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Real estate prices remain high in the Capital Region


ALBANY, N.Y. (NEWS10) — Home prices in the Capital Region real estate market have hit a new high, while the time on the market has hit a new low. According to the Greater Capital Association of Realtors, the median sales price reached $279,000 and homes spent about 30 days on the market in May.

Compared to May 2021, the median sales price is up 11%, and compared to May 2020, it’s up 19%. On average, the time for homes on the market was down by 11 days from May 2021 and down 34 days from May 2020.

The Greater Capital Association of Realtors said the original list price received at sale rose to 102.4%, indicating that buyers are paying these high prices for homes. In May, there was a 1.5-month supply of homes for sale, which was a 32% decrease from May 2021.

New listings decreased 8.2% from May 2021 to 1,641 for the month. However, more new listings entered the market in May than any other month since August 2021. The total number of homes for sale was down 42.5% to 1,655 homes from May 2021, but this has improved from May’s 51.5% decline.

“Any increase in inventory is positive news, especially during the summer months. For a variety of reasons, new construction is still lagging behind on the current demand for homes,” said Greater Capital Association of President, Kendal Baker, Broker-Owner of Markers Octagon Realty.

Pending sales went down 13% from May 2021 to 1,299 for the month. Closed sales were down by 15% from May 2021 to 902 for the month. Newly constructed homes’ median sale price rose by 37% in May to $502,806.

“The reduction in some of last month’s numbers is the result more of the continued lack of inventory rather than the increase in the historically low interest rates. While the Fed’s recent rate increases may edge out some potential first-time home buyers and others on a tight budget, at this time, lack of inventory is still pushing sale prices to exceed list prices.”

Real estate breakdown by county

Albany County

New construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 332 332 0% 1,162 1,287 1,044
Listings 365 361 1% 1,289 1,429 1,327
Closed sales 179 205 -13% 970 1,089 935
Average sale $319,400 $294,411 8% $308,626 $276,254 $249,520
Median sale $285,000 $275,000 4% $265,000 $245,000 $228,000

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 166 189 -12% 889 984 857
Average sale $306,250 $286,040 7% $292,652 $260,423 $235,649
Median sale $275,000 $266,000 3% $256,000 $235,000 $220,000

Rensselaer County

New construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 178 162 10% 671 690 556
Listings 211 184 15% 745 786 678
Closed sales 123 117 5% 552 564 509
Average sale $274,540 $235,517 17% $264,372 $240,767 $217,531
Median sale $246,000 $224,000 4% $240,000 $224,800 $200,000

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 120 111 -8% 524 530 473
Average sale $266,145 $231,212 15% $254,817 $234,035 $207,459
Median sale $242,500 $215,000 13% $235,000 $217,500 $194,700

Saratoga County

New construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 322 372 -13% 1,238 1,471 1,134
Listings 424 461 -8% 1,487 1,801 1,725
Closed sales 219 285 -23% 1,046 1,224 946
Average sale $453,729 $379,608 20% $433,913 $375,867 $312,603
Median sale $404,821 $325,000 25% $374,007 $335,000 $294,250

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 188 243 -23% 874 1,023 808
Average sale $430,977 $370,280 16% $406,214 $363,414 $297,001
Median sale $374,000 $306,500 22% $346,750 $315,000 $274,950

Schenectady County

New Construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 163 220 -26% 718 922 661
Listings 169 270 -37% 754 1,005 795
Closed sales 133 160 -17% 654 814 579
Average sale $243,564 $235,439 3% $231,649 $222,198 $194,440
Median sale $237,500 $215,500 10% $211,500 $199,925 $175,000

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 131 154 -15% 641 791 551
Average sale $238,796 $229,476 4% $228,191 $216,182 $183,422
Median sale $135,400 $210,500 -36% $210,000 $196,000 $172,950

Schoharie County

New construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 35 43 -19% 127 148 112
Listings 51 43 19% 163 152 119
Closed sales 27 27 0% 104 112 114
Average sale $283,544 $222,961 27% $224,407 $191,560 $139,212
Median sale $205,000 $167,000 23% $185,000 $165,000 $139,950

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 26 27 -4% 102 112 109
Average sale $286,761 $222,961 29% $225,328 $191,560 $133,710
Median sale $205,000 $167,000 23% $185,000 $165,000 $132,500

Montgomery County

New construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 27 39 -31% 136 158 109
Listings 43 42 2% 159 146 148
Closed sales 26 29 -10% 122 158 81
Average sale $172,116 $182,654 -6% $175,889 $154,123 $129,040
Median sale $154,200 $150,000 3% $155,035 $148,400 $124,400

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 26 29 -10% 121 158 81
Average sale $172,116 $182,654 -6% $175,421 $154,123 $129,040
Median sale $154,200 $150,000 3% $153,170 $148,400 $124,400

Fulton County

New construction

May 2022 May 2021 % change 2022 to date 2021 2020
Total sales (pendings) 54 71 -24% 219 250 221
Listings 66 103 -36% 233 279 224
Closed sales 31 46 -33% 203 211 169
Average sale $197,474 $173,716 14% $200,807 $178,834 $136,670
Median sale $160,000 $165,000 -3% $160,819 $140,000 $120,000

Resale

May 2022 May 2021 % change 2022 to date 2021 2020
Closed sales 31 46 -33% 202 210 166
Average sale $197,474 $173,716 14% $199,387 $176,472 $135,104
Median sale $160,000 $165,000 -3% $160,409 $139,950 $118,350

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