Albany, NY Housing Market

Market Overview

Albany’s housing market posts a PropertyIQ Score of 87 out of 100, positioning it as a strong market. The score’s top drivers include 12-month home value momentum of 9.05%, 3-month home value momentum of 0.09%, a median days-on-market figure of 52 days, and a 13.3% share of listings with a price cut. Against state averages, Albany stands out for lower home prices and a stronger labor market: the median home value is $375,358 versus $526,714 statewide, unemployment is 3.4% versus 4.4%, and median household income is $86,072 versus $84,578. The rent index is also higher in Albany at $1,682 compared with $1,576 statewide.

The market’s 87/100 score is supported by activity that appears relatively efficient for sellers. A median of 52 days on market and a 13.3% price-cut share indicate that homes are moving at a steady pace without widespread discounting. Albany’s median home value remains well below the state average, while its median household income is slightly above the state average, suggesting that local housing is comparatively accessible. Population growth is not available, so the demographic tailwind cannot be measured directly.

There is some mixed price data. The median home value’s year-over-year change is -$4, which is essentially flat, while the 12-month home value momentum is reported at 9.05% and the 3-month momentum slows to 0.09%. Together, these figures suggest that earlier annual momentum has cooled in the most recent quarter.

Key Trends

One clear trend is moderating price momentum. The reported 12-month home value momentum of 9.05% contrasts with a 3-month figure of 0.09% and a year-over-year median home value change of -$4. This pattern points to a market that experienced stronger annual momentum earlier but has since flattened.

A second trend is steady inventory and market pace. Albany has 1,566 homes for sale, a median of 52 days on market, and 13.3% of listings with a price cut. These figures indicate a balanced environment where sellers are not facing prolonged listing periods, but some are making modest adjustments to close transactions.

A third trend is relative affordability. The median home value of $375,358 is substantially lower than the state average of $526,714, while median household income is slightly higher than the state average at $86,072 versus $84,578. This combination gives Albany a more favorable income-to-home-price relationship than the state benchmark.

A fourth trend is rental market strength. Albany’s rent index of $1,682 exceeds the state average of $1,576, and the unemployment rate of 3.4% is below the state’s 4.4%. Those conditions can support rental demand and may reinforce investor interest.

Who Is This Market For

Albany’s profile is well suited to first-time buyers and budget-conscious households. With a median home value of $375,358, well below the state average, and a median household income of $86,072, many local households are in a better position to purchase than the statewide comparison suggests. The 52-day median days on market and 13.3% price-cut share also mean buyers may encounter some room for negotiation without facing a distressed market.

This market also suits rental property investors. Albany’s rent index of $1,682 is above the state average of $1,576, while the median home value is lower than the state average. Combined with a low unemployment rate of 3.4%, these metrics point to a rental market that may offer relatively attractive income potential for buy-and-hold investors.

Move-up buyers and existing homeowners may also find conditions manageable. The market’s steady pace and modest share of price cuts suggest that selling and buying can occur without extreme urgency. However, the flat year-over-year median home value change of -$4 means sellers should not expect rapid price gains in the near term.

Outlook

The near-term outlook for Albany is steady rather than sharply directional. The 3-month home value momentum of 0.09% and the year-over-year median home value change of -$4 indicate that price growth has flattened, even as the 12-month momentum figure remains positive at 9.05%. With 1,566 homes for sale and a median of 52 days on market, supply and demand appear relatively balanced. The 13.3% share of listings with a price cut is modest, suggesting sellers are adjusting without signaling a broad pullback. Low unemployment and slightly above-state median household income should continue to support housing demand, while the rent index above the state average may keep investor interest in the market. Because population growth data is not available, the outlook cannot rely on demographic expansion as a demand driver. Overall, the data support a stable market with limited near-term price appreciation or decline.