Albany County home inventory declines amid statewide trends and rising mortgage rates
ALBANY—The inventory of homes for sale in Albany County continued its downward trend in November, reflecting a broader statewide decline amid rising mortgage rates, according to recent reports from Greater Capital Association of Realtors and New York State Association of Realtors.
The Greater Capital Association of Realtors saw a 15.2% decrease in new listings year-over-year across Albany County, dropping from 217 in November 2023 to 184 last month. Closed sales also declined, falling 9.2% from 206 in November 2023 to 187 in November 2024.
Despite these declines, the median sales price for homes in Albany County remained steady at $330,000 for both years. Year-to-date, the median sales price has risen 9.8%, from $305,000 in 2023 to $335,000 in 2024.
The number of homes available for sale in Albany County dropped significantly, with inventory falling 16.2% year-over-year, from 321 homes in November 2023 to 269 in November 2024. The months’ supply of inventory also shrank, declining 17.8% to 1.4 months, suggesting a tighter market. The average time homes spent on the market increased slightly, from 17 days in November 2023 to 19 days last month.
Statewide, the New York housing market reflected similar trends. According to the New York State Association of Realtors, housing inventory across the state dropped 11.3%, from 29,499 homes in November 2023 to 26,152 in November 2024. This marks the lowest statewide inventory since March, when only 25,756 homes were on the market.
Mortgage rates continue to be a significant factor. Freddie Mac reported that the average rate for a 30-year fixed-rate mortgage climbed to 6.81% in November, up from 6.43% in October. While this is slightly below the 7.44% average from November 2023, rising rates have contributed to dampened activity in the housing market.
Closed sales across New York dipped 4.6% year-over-year, from 9,079 in November 2023 to 8,660 in November 2024. Pending sales, however, showed a modest 3.6% increase, rising from 7,602 to 7,874 during the same period. New listings statewide dropped 8.6%, from 9,252 in November 2023 to 8,455 last month.
Despite declining sales activity, median home prices across New York continued to climb. The statewide median sales price rose 9.5% year-over-year, from $370,000 in November 2023 to $405,000 last month.
