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
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.
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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2019 Q3
|* 10 is highest|
|AGE OF Albany HOMES|
|2000 or Newer||13.9|
|1970 - 1999||44.8|
|1940 - 1969||37.7|
|1939 or Older||3.6|
|TYPE OF Albany HOMES|
|Small Apt. Buildings||21.0|
|SIZE OF Albany HOMES|
|5 or more bedrooms||1.38|