Albany, Georgia is a city located in southwest Georgia with a population of a little over 75,000 residents. Albany is one of Georgia’s larger cities. It a nice alternative for license holders who are looking to stay in the real estate game, but who also want to get away from some of the traffic and congestion of bigger cities like Atlanta.
Wondering about other cities in Georgia that are growing quickly? Learn more about what areas are expanding.
Past Trends in Albany
Median listing prices in Albany were relatively high in 2011, coming in around $140,000. Between 2011 and 2013 those prices plummeted as Albany went through an economic slump. Rent price also plummeted around this time. But 2019 saw a rise in both median listing prices and rent prices.
Keep an eye on your local MLS to monitor median prices and rent costs. Find out more about what the MLS is and why you should care about it.
Albany’s home values have gone up about 11% over the past 12 months. The rising home values suggest Albany is shifting from a buyer’s market to a seller’s market.
Homes in Albany are also spending less time on the market and there seem to be fewer price cuts. These factors indicate a shift to a seller’s market, as well.
Seller’s will have the opportunity to be more choosy and may ask more for their property. However, license holders shouldn’t instill sellers with too much confidence. Albany’s market is more of a seller’s market than a buyer’s market, but there are still plenty of homes on the market. Sales prices will still need to be competitive.
Read more about how to leverage photography to effectively market your seller’s house.
Part of being a successful agent is knowing your market and who is really behind the generic “buyer” and “seller” client labels. Here are a few of Albany’s most recent stats from the U.S. Census Bureau:
Population: 75,249 people
Veterans: 4,498 people
Owner-occupied housing unit rate: 38.5%
The median value of owner-occupied housing units: $101,000
Median gross rent: $695
Mean work commute: 18.3 minutes
Population density: 1,404.7 people per square mile
These stats will inform the way license holders approach the market.
Albany is home to a significant number of veterans. Veterans are eligible for real estate-related benefits, such as VA loans or down payment assistance.
License holders should know their way around these benefits so they can provide their buyer clients with the most helpful information possible. Read more about Aceable’s military discounts.
The mean commute to work for people in Albany is about 18 minutes. Albany residents will likely be looking at homes relatively close to their jobs. Make sure you know your way around the residential areas that surround larger employers.
Population per Square Mile
The population in Albany is about 1,405 people per square mile. Compared to Atlanta, where the population is 3,154 people per square mile, people in Albany are much more spread out. This means they will likely be looking for bigger lots and more residential space.
Popular Neighborhoods in Albany
License holders are responsible for knowing their market. Part of knowing a market is knowing which areas are more desirable and why. Here a few popular neighborhoods in Albany you should know:
North Madison Street/West 3rd Avenue
Philema Road/North Jefferson Street
Newton Road/Lily Pond Road
West Gordon Avenue/West Waddell Avenue
Slappey Area South
Getting Your License
Even if you know all the trends and every detail of the market, you can’t help sell or buy homes in Albany without a license. Learn how to get your Georgia real estate license or see if you can transfer your out-of-state license to Georgia.