Your search results

Spring Has Sprung… And So Has the Capital Region Real Estate Market

Posted by GCAR on April 24, 2023

The Capital Region real estate market experienced a decrease in pending and closed sales in March 2023, according to the latest market report released by the Greater Capital Association of REALTORS®.

Pending sales decreased by 11 percent compared to the previous year, totaling 884 units for the month. Closed sales fell by 19 percent from last year, with 758 units sold.

Despite the decrease in sales activity, the median sales price increased by 4.3 percent to $266,000, indicating continued demand for properties throughout the Capital Region’s market. Last month sellers received, on average, 98 percent of their original list price. Housing affordability was reported at 120 for March. At 100, the median-income family has sufficient income to purchase a median-priced existing home. A higher index number indicates that more households can afford to buy a home, particularly in the Capital Region, where wage growth has outpaced housing costs. Not so for much of the rest of the country.

Higher rates continue to put pressure on sales prices across the country. For the first time in more than a decade, national home prices were lower year-over-year, according to the National Association of REALTORS®, breaking a 131-month streak of annual price increases. Buyers may face challenges finding available properties, while sellers may benefit from the current market conditions.

With a current rate of 1.4 months available, local inventory rose slightly compared to last March. This suggests some positive movement from the impact of new construction, with more than 110 new homes hitting the market in March with an average sales price of $500,000. Laura Burns, CEO of the Greater Capital Association of REALTORS®, commented, “Buyers seem to be coming to terms with the fact that the low rates during the pandemic were an anomaly and with current rates still lower than average over the last 52 years, it’s still a good time to buy into homeownership.”

View the stats here.

Compare Listings