Albany GA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Albany, GA Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Albany Housing Market Information

With a population of 75,249, 28,496 total housing units (homes and apartments), and a median house value of $84,882, 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 57.20% 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 ( 20.98%), large apartment complexes or high rise apartments ( 15.02%), and a few row houses and other attached homes ( 3.74%).

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 36.38% owning and 63.62% 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 ( 37.73%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.88%). There's also some housing in Albany built before 1939 ( 3.58%).

Vacant housing appears to be an issue in Albany. Fully 15.02% 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

Homes have actually lost value in Albany over the last then years, as home values have seen a decline of 2.80% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Albany home appreciation rates at 5.98%, which equates to an annual appreciation rate of 26.15%.

Appreciation rates are so strong in Albany that despite a nationwide downturn in the housing market, Albany real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Albany appreciation rates continue to be some of the highest in America, at 10.25%, which is higher than appreciation rates in 98.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Albany. Albany appreciation rates in the latest quarter were at 5.98%, which equates to an annual appreciation rate of 26.15%.

Importantly, NeighborhoodScout’s exclusive research found that Albany's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 90% 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.

Average Home Values

 

Median Home Value:
$84,882

Albany, GA HOME PRICES

Value Range
> $1,150,000 0.3
$863,001 - $1,150,000 0.1
$575,001 - $863,000 0.6
$460,001 - $575,000 0.5
$345,001 - $460,000 2.4
$230,001 - $345,000 5.5
$115,001 - $230,000 26.9
$58,001 - $115,000 45.2
$0 - $58,000 18.5

Very Low for GA
Very Low for Nation

Value Relative to Nation Value Relative to State
91.6963503649635 86.2869198312236

Number Of Homes And Apartments:
28,496

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
23.27% 1.07%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$823 / per month

Homeownership Rate

Homeownership
Owners 36.38
Renters 63.62
Vacant 15.02

Housing Market Details

 

Age of Homes

AGE OF Albany HOMES
2000 or Newer 13.9
1970 - 1999 44.8
1940 - 1969 37.7
1939 or Older 3.6

Types of Homes

TYPE OF Albany HOMES
Single-Family 57.2
Townhomes 3.7
Small Apt. Buildings 21.0
Apt. Complexes 15.0
Mobile Homes 3.0
Other 0.1

Home Size

SIZE OF Albany HOMES
No Bedroom 2.34
1 Bedroom 8.88
2 Bedrooms 29.34
3 Bedrooms 48.05
4 Bedrooms 10.01
5 or more bedrooms 1.38