Capital Region Housing Trends: Missing Middle vs. Single-Family
CDRPC has released our housing report, Capital Region Housing Trends: Missing Middle Vs. Single-Family, which provides a comprehensive look at housing trends across the Capital Region. This report focuses on missing middle housing types, investor activity, and affordability trends from 2019 to 2024, which offers valuable insights for policymakers, planners, residents, and real estate professionals.
Read the Full Report Below!
Key Takeaways From the Report
A Region in Transition:
- The Capital Region housing market is evolving. Between 2019 and 2024, Missing Middle Housing, including duplexes, triplexes, townhomes, and accessory dwelling units (AUDs), saw steady growth despite sharp fluctuations. These housing types offer more affordable, accessible options compared to traditional single-family homes, which continue to see moderate price appreciation.
Single-Family Home Trends:
- Single-family home sales peaked in 2021, followed by a notable decline, especially in Albany and Saratoga counties. Missing middle sales mirrored this trend, though activity remained stronger in Albany and Schenectady counties due to their more urban, multi-family housing stock.
- Saratoga County had the highest single-family median home price in 2024 at $415,000, with an average annual appreciation rate of 2.8%, matching Albany County. Schenectady County, however, saw the fastest single-family home price growth in the region, averaging 4.4% per year.
Missing Middle Housing Trends:
- Between 2019 and 2024, missing middle housing saw a 28% increase in median prices, outpacing single-family home growth (15%), though single-family homes remained more expensive by approximately $100,000 in 2024.
- Saratoga also led in missing middle median home price at $304,200 in 2024, with an annual appreciation rate of 3.8%. Still, Schenectady County outpaced all others in growth, with missing middle home prices rising at an average rate of 8.8% per year.
Investor Activity:
- Investor purchases rose from 441 in 2019 to 753 in 2024, making up 10% of all home sales. By 2024, investors favored missing middle properties (393 purchases) over single-family homes (360), signaling a shift toward small-scale multi-family investments.
- From 2019 to 2024, out-of-state investor activity shifted away from single-family homes and toward missing middle properties, especially in Albany and Rensselaer counties, with a rise in missing middle purchases from 10 in 2019 to 70 in 2024.
Where Buyers Come From:
- In 2024, 96% of single-family home buyers and 91% of missing middle buyers were from New York, with out-of-state buyers mainly coming from New Jersey, Florida, California, Massachusetts, and Texas.
