Albany, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Albany, NY Housing Market Trends

With 96,460 people, 41,255 houses or apartments, and a median cost of homes of $211,917, Albany real estate and house prices are near the national average for all cities and towns.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Albany, accounting for 44.16% of the city's housing units. Other types of housing that are prevalent in Albany include single-family detached homes ( 27.69%), large apartment complexes or high rise apartments ( 22.91%), and a few row houses and other attached homes ( 4.96%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Albany is dominated by renter-occupied one, two, or no bedrooms apartments. 66.48% of Albany's dwellings are rentals.

The housing in Albany was primarily built before 1939 ( 49.78%), making the housing stock in Albany some of the oldest overall in America, although there is a range of ages of homes in Albany. The next most important housing age is between 1940-1969 ( 27.43%), followed by between 1970-1999 ( 19.19%). There's also some housing in Albany built between 2000 and later ( 3.61%).

Vacant housing appears to be an issue in Albany. Fully 15.48% of the housing stock is classified as vacant. Left unchecked, vacant Albany homes and apartments can be a drag on the real estate market, holding Albany real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Albany Home Appreciation Rates

Albany's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Albany during the period has been just 1.89%, which is lower than 80% of US communities.

Appreciation rates are so strong in Albany that despite a nationwide downturn in the housing market, Albany real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Albany appreciation rates continue to be some of the highest in America, at 10.97%, which is higher than appreciation rates in 76.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Albany. Albany appreciation rates in the latest quarter were at 3.27%, which equates to an annual appreciation rate of 13.72%.

Relative to New York, our data show that Albany's latest annual appreciation rate is higher than 50% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Albany differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Albany - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Albany real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$211,917

Albany, NY HOME PRICES

> $1,203,000
0.3%
0.3%
$902,001 - $1,203,000
0.3%
0.3%
$602,001 - $902,000
1.6%
1.6%
$481,001 - $602,000
1.0%
1.0%
$361,001 - $481,000
5.4%
5.4%
$241,001 - $361,000
22.6%
22.6%
$120,001 - $241,000
45.8%
45.8%
$60,001 - $120,000
16.3%
16.3%
$0 - $60,000
6.6%
6.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for NY

Value Relative To Nation

Number Of Homes And Apartments:
41,255

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
94.28% 3.14%
5
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,353 / per month

Homeownership Rate

Owners
33.5%
33.5%
Renters
66.5%
66.5%
Vacant
15.5%
15.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.6%
3.6%
1970 - 1999
19.2%
19.2%
1940 - 1969
27.4%
27.4%
1939 or Older
49.8%
49.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
27.7%
27.7%
Townhomes
5.0%
5.0%
Small Apt. Buildings
44.2%
44.2%
Apt. Complexes
22.9%
22.9%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.9%
3.9%
1 Bedroom
22.2%
22.2%
2 Bedrooms
29.8%
29.8%
3 Bedrooms
31.7%
31.7%
4 Bedrooms
9.5%
9.5%
5 or more bedrooms
2.8%
2.8%
0.0% 100.0%
% OF HOMES