Albany, OR Housing Market

Market Overview

Albany, OR presents as a weak housing market according to its PropertyIQ Score of 6 out of 100. The score is shaped by a mix of home value momentum measures: 12-month home value momentum of 2.17%, 3-month momentum of -1.37%, median days on market of 58 days, and 32.3% of listings with a price cut. Compared against Oregon state averages, Albany’s median home value of $409,430 is below the state average of $496,113. Its rent index of $1,628 is above the state average of $1,450. The unemployment rate is 5.1%, slightly better than the state average of 5.2%, while median household income of $73,396 trails the state average of $80,426.

Despite some supportive factors, the overall score is low. A median days on market of 58 days and a price cut share above 32% indicate soft demand or pricing pressure. The recent 3-month home value momentum is negative at -1.37%, even though the 12-month momentum remains modestly positive at 2.17%. This combination suggests a market that has cooled recently and where sellers are making concessions. The year-over-year home value change of -$5 is effectively flat in dollar terms, reinforcing that price growth is not currently a strong feature.

Albany’s rental market appears relatively stronger than its for-sale market. The rent index of $1,628 exceeds the Oregon average by $178, while home values are lower than the state average. However, lower local incomes relative to the state average mean affordability still matters for local buyers. Overall, the data positions Albany as a weak sales market with some rental demand support.

Key Trends

One clear trend is softening price momentum. Albany’s 12-month home value momentum is 2.17%, but the 3-month momentum is -1.37%. The year-over-year home value change is -$5, which points to essentially flat or slightly negative price movement. This divergence suggests recent cooling after a mildly positive prior year.

A second trend is slower selling conditions. Median days on market are 58 days, and 32.3% of listings have had a price cut. With 413 homes for sale, that share implies a meaningful portion of inventory is not moving at original asking prices. These are signals of buyer leverage and cautious seller expectations.

A third trend is relative rental strength. Albany’s rent index of $1,628 is above the Oregon state average of $1,450. That is notable because Albany’s median home value of $409,430 is below the state average. Rental demand appears to be a stronger component of the local housing market than home price appreciation.

A fourth trend is an income and employment gap. Median household income in Albany is $73,396, below Oregon’s $80,426, while unemployment is 5.1% versus 5.2% statewide. The labor market is essentially in line with the state, but lower incomes may limit how much local buyers can stretch for homes even at Albany’s lower price point. Population growth is not available in the provided data, so demographic-driven demand cannot be assessed.

Who Is This Market For

This market may suit rental-focused investors because the rent index of $1,628 is above the state average and the median home value of $409,430 is below the state average of $496,113. That combination can support relative rental cash flow, though investors should account for a weak PropertyIQ Score and elevated price-cut activity. Patient first-time buyers could also benefit from buyer-friendly conditions: 32.3% of listings have price cuts and median days on market is 58, so there may be room to negotiate. However, median household income of $73,396 relative to median home value of $409,430 may be a hurdle for some local first-time buyers. Move-up buyers who need to sell an existing home may face challenges because homes are taking time to sell and price cuts are common. Overall, this market is better aligned with buyers and investors who can tolerate soft near-term price momentum and are not reliant on quick resale.

Outlook

The Albany market is likely to remain soft in the near term based on current indicators. The 3-month home value momentum of -1.37% is negative, even as the 12-month momentum of 2.17% remains positive, suggesting cooling relative to the prior year. With median days on market at 58 days and 32.3% of listings cutting prices, sellers may continue to face competition and need to adjust expectations. Rent levels above the state average could provide some support for rental property demand, which may cushion the broader market. However, population growth data is unavailable, so it is not clear whether incoming demand will offset the current sales weakness. Without a positive shift in price momentum or inventory absorption, Albany is positioned for cautious, flat-to-soft conditions.