleges not only supports a knowledgeable workforce but can also drive demand for housing among students and faculty.
Quality of Life
Albany's quality of life factors also contribute to its investment appeal. The city strikes a balance between urban amenities and a more relaxed pace of life. Its historic charm, access to natural beauty, and family-friendly communities can attract a range of potential tenants, from young professionals to families.
Considerations and Conclusion
While Albany presents an array of promising opportunities, as with any investment, due diligence is key. Analyze local market conditions, stay informed about regulatory changes, and consider working with real estate professionals who are well-versed in the Albany area. Real estate investment success hinges on aligning your investment goals with the local market's dynamics.
In summary, Albany, NY, holds potential as a favorable destination for real estate investment. Its diverse economy, positive market trends, educational institutions, and quality of life collectively contribute to its appeal. As with any investment decision, careful research and consultation are vital to make informed choices that align with your financial objectives.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing and interest rates.
NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
Sources:
- https://www.zillow.com/albany-ny/home-values/
- https://www.realtor.com/realestateandhomes-search/Albany_NY/overview
