Is Albany, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Albany has remained a Seller's Market.
Key Takeaway
Albany is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Albany, OR
How much do homes in Albany, OR cost?
Median Sold Price
$440,000
$276/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Albany have sold for 10% more than they did a year ago.
Summary: The median home sold price in Albany was $440,000 in May 2024, up 10% from last year, and the median price per square foot was $276.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $318.9K | $322.5K | +1.1% |
| 3 Bedrooms | $396.5K | $424K | +6.9% |
| 4 Bedrooms | $502K | $534K | +6.4% |
| 5+ Bedrooms | $595K | $455K | -23.5% |
Summary: Albany housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.1%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 23.5%.
Median Sold Price Compared To Nearby Cities
| Albany | $400K | $440K | +10.0% |
| North Albany | $540K | $547.5K | +1.4% |
Housing Supply in Albany, OR
How many homes are available in Albany, OR?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 78 | 76 | -2.6% |
Summary: The Albany real estate market had 76 homes for sale in May 2024, a 2.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 6 | -25.0% |
| 3 Bedrooms | 44 | 39 | -11.4% |
| 4 Bedrooms | 20 | 19 | -5.0% |
| 5+ Bedrooms | 5 | 11 | +120.0% |
Summary: The Albany housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 11.4%, 4 bedroom homes decreased by 5%, and 5+ bedroom homes increased by 120%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 13 | -23.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Albany, you could pay more than the asking price. 61.5% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Albany in May 2024, down by 23.5% month-over-month. Of the 13 sold homes, 15% were sold under asking, 23% were sold at asking, and 62% were sold over asking.
Days on Market for Albany, OR
How long does it take to sell a home in Albany, OR?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 26 Days | +10.3% |
Summary: Homes in Albany had an average of 26 days on market in May 2024, up by 10.3% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Albany are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Albany; 62% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland, Oregon. Real estate listings held by another brokerage firm are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2024 Regional Multiple Listing Service, Inc. (RMLS™) Portland, Oregon.