Albany, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Albany, NY Real Estate Data


Albany Housing Market Information

With 98,469 people, 39,903 houses or apartments, and a median cost of homes of $161,411, 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 44.56% of the city's housing units. Other types of housing that are prevalent in Albany include single-family detached homes ( 27.30%), large apartment complexes or high rise apartments ( 22.43%), and a few row houses and other attached homes ( 5.57%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Albany is dominated by renter-occupied one, two, or no bedrooms apartments. 65.90% of Albany's dwellings are rentals.

The housing in Albany was primarily built before 1939 ( 55.28%), 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 ( 24.86%), followed by between 1970-1999 ( 17.48%). There's also some housing in Albany built between 2000 and later ( 2.37%).

Vacant housing appears to be an issue in Albany. Fully 15.79% 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

Real estate appreciation rates in Albany's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.17% during the period.

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 4.36%, 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 1.15%, which equates to an annual appreciation rate of 4.70%.

Relative to New York, our data show that Albany's latest annual appreciation rate is higher than 70% 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

 

Median Home Value:
$161,411

Albany, NY HOME PRICES

Value Range
> $1,025,000 0.1
$768,001 - $1,025,000 0.2
$512,001 - $768,000 1.1
$410,001 - $512,000 1.4
$307,001 - $410,000 6.4
$205,001 - $307,000 20.5
$102,001 - $205,000 47.0
$51,001 - $102,000 18.9
$0 - $51,000 4.3

Average for NY
Average for Nation

Value Relative to Nation Value Relative to State
46.184927094923 54.320987654321

Number Of Homes And Apartments:
39,903

Rent & Ownership

 

Average Market Rent:
$1,080 / per month

Homeownership Rate

Homeownership
Owners 34.10
Renters 65.90
Vacant 15.79

Housing Market Details

 

Age of Homes

AGE OF Albany HOMES
2000 or Newer 2.4
1970 - 1999 17.5
1940 - 1969 24.9
1939 or Older 55.3

Types of Homes

TYPE OF Albany HOMES
Single-Family 27.3
Townhomes 5.6
Small Apt. Buildings 44.6
Apt. Complexes 22.4
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Albany HOMES
No Bedroom 3.53
1 Bedroom 21.67
2 Bedrooms 31.52
3 Bedrooms 31.96
4 Bedrooms 8.42
5 or more bedrooms 2.92

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
62.76% 2.91% 6 8
* 10 is highest