Housing Sales in the Capital Region
The Greater Capital Association of Realtors (GCAR) comprises licensed real estate professionals and affiliated experts, serving as a crucial regional hub for comprehensive real estate services to clients and fellow realtors. Among its functions is providing essential housing data, including metrics such as:
- New listings
- Closed sales
- Median sales price
- Percent of original list price received
- Days on market until sale
- Inventory of homes for sale
- Months of supply of inventory
Utilizing the comprehensive data provided by GCAR, the Capital District Regional Planning Commission (CDRPC) has created interactive displays showcasing key metrics such as new listings, median sales prices, and closed sales. Through these dynamic visualizations, CDRPC empowers stakeholders to gain deeper insights into the ever-evolving trends shaping the regional housing market.
2023 Year Overview
In the first half of 2023 (January-June), the counties in the Capital Region witnessed notable changes in key real estate metrics compared to the second half (July-December):
Albany County:
- Median home values increased from an average of $287,625 to $321,250, marking an increase of 11.69%.
- New listings in Albany County also increased from an average of 212 to 224, a rise of 5.66%.
- Closed sales in Albany County increased from 161 to 207, representing a surge of 28.57%.
Schenectady County:
- Median home values increased from an average of $234,667 to $256,700, indicating a rise of 9.39%.
- New listings in Schenectady County also increased from an average of 142 to 145, showing a rise of 2.11%.
- Closed sales in Schenectady County increased from 106 to 137, reflecting a surge of 29.25%.
Saratoga County:
- Median home values increased from an average of $394,750 to $414,992, an increase of 5.13%.
- New listings in Saratoga County increased from an average of 253 to 254, a slight rise of 0.40%.
- Closed sales in Saratoga County increased from 171 to 220, marking an increase of 28.66%.
Rensselaer County:
- Median home values increased from an average of $250,583 to $275,250, an increase of 9.84%.
- New listings in Rensselaer County increased from an average of 119 to 125, showing a rise of 5.04%.
- Closed sales in Rensselaer County increased from 90 to 110, indicating a rise of 22.22%.
In the Capital Region, Albany County stands out with the most significant rise in median value and new listings among the four counties. Meanwhile, Schenectady County experienced the highest surge in closed sales between the two periods. In terms of median home values, Saratoga County leads the pack, followed by Albany County, with Schenectady and Rensselaer County following suit.
