By the standards of New York State, the real estate market in the state’s Capital District, which includes nearby Troy and Schenectady, has not distinguished itself. Prices have climbed 5.9 percent in the last year, according to the NAR, which is far better than Binghamton (minus 5.7 percent) but not as good as Elmira (9.7 percent).
Since it didn’t participate much in the housing bubble in the 2000s, Albany has escaped most of the housing bust. As a place to buy foreclosures, however, the metro area stands out. It has a projected 86 months’ supply of foreclosed homes. In such a slow-moving market, investors may not make much in terms of appreciation. But with foreclosed properties selling at an average 35 percent discount, there’s room for profit.
