Albany appreciation rates and housing market information

Albany housing market information

With 95,658 people, 45,288 houses or apartments, and a median cost of homes of $217,837, Albany real estate prices are well above average cost compared to national prices.

duplexes, homes converted to apartments, or other small apartment buildings are the single most common housing type in Albany, accounting for 44.35% of the city's housing units. Other types of housing that are prevalent in Albany include single-family detached homes (26.91%), large apartment complexes or high rise apartments (23.96%), and a few row houses and other attached homes (4.71%). 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.

People in Albany primarily live in small (one, two, or no bedroom) units, chiefly found in duplexes, homes converted to apartments, or other small apartment buildings. Albany has a mixture of owner-occupied and renter-occupied housing.

The housing in Albany was primarily built before 1939 (49.86%), making the housing stock in Albany some of the older overall in America, although there is a range of ages of homes in Albany. The next most important Albany housing age is 1940-1969 (32.46%), followed by 1970-1994 (16.49%). There's also some housing in Albany built between 1995 and later (1.19%).

Vacant housing appears to be an issue in Albany. Fully 10.11% 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

Appreciation rates for homes in Albany have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 90.71%, which ranks in the top 30% nationwide. This equates to an annual average Albany house appreciation rate of 9.07%.

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 -0.59%, 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 1.29%, which equates to an annual appreciation rate of 5.16%.

Relative to New York, our data show that Albany's latest annual appreciation rate is higher than 40% 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 1990, to assist you in making the best Albany real estate investment or home purchase decisions.