Albany’s housing market is experiencing notable shifts, with recent data indicating a dynamic landscape for both buyers and sellers. As of March 2026, the median sale price of homes in Albany stood at $261,000, reflecting a slight decrease of 0.55% compared to the previous year. Homes are selling faster, averaging 17 days on the market, down from 20 days last year. However, the number of homes sold in March decreased to 57 from 64 the previous year, suggesting a tightening market.
In response to these market dynamics, the City of Albany has implemented significant policy changes to stimulate housing development. In April 2026, Mayor Dr. Dorcey L. Applyrs signed an Inclusionary Zoning amendment into law. This reform aims to address housing challenges by unlocking new development opportunities across the city, balancing the need for increased housing supply with a commitment to affordability.
Several affordable housing projects are underway to meet the growing demand. The Albany County Land Bank, in partnership with Novus Living and MDG Design + Construction, is advancing the development of over 160 affordable housing units in the historic South End. Site work has progressed, with new building foundations taking shape, marking a significant step toward revitalizing the area.
Additionally, Conifer Realty has secured financing for North Gate Landing, a 185-unit affordable housing development on the site of the former Red Carpet Inn. This project will offer a mix of one, two, and three-bedroom units designed for families earning between 50% and 80% of the Area Median Income, contributing to the diversification of Albany’s housing options.
These developments, coupled with policy reforms, indicate a concerted effort to address Albany’s housing needs. For residents, staying informed about these changes is crucial, whether considering buying, selling, or renting in the evolving market.