REAL ESTATE

Feb 13 2020

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Highest Appreciating Albany Neighborhoods Since 2000

Analytics built by: Location, Inc.

Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Albany Housing Market Information

With 53,503 people, 20,049 houses or apartments, and a median cost of homes of $246,298, Albany real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Albany, accounting for 65.51% of the city’s housing units. Other types of housing that are prevalent in Albany include large apartment complexes or high rise apartments ( 14.56%), duplexes, homes converted to apartments or other small apartment buildings ( 10.21%), and a few mobile homes or trailers ( 5.58%).

The most prevalent building size and type in Albany are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.87% owning and 42.13% renting.

There is a lot of housing in Albany built from 1970 to 1999 so parts of town may have that “Brady Bunch” look of homes popular in the ’70s and early ’80s, although some of these houses were built up through the early ’90s as well. There is also a lot of housing in Albany built between 1940-1969 ( 24.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.14%). There’s also some housing in Albany built before 1939 ( 8.57%).

Albany Home Appreciation Rates

In the last 10 years, Albany has experienced some of the highest home appreciation rates of any community in the nation. Albany real estate appreciated 32.66% over the last ten years, which is an average annual home appreciation rate of 2.87%, putting Albany in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Albany definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Albany that despite a nationwide downturn in the housing market, Albany real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Albany appreciation rates continue to be some of the highest in America, at 10.53%, which is higher than appreciation rates in 94.49% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Albany. Albany appreciation rates in the latest quarter were at 2.92%, which equates to an annual appreciation rate of 12.20%.

Importantly, this makes Albany one of the highest appreciating communities in the nation for the latest quarter, and may signal the city’s near-future real estate investment strength.

Relative to Oregon, our data show that Albany’s latest annual appreciation rate is higher than 80% of the other cities and towns in Oregon.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Albany differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Albany – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Albany real estate investment or home purchase decisions.

Average Home Values

Median Home Value:
$246,298

Albany, OR HOME PRICES

Low for OR
High for Nation

Number Of Homes And Apartments:
20,049

Albany Appreciation Rates

Appreciation Rates
NeighborhoodScout’s ® Exclusive Home Appreciation Rates

NeighborhoodScout reveals the home appreciation rates for every city, town, and even most neighborhoods in America.

NeighborhoodScout has calculated and provides home appreciation rates as a percentage change in the resale value of existing homes in that city, town or neighborhood over the latest quarter, the last year, 2-years, 5-years, 10-years, and even from 2000 to present. We show both the cumulative appreciation rate, and the average annual appreciation rate for each time period (e.g., last 5-years: 84% total appreciation, Avg. per year: 16.8%). We also show how each city, town or neighborhood’s appreciation rate compares to other cities, towns and neighborhoods in the nation, and within the same state (e.g., 9 relative to the nation, 5 relative to California [10 is highest]). This makes comparisons of house appreciation rates equally easy for professional investors and individual homebuyers. In this example, the neighborhood is one of the highest appreciating in the nation over the last 5-years, but is only average in appreciation for the same period relative to other neighborhoods in the state of California.

About the appreciation rate data

Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level. Different neighborhoods within a city or town can have drastically different home appreciation rates. NeighborhoodScout vividly reveals such differences. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood.

Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. The data are merged with neighborhood-specific median house values from the Census Bureau using NeighborhoodScout’s proprietary algorithms developed by Dr. Schiller, creating an updated historical database that is then used to estimate the appreciation rates for each city, town and neighborhood within each time period. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices. The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level.

How is the home appreciation data calculated?

Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac (by the FHFA). Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout’s founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout’s search algorithms.

What transactions are covered in the appreciation rate data?

Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages. Only mortgage transactions on single-family properties are included. Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn’t exceed the conforming loan limit, a figure linked to an index published by the Federal Housing Finance Board. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity.

Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded, as are properties with mortgages whose principal amount exceeds the conforming loan limit. Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes (dwellings without an entrance directly to the outside).


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SOURCE: SOURCE: REMMOMT.COM
http://www.neighborhoodscout.com/or/albany/real-estate

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