Albany Real Estate on the Rise: Average Property Values Climb to $250K by May 2024

In the last few months, homes in Albany, NY have increased in value; we have seen the local real estate market on a noteworthy upward trajectory from June 2023 to May 2024. The average property value in Albany started at $239,900 in June last year and increased to $250,000 by this year. At the same time the average sale price per square foot saw a moderate increase, moving from $153 in June 2023 to $154 in May 2024.

In December of last year 260 properties changed hands., although this number saw a gradual decline to 159 by May 2024. This shift in sales volume could be indicative of varying market factors that impact buyer and seller behavior over different months.

As of May 2024, the average home value in Albany stands at $250,000 with an average price per square foot of $161. There are currently 156 homes for sale. The average sale price is $253,236, which staying close to the average listing value, suggests a market where properties are selling at or near their listing prices.

Nearby Cities Real Estate Trends

Turning our focus to nearby cities, we observe different patterns, each providing insights into the local market conditions relative to Albany:

1. In Slingerlands, the highest average property value recorded was $635,000 in February 2024, before decreasing to $499,900 by May 2024. The average price per square foot in May was $213, and the average sale price was recorded at $428,471. Moreover, a comparison with Albany highlights higher property values and sale prices in Slingerlands, albeit with fewer transactions.
2. Latham displayed fluctuating values, marked by an initial decrease to $350,000 in February 2024, followed by a rebound. By May 2024, the average value stood at $449,800 with an average price per square foot of $221. The average sale price in Latham was comparatively lower at $377,462, suggesting that properties might be selling below their listed values.
3. Data from Guilderland showed a significant drop in average property value from $449,900 in April 2024 to $370,000 in May 2024. No sales data were available, which could indicate a very low volume of transactions or a pause in market activity.
4. In Rensselaer the average value saw a decreasing pattern, from $250,000 in June 2023 to $234,900 in May 2024. Reflecting a more active market, the sold properties count stood at 163 with an average sale price per square foot at $177, slightly below the average price per square foot of $186 for listed properties.
5. Watervliet experienced an increase in average property value from $194,900 in June 2023 to $240,000 by May 2024. The average sale price was notably higher at $268,000, and the sale price per square foot also followed an upward trend at $181.

Albany shows a stable increase in property values and a robust sale price that aligns closely with listing prices, suggesting a healthy demand. Contrastingly, cities like Slingerlands and Watervliet show more fluctuation and higher average values, indicating potentially different buyer demographics or preferences.

Projected trends suggest that while some areas might experience continued growth or stabilization, others, like Guilderland, may face challenges unless market activity resumes.

See also –  Real Estate Market Report Albany, New York – April 2024