Albany’s housing market is experiencing notable changes, with rising home values, new developments, and policy reforms aimed at addressing affordability and supply challenges.
Current Market Trends
As of May 2026, the median sale price of homes in Albany reached $279,333, marking a 5.4% increase from the previous year. Homes are selling faster, averaging 14 days on the market, down from 16 days last year. However, the number of homes sold in May decreased to 189 from 214 the previous year, indicating a tightening market.
Rental prices have also seen an uptick. The average rent in Albany is $1,630 per month, reflecting a 5.2% year-over-year increase. Despite this rise, Albany’s rental rates remain below the national average of $1,951.
Affordable Housing Initiatives
To address housing affordability, several projects are underway. The historic Selfridge & Langford Building at 97 Central Avenue is being transformed into 49 affordable apartments with ground-floor commercial space. This $18 million redevelopment aims to revitalize a key corridor in the city.
In the South End, the Albany County Land Bank, in partnership with Novus Living and MDG Design + Construction, is developing over 160 affordable housing units. Site work has progressed, with new building foundations taking shape, signaling a significant step toward increasing housing availability in the area.
Policy Reforms and Future Outlook
In April 2026, Mayor Dorcey Applyrs signed an Inclusionary Zoning amendment into law. This reform is designed to unlock new housing development across Albany by creating a path to increase housing supply while maintaining a commitment to affordability.
Looking ahead, Albany’s 2025-2029 Five-Year Consolidated Plan outlines strategies for investing in housing, homelessness services, economic development, and public infrastructure. This plan serves as a roadmap for allocating federal funding to meet the community’s needs.
As Albany continues to evolve, these developments and policy initiatives are crucial in shaping a housing market that balances growth with affordability, ensuring the city remains a vibrant and inclusive place to live.