Albany-Schenectady-Troy, NY
Cycle Phase
Albany experienced a market correction from mid-2025 through mid-2025. The market is currently recovering.
Market conditions are rebuilding after a correction period
Albany's housing market shows average risk, ranking 222nd of 287 metros. The market recently entered Recovery. Current conditions are balanced with stable liquidity.
Executive Summary
Risk is Neutral, driven primarily by migration and price momentum. The market is in Recovery phase. Liquidity is stable and valuation is not yet assessed.
Top Risk Drivers (This Month)
Market Signals
Inventory is roughly flat (+3% YoY) with homes selling at a normal pace — a balanced market.
Liquidity
Factor Details
Factor Breakdown
12-month HPI change — higher = overheating
YoY permit change — higher = supply pressure
Permits per 1,000 residents — higher = overbuilding risk
Mortgage payment / income — higher = more burdened
12-month employment change (risk inverted)
Net AGI migration (risk inverted)
Underlying Values
| Metric | Value | Pctile |
|---|---|---|
| Price Momentum | +3.3% | p64 |
| Permit Growth | -15.6% | p24 |
| Permits/1K Pop | 2.29 | p27 |
| Affordability | 0.23 | p15 |
| Employment | +0.8% | p26 |
| Net AGI Migration | -$356K | p93 |
National ContextDoes not affect score
Credit Conditions
Credit Regime
Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.
Supply Pipeline
Supply Regime
Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.
Local SignalsDoes not affect score
Metro Permit Activity
Permit Activity
NormalRaw signal — not the composite percentile
Relative to 2016–2019 norms for this metro
Supply and demand are in equilibrium. No unusual activity on either side of the market.
Liquidity
Liquidity
Internal Structure
Albany's counties diverge significantly — Schenectady County (Elevated) contrasts sharply with Schoharie County, making the metro average potentially misleading.
Albany, NY shows High internal divergence — the metro composite may obscure significant county-level differences. Schenectady County contributes the most structural risk (Elevated, driven by permit growth), while Schoharie County anchors the lower end (Low Risk).
| County | Score ▼ |
|---|---|
Albany County | 67 |
Schenectady CountyRisk Driver | 67 |
Saratoga County | 58 |
Rensselaer County | 42 |
Schoharie CountyStabilizer | 17 |
Score History
| Month | Score |
|---|---|
| 2025-11 | 52 |
| 2025-09 | 55 |
| 2025-08 | 52 |
| 2025-07 | 53 |
| 2025-05 | 54 |
| 2025-04 | 55 |
| 2025-02 | 58 |
| 2025-01 | 58 |
| 2024-11 | 55 |
| 2024-08 | 57 |
| 2024-07 | 54 |
| 2024-05 | 59 |
| 2024-02 | 58 |
| 2023-11 | 61 |
| 2023-08 | 62 |
| 2023-07 | 60 |
| 2023-05 | 54 |
| 2023-03 | 50 |
| 2023-01 | 50 |
| 2022-11 | 58 |
| 2022-09 | 52 |
| 2022-08 | 46 |
| 2022-06 | 45 |
| 2022-03 | 47 |
| 2022-02 | 47 |
| 2021-12 | 36 |
| 2021-09 | 42 |
| 2021-07 | 40 |
| 2021-04 | 35 |
| 2021-03 | 46 |
| 2021-01 | 48 |
| 2020-12 | 46 |
| 2020-10 | 44 |
| 2020-09 | 40 |
| 2020-07 | 42 |
| 2020-04 | 42 |
| 2020-01 | 38 |
| 2019-11 | 41 |
| 2019-09 | 40 |
| 2019-08 | 39 |
| 2019-06 | 40 |
| 2019-04 | 39 |
| 2019-02 | 41 |
| 2019-01 | 38 |