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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 72,130 people, 28,156 houses or apartments, and a median cost of homes of $80,062, 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.

Albany Home Appreciation Rates

Homes have actually lost value in Albany over the last then years, as home values have seen a decline of 1.66% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Albany home appreciation rates at 0.44%, which equates to an annual appreciation rate of 1.78%.

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 3.92%, 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 0.44%, which equates to an annual appreciation rate of 1.78%.

Notably, Albany's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Georgia, our data show that Albany's latest annual appreciation rate is lower 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:
$80,062

Albany, GA HOME PRICES

> $1,092,000
0.4%
0.4%
$819,001 - $1,092,000
0.1%
0.1%
$546,001 - $819,000
0.5%
0.5%
$437,001 - $546,000
0.5%
0.5%
$327,001 - $437,000
2.6%
2.6%
$218,001 - $327,000
6.0%
6.0%
$109,001 - $218,000
27.3%
27.3%
$55,001 - $109,000
45.2%
45.2%
$0 - $55,000
17.4%
17.4%
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:
28,156

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
21.03% 0.91%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$975 / per month

Homeownership Rate

Owners
38.1%
38.1%
Renters
61.9%
61.9%
Vacant
16.8%
16.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.7%
13.7%
1970 - 1999
43.6%
43.6%
1940 - 1969
38.7%
38.7%
1939 or Older
3.9%
3.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
58.1%
58.1%
Townhomes
3.5%
3.5%
Small Apt. Buildings
23.1%
23.1%
Apt. Complexes
12.9%
12.9%
Mobile Homes
2.3%
2.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
9.1%
9.1%
2 Bedrooms
30.2%
30.2%
3 Bedrooms
47.0%
47.0%
4 Bedrooms
10.3%
10.3%
5 or more bedrooms
1.2%
1.2%
0.0% 100.0%
% OF HOMES