More Search Options
We found 0 results. View results
Your search results

Albany Housing Market Report: March 2024

Albany County, located in New York, has long been a focal point for those seeking vibrant communities and robust real estate markets. As we delve into the housing market report for March 2024, we uncover crucial insights for both buyers and sellers navigating the Albany real estate landscape.

Market Conditions

In March 2024, Albany maintains its status as a Seller’s Market, a trend consistent since the previous year. This designation suggests that sellers have the upper hand, with properties commanding higher prices and experiencing swift turnover compared to a Buyer’s Market.

Housing Prices

The median sold price for homes in Albany stands at $270,000, reflecting an impressive 8% increase from the previous year. Additionally, the median price per square foot rests at $175, indicating sustained growth and demand within the market.

Price Variation by Bedroom Count

Analyzing housing prices by bedroom count unveils nuanced shifts within the market. Notably, 3-bedroom homes experienced the most substantial increase at 10.1%, followed closely by 4-bedroom properties at 6.6%. These fluctuations underscore the diverse preferences of buyers within the Albany area.

Comparison with Nearby Cities

Albany’s performance in comparison to neighboring cities further highlights its competitive edge. Despite experiencing an 8% increase in median sold price, Albany’s growth pales slightly in comparison to Delmar, which saw a remarkable 20.6% surge in median sold price.

Housing Supply

March 2024 witnessed a slight decrease in housing inventory, with 368 homes available for sale—a 0.5% reduction from the previous month. This limited supply contributes to the prevailing Seller’s Market conditions, stimulating competition among buyers.

Days on Market

Homes in Albany continue to move swiftly, with an average of 29 days on the market—a marginal decrease from the previous year. A significant portion of homes (66%) sells within 30 days, indicating a need for prompt action among prospective buyers.

As we conclude our examination of Albany’s housing market in March 2024, it’s evident that the city maintains its allure as a Seller’s Market. With prices on the rise and inventory tightening, buyers must act decisively, while sellers enjoy favorable conditions for maximizing returns on their properties.

Navigating the intricacies of Albany’s real estate landscape requires informed decision-making and strategic planning. Whether you’re buying or selling, staying abreast of market trends and enlisting the guidance of experienced professionals can position you for success in achieving your real estate goals.

As the market continues to evolve, vigilance and adaptability remain paramount in capitalizing on opportunities within the Albany housing market.

For original information, click here, article curated by ChatGTP

Leave a Reply

Your email address will not be published.

  • Capital Region Publications

Compare Listings