Capital Region Real Estate Market Update — September 2026 Albany, Schenectady, Saratoga & Rensselaer Counties | Single-Family Homes | Global MLS
The Capital Region housing market is entering fall with solid prices and steady demand, but mortgage rates have climbed to their highest level in nearly three years.
The median sale price in September was $360,500, up 6% from a year ago, and the average sale price reached $441,248. Active listings rose to 2,722 homes, with 2.7 months of supply, still well below the 5-6 months of a balanced market. Homes are still selling fast, with a median of 9 days on market and an average of 100.7% of list price. Pending sales are up 8% from last year.
The Big Story: Mortgage Rates
A year ago, the average 30-year fixed rate was about 6.3%. It dipped below 6% in February, then climbed through the summer as oil prices rose. This week, Freddie Mac reported an average of 7.28%, the highest since November 2023 and the sixth straight weekly increase.
On a median-priced home with 20% down, that's roughly $188 more per month than at 6.3% (about $1,973 vs. $1,785 for principal and interest). Because rates jumped in just the past six weeks, September's closings don't fully reflect the impact yet. Expect it to show up in October and November.
What This Means Going Into Winter
For buyers:
More homes to choose from and less competition than this spring
More room to negotiate, including seller concessions or rate buydowns
Get pre-approved early, since you can often refinance if rates fall later
For sellers:
Home values remain strong, up about 6% from last year
Pricing correctly from day one matters more as higher rates shrink the buyer pool
Thinking about a move, or curious about your home's value? I'm happy to walk through the numbers with you.