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.
2024 Year Overview
In 2024, the counties in the Capital Region witnessed notable changes in key real estate metrics compared to 2023:
Albany County:
- Median home values increased by 11.69% from $287,625 to $321,250.
- New listings increased by 5.66%, from 212 to 224.
- Closed sales saw a significant surge of 28.57%, from 161 to 207.
Schenectady County:
- Median home values grew by 9.39%, from $234,667 to $256,700.
- New listings rose slightly by 2.11%, from 142 to 145.
- Closed sales jumped by 29.25%, from 106 to 137.
Saratoga County:
- Median home values increased by 5.13%, from $394,750 to $414,992.
- New listings marginally rose by 0.40%, from 253 to 254.
- Closed sales increased by 28.66% from 171 to 220.
Rensselaer County:
- Median home values rose by 9.84%, from $250,583 to $275,250.
- New listings increased by 5.04%, from 119 to 125.
- Closed sales grew by 22.22%, from 90 to 110.
From the data we can see that Albany County leads with the highest growth in median home value. Schenectady County experienced the most substantial rise in closed sales. Saratoga County tops the list in median home values, followed by Albany, Rensselaer, and Schenectady counties. These shifts reflect a robust year-over-year growth in the Capital Region’s real estate market, with notable increases in home values, listings, and sales across all counties in the region.
