Warming market?
ALBANY — Albany County’s housing market showed modest year-to-date gains in new listings, closed sales, and median sales prices, despite a slowdown in activity during March, according to the Greater Capital Association of Realtors.
The number of new listings increased by 2.4 percent through the first quarter of 2025 compared to the same period last year, rising from 502 to 514. Closed sales also improved, climbing 4.8 percent year over year, from 434 to 455 transactions. The median sales price rose 3.7 percent, from $300,000 to $311,000.
March activity, however, reflected a slight cooling compared to March 2024. New listings declined by 1.0 percent to 200 properties, while closed sales fell by 4.6 percent to 144 transactions. The median sales price for the month dipped 2.4 percent to $310,000.
Homes continued to sell quickly, with the median days on market dropping from 30 to 24 days, a 20.5 percent decrease compared to March 2024. Sellers received, on average, 100.7 percent of their original list price in March, up 1.5 percent from the previous year.
The overall inventory of homes for sale in March fell by 12.7 percent year over year, from 197 to 172 properties. The months supply of inventory also declined by 15.3 percent, from 1.0 months to 0.9 months.
The data, current as of April 7 and provided by the Greater Capital Association of Realtors using information from Global MLS, suggests that while seasonal fluctuations remain, buyer demand has stayed relatively strong heading into the spring market.
New York’s housing market showed signs of growth in March, too, with inventory and new listings both posting year-over-year gains, according to the New York State Association of Realtors.
Statewide inventory rose 1.0 percent last month compared to March 2024, marking the first increase in more than a year. The number of homes for sale grew from 23,828 to 24,067 units. New listings climbed 8.8 percent over the same period, from 11,377 homes to 12,380.
Closed sales remained relatively steady, slipping 0.6 percent year over year from 6,876 transactions in March 2024 to 6,838 sales last month. Pending sales fell 3.5 percent, from 9,043 to 8,726 homes.
Home prices continued their upward trend, with the median sales price rising 11.8 percent statewide, from $380,000 in March 2024 to $425,000 in March 2025. It marks the 20th consecutive month of year-over-year price increases.
Mortgage rates remained relatively stable during the month. According to Freddie Mac, the average 30-year fixed-rate mortgage settled at 6.65 percent in March, compared to 6.82 percent a year earlier.
