Never ending story
ALBANY—The local real estate market showed a steady increase in home prices last month as the number of homes for sale continued to decline.
The year-over-year median sales price rose by 8.2%, reaching $339,500 compared to $313,750 in September 2023, according to the latest report from the Greater Capital Association of Realtors. This trend aligns with a broader annual increase, with year-to-date median prices up 11.7%, from $300,000 to $335,000.
New listings in September saw a slight decline of 1.2%, dropping from 259 to 256 year-over-year. However, year-to-date listings showed a marginal increase of 0.3%, rising from 2,120 to 2,127. Despite fluctuations in listings, closed sales for September rose by 1.9%, with 216 properties sold, up from 212 in September 2023. Year-to-date closed sales, however, reflected a slight decrease, moving from 1,683 in 2023 to 1,660 in 2024, a 1.4% dip.
Market competitiveness remains high, as homes continue to sell near the listed price, although this rate has dipped slightly. In September, sellers received an average of 100.3% of their original list price, a 3.1% decrease from 103.4% in September 2023. Year-to-date data mirrored this trend, with sellers receiving 101.8% of the list price, down from 102.1% the previous year.
The average time properties spent on the market also increased. In September 2024, homes averaged 22 days on the market, a 49.8% jump from 15 days in the same month last year. Year-to-date averages show a similar trend, with days on the market rising from 21 in 2023 to 23 in 2024, reflecting an 8.8% increase.
Inventory constraints are becoming more apparent, with the number of homes for sale dropping by 16%, from 343 listings in 2023 to 288 this year. The months’ supply of inventory—indicating how long it would take to sell the current stock of homes—declined by 17.9%, falling to 1.5 months from 1.8 months last September.
The continued rise in home prices amid shrinking inventory highlights the challenges Albany County’s real estate market faces as demand outpaces supply.
