Albany NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Albany Housing Market Information

With 98,251 people, 41,245 houses or apartments, and a median cost of homes of $186,647, 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 46.40% 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 ( 21.09%), and a few row houses and other attached homes ( 4.50%). 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. 66.73% of Albany's dwellings are rentals.

The housing in Albany was primarily built before 1939 ( 52.35%), 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 ( 26.09%), followed by between 1970-1999 ( 18.15%). There's also some housing in Albany built between 2000 and later ( 3.41%).

Vacant housing appears to be an issue in Albany. Fully 14.54% 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 0.11%, which is lower than 80% of US communities.

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 2.51%, 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 0.69%, which equates to an annual appreciation rate of 2.79%.

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

 

Median Home Value:
$186,647

Albany, NY HOME PRICES

Value Range
> $1,094,000 0.2
$820,001 - $1,094,000 0.3
$547,001 - $820,000 1.3
$438,001 - $547,000 1.8
$328,001 - $438,000 6.0
$219,001 - $328,000 19.8
$109,001 - $219,000 45.3
$55,001 - $109,000 19.0
$0 - $55,000 6.2

Average for NY
Average for Nation

Value Relative to Nation Value Relative to State
42.6248175182482 51.3333333333333

Number Of Homes And Apartments:
41,245

Albany Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
74.10% 2.88%
6
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,261 / per month

Homeownership Rate

Homeownership
Owners 33.27
Renters 66.73
Vacant 14.54

Housing Market Details

 

Age of Homes

AGE OF Albany HOMES
2000 or Newer 3.4
1970 - 1999 18.2
1940 - 1969 26.1
1939 or Older 52.4

Types of Homes

TYPE OF Albany HOMES
Single-Family 27.8
Townhomes 4.5
Small Apt. Buildings 46.4
Apt. Complexes 21.1
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Albany HOMES
No Bedroom 3.63
1 Bedroom 21.03
2 Bedrooms 30.13
3 Bedrooms 32.80
4 Bedrooms 9.43
5 or more bedrooms 2.98