Albany appreciation rates and housing market information

Albany housing market information

With a population of 77,053, 32,168 total housing units (homes and apartments), and a median house value of $109,640, house prices in Albany are solidly below the national average.

single-family detached homes are the single most common housing type in Albany, accounting for 55.58% of the city's housing units. Other types of housing that are prevalent in Albany include duplexes, homes converted to apartments, or other small apartment buildings (20.28%), large apartment complexes or high rise apartments (14.66%), row houses and other attached homes (5.11%), and a few mobile homes or trailers (4.33%).

The most prevalent building size and type in Albany are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 42.27% owning, and 46.91% renting.

There is a lot of housing in Albany built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Albany built from 1940-1969 (42.86%). A lesser amount of the housing stock also hails from 1995 and later (8.67%), and some were built from 1939 and earlier (8.67%).

Vacant housing appears to be an issue in Albany. Fully 10.82% 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

Some of the lowest real estate appreciation rates in America over the last ten years have been in Albany, where house values have increased just 28.80%, which is an average annual increase of 2.88%. NeighborhoodScout's data show that in the latest quarter, Albany house values appreciated 1.16%, which is an annualized rate of 4.64%. This rate is lower than the appreciation rate found in 30% of the cities and towns in America.

Over the last year, Albany appreciation rates have trailed the rest of the nation. In the last twelve months, Albany's appreciation rate has been -4.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Albany were at 1.16%, which equates to an annual appreciation rate of 4.64%.

Relative to Georgia, our data show that Albany's latest annual appreciation rate is higher than 1% of the other cities and towns in Georgia.

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 1990, to assist you in making the best Albany real estate investment or home purchase decisions.