“Real Estate Market Update: March, 2025 Trends in Albany, Georgia”
Albany GA Market Update
Here's a real estate market update for Albany, Georgia, comparing data from March 2024 to March 2025, along with additional insights to help you make informed decisions.
Home Prices in Albany, GA
Median Home Value: As of January 31, 2025, the average home value in Albany is $124,454, reflecting a 3.7% increase over the past year.
Median Sale Price: In December 2024, the median sale price was $144,223.
Median Listing Price: In January 2025, the median listing price was $138,300.
Median Sale Price Per Square Foot: As of January 2025, the median sale price per square foot was $55, a 50.2% decrease compared to the previous year.
Median Days to Pending: Homes in Albany are going pending in approximately 112 days as of January 31, 2025.
Buyer Demand & Interest Rates
Market Competitiveness: The Albany housing market is considered somewhat competitive, with homes selling in about 58 days. Some properties receive multiple offers, and the average home sells for approximately 5% below list price.
Interest Rates: As of March 2025, mortgage interest rates are averaging around 6%, making homeownership relatively affordable.
What This Means for You
Sellers: The 3.7% increase in average home values over the past year indicates a stable market. However, the extended time to pending status suggests that pricing competitively and ensuring your property is in excellent condition are crucial for a timely sale.
Buyers: With mortgage rates around 6% and a somewhat competitive market, now is a favorable time to purchase a home in Albany. The decrease in median sale price per square foot may present opportunities to acquire properties at more attractive prices.
Final Thoughts
The Albany, Georgia real estate market has experienced modest growth over the past year. Whether you're considering buying or selling, understanding these trends can help you make informed decisions.
*Please note that real estate markets are subject to change. For the most current information, consult with a local real estate professional or trusted sources.
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