ALBANY — Midway through 2022, the Capital Region housing market continues to grow more expensive, with buyers willing to shell out more for the limited supply despite high inflation and rising mortgage rates.
With a 12% year-over-year jump in June, the median sale price of a single-family home has now risen 27 months in a row, according to the Greater Capital Region Association of Realtors.
Not coincidentally, that’s also how many full months there have been since the COVID pandemic hit the region.
“Despite the increase in home prices, insurance rates, and slowing sales, eager buyers continue to keep demand high on existing inventory,” GCAR President Kendal Baker said in a news release accompanying the June sales data.
The median price of a house sold in June through GCAR’s Global Multiple Listing Service was $295,000, and sellers on average got 103.5% of their original asking price. Average time on the market was only 21 days.
It is not a complete or comprehensive record, but many of the housing sales made in the seven-county region channel through the Global MLS.
Across Albany, Fulton, Montgomery, Rensselaer, Saratoga, Schenectady and Schoharie counties, price is the only metric increasing in the GCAR data.
The number of new listings, pending sales, closed sales and inventory of houses for sale all decreased, as did the housing affordability index, both in June and for the entire first half of 2022.
After two years of growth, the housing market is beginning to slow down in some regions of the country. But Lawrence Yun, chief economist for the National Association of Realtors, told the U.S. Senate Committee on Banking, Housing and Urban Affairs last week that he does not expect an actual price decline, or enough of a slowdown to put homeownership within reach of Amercans priced out of the market.
“In the near term, I do not expect the situation to change appreciably,” Yun said. “Historic undersupply in the market, combined with continued demand, will likely drive ongoing issues with affordability for many Americans.”
In the Capital Region, one of the strongest housing markets remains the city of Schenectady
The 75 closed sales reported by GCAR in June came at a median price of $225,000, up 36% from a year earlier. They were on the market an average of just 10 days and drew 104.9% of original asking price.
For the first six months of 2022, the number of closed sales in the city is up 31.5% and median sale price is up 28% over 2021.
The four-year increase is equally striking.
In the first six months of 2018, GCAR recorded 389 sales at a median price of $97,950 in the city of Schenectady.
In the first six months of 2022, GCAR recorded 568 sales at a median price of $195,000 in the city.
Here are the number of closed sales and median price in area counties for the first six months of 2022, with the percentage change from the same period in 2021:
Albany: 1,235 -12% $277,000 10%
Fulton: 251 -7% $165,000 17%
Montgomery: 150 -25% $165,000 10%
Rensselaer: 682 -3% $250,000 9%
Saratoga: 1,333 -12% $379,354 12%
Schenectady: 808 -22% $220,000 9%
Schoharie: 136 -9% $185,000 9%