Albany, New York Housing Market

What stands out in Albany?

• 112 homes are under contract for every 100 still for sale: among the most homes under contract per listing of 584 tracked cities. Demand is strong. Expect competition on good homes.
• Against its own 2017–2019, Albany leans further toward sellers than most tracked cities: among the strongest sellers’ markets against their own normal of 765 tracked cities. Sellers have unusual pull right now.
• Homes for sale are 57% below 2017–2019: among the tightest inventory against 2017–2019 of 765 tracked cities. Choice is still scarcer than before the pandemic.

Why is Albany still competitive?

Albany has 57% fewer homes for sale than in 2017–2019 at this time of year, and the typical listing has been on the market 40 days, shorter than 88% of the 765 cities we track. For every 100 homes still for sale, 112 are under contract. Well-priced homes will draw more than one offer. Your discount is in the listing that has sat, so set a price alert and move when a stale one gets cut.

How much can you negotiate in Albany?

For every 100 homes for sale, 112 are already under contract. In 2017–2019 at this time of year it was 71. Buyers outnumber sellers here. Expect company when you bid. Few sellers are dropping their price. Your discount will come from one stale listing.

The typical Albany listing has been on the market 40 days. That is 10% shorter than a year ago. There are 156 homes for sale in Albany. That is 2.3 times the tightest month on record, but below the peak of 473. Supply is growing against last year.

What to do about it

• Start in 12204, 12210, and 12202, the least competitive corners of Albany: in 12204, 42% of sellers have cut and the typical listing has been up 53 days.
• Hunt listings older than 60 days. They are the soft targets left.
• Get financing approved and set your maximum price before you bid.

When do Albany prices dip?

Across 9 full years, Albany asking prices ran lowest in January, about 7.4% below the year's average. They peaked in July. The most homes for sale show up in September, about 20% above the yearly average. Shop in September for choice, and expect the softest asking prices in January.

How does Albany compare with other New York markets?

Ranked among the 14 New York markets we track:

• Asking price: 7th cheapest of 14. Albany is at $309,329. Closest: Utica and Schenectady.
• Buyer competition: 2nd most competitive of 6. Albany is at 1.12 buyers per home. Closest: Utica and Schenectady.
• Time on market: 2nd shortest time on market of 14. Albany is at a median of 40 days on market. Closest: Rochester and Schenectady.
• Price cuts: 4th most price cuts of 14. Albany is at 14% of sellers cutting. Closest: Niagara Falls and New Rochelle.

Who will rent from you in Albany?

Most Albany households rent. 52 out of every 100 households are renters. That share has held steady for five years. Albany added about 1,400 renter households in five years. Renter households average 1.8 people. Singles and couples rent here. Two bedrooms beat four.

Households grew 6% in five years. The housing stock grew 3%. Demand is outrunning supply. 9.8% of homes sit empty. That is normal for a healthy market.

The median Albany household earns $78,112 a year. Incomes here have grown 5.7% a year since 2019. Incomes and home prices are rising in step. A typical home costs 4.0 times the median income. Locals can afford to buy here. Your exit buyer can be a local family. At 30% of income, a tenant on the median income can pay about $1,953 a month.

To see what one Albany address would rent for and cash flow, run it through the app.

What numbers should you underwrite an Albany deal with?

• Price growth to assume — +5.1%/yr. Albany has grown about 5.7% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices fell 3.5% over the last year. Use it for timing. The five-year rate is the better guide.
• Odds you cut your price to sell — 1 in 7. 14% of Albany listings have cut their asking price. Underwrite your exit below asking.
• Competition when you exit — +6%. Homes for sale in Albany are up 6% on last year, so your resale faces more competition than today's comps did.

Read how the pending ratio measures demand and how we read these numbers, then run the numbers on a deal.

What is the median home price in Albany?

The median asking price in Albany is about $309,000 as of Sep 2026, about the same as a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Albany figures cover the 35 ZIP codes with an Albany mailing address, which can reach past city limits.

Is Albany a buyer's or seller's market in 2026?

Sellers have more pull in Albany than usual. We compare Albany with 2017–2019 at this time of year: there are 57% fewer homes for sale; the typical listing has been up 41% fewer days; there are 112 pending sales per 100 listings, against 71 then.

Are Albany home prices going up or down?

The median asking price is 14.8% below its Jul 2024 peak. Per square foot the gap is smaller: 4.9% below the Jul 2024 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What is the fair market rent in Albany?

HUD's fiscal year 2026 fair market rent for Albany County is $1,702 a month for 2 bedrooms and $2,041 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.