Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 72,130, 28,156 total housing units (homes and apartments), and a median house value of $91,230, house prices in Albany are some of the most affordable in Georgia as well as the nation.
Single-family detached homes are the single most common housing type in Albany, accounting for 58.11% 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 ( 23.09%), large apartment complexes or high rise apartments ( 12.93%), and a few row houses and other attached homes ( 3.54%).
The most prevalent building size and type in Albany are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 38.10% owning and 61.90% renting.
There is a lot of housing in Albany built from 1970 to 1999 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 between 1940-1969 ( 38.70%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.73%). There's also some housing in Albany built before 1939 ( 3.95%).
Vacant housing appears to be an issue in Albany. Fully 16.77% 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.
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 11.79%, which is annualized rate of 1.12%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Albany's appreciation rate, at 9.63%, has been at or slightly above the national average. In the latest quarter, Albany's appreciation rate has been 4.65%, which annualizes to a rate of 19.92%.
Importantly, this makes Albany one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Georgia, our data show that Albany's latest annual appreciation rate is higher than 60% 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 2000, to assist you in making the best Albany real estate investment or home purchase decisions.
Very Low for Nation
Very Low for GA