ALBANY — The Albany County real estate market experienced notable growth in July 2024, according to a recent report by the Greater Capital Association of Realtors.
The report, which analyzes data from Global MLS, highlights several key metrics that indicate an upward trend in the market compared to the previous year.
In July 2024, new listings in Albany County increased by 8.8%, rising from 249 in July 2023 to 271 this year. Closed sales also saw a significant jump, with a 19.0% increase, moving from 200 closed sales in July 2023 to 238 in July 2024. These figures suggest a heightened level of activity in the county’s real estate market.
The median sales price in Albany County for July 2024 was $352,500, an 8.8% increase from the previous year’s median of $324,000. This rise in median sales price reflects the strong demand for homes in the area.
Despite the increased activity, the market remained competitive. The percent of original list price received decreased slightly by 0.2%, from 103.8% in July 2023 to 103.6% in July 2024. The average number of days on the market until sale also increased marginally by 7.1%, moving from 20 days in July 2023 to 21 days in July 2024.
The inventory of homes for sale rose by 5.5%, with 290 homes available in July 2024 compared to 275 the previous year. The monthly supply of inventory also saw a modest increase of 6.7%, indicating a slight easing in the tight market conditions.
Year-to-date figures for 2024 show a steady market with a 1.7% increase in new listings and a 0.1% rise in closed sales compared to the same period in 2023. The year-to-date median sales price for 2024 stands at $330,000, marking an 11.9% increase from 2023’s year-to-date median of $295,000.
The data suggests that the Albany County real estate market continues to grow, with increasing demand and prices, despite a slight slowdown in the speed of transactions.
Home sales and new listings increased across the Empire State, too, amid falling mortgage rates.
Mortgage rates have dropped this summer, falling below seven percent in July. According to Freddie Mac, interest rates on a 30-year fixed-rate mortgage averaged 6.84 percent last month, falling eight-tenths of a percent.
Closed sales of homes jumped 3.5 percent in July – from 9,584 units in 2023 to 9,923 homes last month. Pending sales were also on the rise, increasing from 9,849 homes in July 2023 to 10,618 homes in 2024, marking a 7.8 percent increase. New listings of homes inched up 0.5 percent in July, from 13,260 listings in 2023 to 13,322 homes in 2024.
Inventory of homes across New York continues to drop for potential home buyers. In July 2023, there were 29,642 homes available across New York compared to just 28,045 units on the market in July 2023. This represents a 5.4 percent decline in year-over-year figures.
The median sales price of homes rose 8.7 percent in July, from $400,000 median price per home to $435,000.
— Spotlight staff
