REAL ESTATE
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current market, however, are “jamming up people who want to get out of their starter homes and into their next, higher-level home,” she saidd.
Home value, inventory levels and buyer demand vary by ZIP code, and readers can further identify average home prices by utilizing the Times Union’s interactive guide of the Capital Region, Catskills and Hudson Valley housing markets last updated in November.
Some areas of the Capital Region have attracted more homebuyers than others, with the City of Schenectady seeing a 22 percent increase in new listings with a median sales price of $216,000 and a 9 percent increase in closed sales, according to GCAR. In Albany, listings have dropped by 34 percent.
Troy too has suffered a slowing market, with listings down 46 percent and median sales price increasing from $195,000 to $210,000 because of scarce inventory. Saratoga Springs remains the most expensive in the Capital Region metropolitan area, with an average home sale price of nearly $500,000.
Even in Saratoga County, the fastest growing county in the Capital Region, buyer demand
is on the downswing. In 2022, the Saratoga County Clerk’s Office recorded 6,745 deeds that include transfer tax, which is charged to complete the sale of a property from one owner to another. In 2021, the number, which also includes vacant land, commercial properties and foreclosures, was 7,476.
But local real estate trends are expected to shift in upcoming months. Burns pointed to the growth of the region’s technological and nanoscience sector as being one of the potential drivers capable of attracting a new population of professionals into the area who are looking to buy houses.