Property Makler
Advanced analytics for residential real estate investing

Albany-Schenectady-Troy, NY housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	2022	2023	2024	YTD
Median Listing Price per Square Feet	$190	$214	$228	$245	5.6%	12.6%	6.5%	7.5%
Active Listing Count	1,269	1,210	1,144	1,506	-6.6%	-4.6%	-5.5%	31.6%
Median Days on Market	68	65	66	56	3%	-4.4%	1.5%	-15.2%
Share of listings with price increase	1%	1.1%	0.7%	0.9%
Share of listings with price decrease	7.5%	7.5%	8.5%	9.1%

* last available value

Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

The Albany-Schenectady-Troy Metropolitan Statistical Area (MSA) encompasses Albany, Rensselaer, Saratoga, Schenectady, and Schoharie counties in New York's Capital District.
Total population stands at 913,485 as of 2024, up 0.7% from 2023, marking the third-fastest growth among NY MSAs.
Area covers 7,282 km² with a density of 125.4 people/km²; urban population dominates at 710,008 versus 189,254 rural.
Key geographic regions include the core cities of Albany, Schenectady, and Troy along the Hudson and Mohawk Rivers, northern Saratoga suburbs like Clifton Park, and rural southern Schoharie.

Area	City/Town	Population	Density	Income	Quality of Schools	Crime Level	Property Tax (%)	Comments
Core Urban	Albany	101,994	High	Low-Med	6-8/10	High	2.5-3%	State capital; diverse economy; revitalizing downtown.
Core Urban	Schenectady	67,000	High	Low	5-7/10	Med-High	2.8%	Industrial history; stockade district charm.
Core Urban	Troy	51,000	High	Low-Med	6-8/10	Med	2.4%	Rensselaer Polytechnic hub; Victorian architecture.
Northern Suburbs	Clifton Park (Saratoga Co)	37,000	Med	High	8-10/10	Low	1.8-2.2%	Family-friendly; tech corridor proximity.
Northern Suburbs	Halfmoon (Saratoga Co)	25,000	Med	High	9/10	Low	2.0%	Rapid growth; commercial development.
Southern Rural	Cobleskill (Schoharie Co)	12,000	Low	Low	7-9/10	Low	2.6%	Agriculture-focused; SUNY campus.
Eastern	East Greenbush (Rensselaer Co)	16,000	Med	Med-High	8/10	Low	2.2%	Commute-friendly to Albany.

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Median household income reached $86,072 in 2023, up 3.25% from $83,360 in 2022.
Median age is 40.5 years; 76.5% White, 7.34% Black, 4.73% Asian.
Bachelor's degree or higher attainment around 38%; strong in public administration and health fields.
Per capita income averages $45,000-$50,000; suburban areas exceed urban cores by 20-30%.
Poverty rate hovers at 10-12%, lower in Saratoga County (8%) than Albany city (15%).

Government: State capital drives 25% of jobs; largest employer is NY State with 70,000+ positions.
Healthcare: 18% of workforce; Albany Medical Center and Ellis Hospital anchor sector.
Education: Universities like University at Albany (SUNY), RPI, Siena College employ 10%.
Technology: Nanotech hub via Albany Nanotech Complex; GlobalFoundries plant in Malta adds 3,000 jobs.
Manufacturing: Legacy in GE, now diversified into semiconductors and biotech.
Retail and services: Steady 15%; tourism via historic sites and Adirondack proximity.

Zoning openness varies: Suburban Saratoga allows multifamily; urban Albany restrictive on height.
Regulatory strictness moderate: Environmental reviews delay Hudson River projects 6-12 months.
Construction workforce cost low-med: Union labor $40-60/hr; shortage of skilled trades adds 10-15% premiums.
New permits average 2,500 units/year; focus on townhomes in Clifton Park, apartments downtown.
Land availability high in rural Schoharie; flood zones limit 20% of Albany County parcels.
Aging housing stock (40% pre-1960) spurs renovations over greenfield builds.

Net migration positive: 5,572 international in 2024 (up 20.8%); 1,080 domestic, top in NY.
Growing industries fuel demand: Semiconductors (GlobalFoundries expansion) adds 1,000+ workers/year.
Remote work influx from NYC/Boston; Capital Region affordability draws 5,000 net households/decade.
Declining sectors minimal impact: Manufacturing stable, no major outflows.
Population growth 0.7% drives 1,500-2,000 new households annually.
Young professionals target Troy/Albanys lofts; families seek Saratoga schools.

Inventory shortage: 2.5 months supply; median days on market 25 in suburbs, 40 urban.
Affordability gap: Median home $320,000; prices up 6% YoY, outpacing income growth.
High property taxes: Effective rates 2-3%, top decile nationally, deter retirees.
Urban crime/vacancy: Albany 15% vacant rentals; Schenectady revitalization lags.
Infrastructure strain: Aging sewers flood during storms; school overcrowding in Halfmoon.
Interest rates: 6-7% mortgages squeeze first-time buyers, 40% of sales.

Area	Appreciation Potential	Risk	Key Drivers
Northern Suburbs (Clifton Park, Halfmoon)	High	Low	Tech jobs, top schools, low crime, migration in.
Core Urban (Albany Downtown, Troy)	Med-High	Med	Revitalization, young buyers, state jobs offset crime.
Eastern (East Greenbush)	Med	Low	Stable commutes, family appeal, limited supply.
Southern Rural (Schoharie)	Low	High	Aging population, job scarcity, flood risks.
Schenectady Core	Med	Med-High	Industrial rebound slow; stockade premium vs. blight.

To view all table columns, please open this table on a laptop or desktop screen.

Overall MSA home values projected 4-6% annual appreciation through 2027, led by suburbs.
Investor focus: Multifamily in Albany/Troy yields 6-8%; single-family flips in Saratoga 10% ROI.
Rental demand strong: Vacancy 4%; rents up 5% YoY to $1,600 median.
Policy shifts: NY housing compact pushes zoning reforms, unlocking 5,000 units by 2028.
Risks: Recession could stall migration; flood insurance hikes hit riverfront 15%.
Opportunities: Nanotech boom sustains 3% job growth, bolstering long-term demand.