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Key Take-Aways:
- The Average Sales Price increased 8% to $358,442 compared to $331,114 the previous quarter.
- While homes continue to sell quickly, the Average Days on Market did increase slightly, from 29 days to 32 days. That being said, homes that are priced well still sell within the first few days of being on the market.
- The inventory of homes continues to struggle, with an average of only 446 homes/month available for sale.
- Interest rates did end a relatively low note at the end of Q1, dropping .22% to 6.69% according to Mortgage News Daily, but have since increased to ~6.84% as of 4/27/25).
In summary, the market will likely continue to struggle with inventory until interest rates drop due to the impact on affordability and would-be sellers being “trapped” with the incredibly low rates they locked in back in the 2020-2022 timeframe.
These stats are based on a comparison between Q1 ’25 and Q1 ’24 and are limited to the following NY Capital District Counties: Albany, Rensselaer, Schenectady, and Saratoga.
