How competitive is the Albany housing market?

The Albany housing market shows signs of becoming less competitive for buyers right now. While prices are still up over the past year, homes are staying on the market longer and there are more options available. The median listing price in Albany is $197,000. This is 2.7% higher than it was a year ago, but it did dip 6.0% from the previous month. This suggests that while prices have generally risen, there's been a recent cooling. Buyers have more choices now, with active listings up 34.7% compared to a year ago, totaling 579 homes. There are also 23.3% more new homes coming onto the market than there were last year, giving buyers even more options. Homes are taking a bit longer to sell, with the median days on market at 64 days. This is slightly less time than last year, but combined with more listings, it means buyers have more breathing room to make decisions. Also, 17.8% of homes have lowered their prices, indicating sellers might be more flexible. For those looking to buy or sell, the increase in available homes and slight uptick in time on market suggests a shift towards a more balanced environment, giving buyers more power to negotiate. It's a good time to explore your options and possibly find a home that fits your budget without as much pressure.