ALBANY — The Capital Region housing market closed out 2024 with rising home prices amid declining inventory, according to data from the Greater Capital Association of Realtors.
In Albany County, the median sales price in December climbed 13.8% year over year to $342,500. Year to date, it has risen 9.8% to $335,000. Meanwhile, new listings declined 2.6% compared to December 2023, with 112 properties entering the market. Closed sales also dipped slightly, falling 3.1% to 190 transactions.
Inventory constraints remained a key factor in the market. The number of homes for sale in Albany County dropped 18.1% to 212, contributing to a 20.6% decrease in the months’ supply of inventory, which is now 1.1 months. Homes sold at an accelerated pace, with the average days on the market decreasing by 4% to 21 days.
Across the broader Capital Region, new listings increased 3.2% to 575, while pending sales rose 14.9% to 632. Closed sales experienced a slight decline of 2.1%, totaling 550 transactions. The median sales price in the region rose 10.3% to $320,000. Inventory fell 7.8% to 1,617 units, contributing to a 10% reduction in the months’ supply, now at 1.8 months. The average days on the market increased by 9.7% to 29 days.
Statewide trends
Across New York, home sales ticked upward despite historically low inventory. The New York State Association of Realtors reported a 2.6% decline in available homes, dropping to a record low of 23,198 units in December. Despite limited supply, closed sales rose 3.7% to 9,138 transactions.
The median sales price statewide climbed 10.5% year-over-year, reaching $420,000. New listings saw a modest increase of 3.9% while pending sales grew 3.5% compared to December 2023.
According to Freddie Mac, mortgage rates provided some relief, as the average 30-year fixed-rate mortgage fell slightly to 6.72% in December.
