Albany, NY 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Albany Housing Market Information

With 96,460 people, 41,207 houses or apartments, and a median cost of homes of $177,112, Albany real estate and house prices are near the national average for all cities and towns.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Albany, accounting for 46.04% of the city's housing units. Other types of housing that are prevalent in Albany include single-family detached homes ( 27.84%), large apartment complexes or high rise apartments ( 21.24%), and a few row houses and other attached homes ( 4.67%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Albany is dominated by renter-occupied one, two, or no bedrooms apartments. 67.09% of Albany's dwellings are rentals.

The housing in Albany was primarily built before 1939 ( 52.15%), making the housing stock in Albany some of the oldest overall in America, although there is a range of ages of homes in Albany. The next most important housing age is between 1940-1969 ( 25.95%), followed by between 1970-1999 ( 18.61%). There's also some housing in Albany built between 2000 and later ( 3.29%).

Vacant housing appears to be an issue in Albany. Fully 15.26% 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

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 5.48%, which is annualized rate of 0.53%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 3.67%, 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 2.07%, which equates to an annual appreciation rate of 8.56%.

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 New York, our data show that Albany's latest annual appreciation rate is higher than 50% of the other cities and towns in New York.

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

 
info

Median Home Value:
$177,112

Albany, NY HOME PRICES

> $1,119,000
0.3%
0.3%
$839,001 - $1,119,000
0.3%
0.3%
$560,001 - $839,000
1.1%
1.1%
$448,001 - $560,000
1.1%
1.1%
$336,001 - $448,000
4.6%
4.6%
$224,001 - $336,000
20.7%
20.7%
$112,001 - $224,000
47.6%
47.6%
$56,001 - $112,000
17.4%
17.4%
$0 - $56,000
6.9%
6.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for NY

Value Relative To Nation

Number Of Homes And Apartments:
41,207

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
78.12% 2.82%
4
6
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,197 / per month

Homeownership Rate

Owners
32.9%
32.9%
Renters
67.1%
67.1%
Vacant
15.3%
15.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
3.3%
3.3%
1970 - 1999
18.6%
18.6%
1940 - 1969
25.9%
25.9%
1939 or Older
52.2%
52.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
27.8%
27.8%
Townhomes
4.7%
4.7%
Small Apt. Buildings
46.0%
46.0%
Apt. Complexes
21.2%
21.2%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.8%
3.8%
1 Bedroom
20.9%
20.9%
2 Bedrooms
29.9%
29.9%
3 Bedrooms
32.8%
32.8%
4 Bedrooms
9.5%
9.5%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES