Median Capital Region home sale price 12% higher so far in 2021 than year ago

A home for sale in Saratoga Springs in October 2020
PHOTOGRAPHER:

A home for sale in Saratoga Springs in October 2020

ALBANY — The Capital Region real estate market in October saw higher median sale prices and fewer new listings than either September 2021 or October 2020, continuing a long-running trend.

Higher prices and lower inventory are putting the dream of homeownership out of reach of some first-time homebuyers, as properties average less time on the market and command a higher percentage of their original asking price.

The statistics are drawn from the Greater Capital Association of Realtors’ Global Multiple Listing Service, which handles many but not all sales in the Capital Region and nearby parts of surrounding counties.

The sales data from any individual month or county can be influenced by limited factors. Year-to-date and year-over-year data are better at showing trends.

GCAR data show that for the first 10 months of 2021, 2020 and 2019:

  • 15,045 houses have been listed for sale in 2021, down from 15,660 in 2020 and 17,553 in 2019.
  • 11,931 sales closed in 2021, up from 10,725 and 10,577.
  • The median sale price was $254,000, up from $227,000 and $212,000.

Earlier data show that for the first nine months of 2021, sellers got 99.5% of their original asking price, up from 96.1% and 95.3% in 2020 and 2019.

Houses sat on the market for 38 days on average before sale in those nine months, down from 63 days and 61 days in the two preceding years.

GCAR CEO Laura Burns said in a news release Wednesday that average time to sale was just 26 days last month, faster than any recent October, due in part to buyers seeking to lock in their mortgages as interest rates begin to increase.

Here are GCAR’s county-level stats on the number of closed sales and median prices for the first 10 months of 2021, and the percentage change from 2020:

  • Albany: 2,605, 8% — $265,000, 11% 
  • Fulton: 529, 10% — $155,040, 17% 
  • Montgomery: 338, 28% — $160,000, 20% 
  • Rensselaer: 1,345, 5% — $235,000, 10% 
  • Saratoga: 2,832, 11% — $345,000, 11% 
  • Schenectady: 1,895, 30% — $210,000, 14% 
  • Schoharie: 281, 12% — $180,000, 20% 

Categories: Business, News

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