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Albany, GA Real Estate Market

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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Albany, GA Housing Market Trends

With 69,647 people, 28,184 houses or apartments, and a median cost of homes of $112,565, 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 58.49% 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 ( 24.15%), large apartment complexes or high rise apartments ( 11.47%), and a few row houses and other attached homes ( 3.83%).

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 37.83% owning and 62.17% 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 ( 38.33%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.36%). There's also some housing in Albany built before 1939 ( 4.80%).

Vacant housing appears to be an issue in Albany. Fully 16.17% 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

Albany's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Albany during the period has been just 3.49%, which is lower than 80% of US communities.

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 21.33%, which is higher than appreciation rates in 87.28% 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 2.89%, which equates to an annual appreciation rate of 12.09%.

Relative to Georgia, our data show that Albany's latest annual appreciation rate is lower 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.

Average Home Values

 

Median Home Value:
$112,565

Albany, GA HOME PRICES

> $1,402,000
$1,052,001 - $1,402,000
$701,001 - $1,052,000
$561,001 - $701,000
$421,001 - $561,000
$280,001 - $421,000
$140,001 - $280,000
$70,001 - $140,000
$0 - $70,000
0.5%
0.5%
0.1%
0.1%
1.0%
1.0%
0.5%
0.5%
2.6%
2.6%
6.9%
6.9%
28.0%
28.0%
41.8%
41.8%
18.6%
18.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for GA

Value Relative To Nation

Number Of Homes And Apartments:
28,184

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
56.64% 2.01%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,264 / per month

Homeownership Rate

Owners
Renters
Vacant
37.8%
37.8%
62.2%
62.2%
16.2%
16.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.4%
13.4%
43.5%
43.5%
38.3%
38.3%
4.8%
4.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
58.5%
58.5%
3.8%
3.8%
24.1%
24.1%
11.5%
11.5%
2.0%
2.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.5%
1.5%
8.5%
8.5%
30.8%
30.8%
48.0%
48.0%
9.8%
9.8%
1.4%
1.4%
0.0% 100.0%
% OF HOMES

Popular Communities Near Albany, GA

Zip Codes in Albany, GA