How's The Housing Market In Albuquerque?

How’s The Market?

A Look At The Real Estate Market In Albuquerque, NM

Like most of the country, Albuquerque’s real estate market has been red hot in the last couple of years. We have seen some colossal home value appreciation, bidding wars, and record low inventory.

Now, things are beginning to shift for a few reasons. First, you’ve probably heard that interest rates have increased significantly since the start of 2022. This increase, coupled with fears of an economic recession, has slowed the market down a bit. So what does that mean if you’re considering buying or selling a home in Albuquerque? Let’s take a look.

It’s Still A Seller’s Market

Despite what you may have heard on the news, we are still in a seller’s market, but that could change in the next year or so. That means that if you have been considering selling your home, you should not wait any longer and risk a market shift.

According to the Greater Albuquerque Association of Realtors, bidding wars are still commonplace, and homes are selling quickly. The average number of days on the market before a home accepts an offer is only 13. While that may not be as fast as it was in 2020, it is still incredibly fast and shows that buyers are out there and ready to make a move!

Home Values Are Still Increasing

Home values in Albuquerque have increased by nearly 21% in the last year, with the average home value being right around $400,000. We don’t expect prices to grow quite as much in the upcoming year, but we do think they will be about 10% higher this time next year.

Home values continue to rise because there is insufficient inventory. Inventory was at a record low in March of this year when only 534 homes were available for sale. Inventory has increased each month since then, but there are still not enough homes for sale on the market to completely shift market conditions.

There is some good news for home buyers – they have more breathing room than they did last year. Even though many homes are still receiving multiple offers, buyers do have some breathing room. They are able to negotiate and we have even seen some sellers cover closing costs!

What’s Next For Albuquerque Real Estate?

As interest rates continue to climb and home values increase, home ownership will become more expensive. That means if you are able to buy a house now, it’s a good idea to do so. “Waiting out the market” is not a good strategy and will end up costing you thousands of dollars, especially since there is no indication of anything like a crash coming any time soon.

If you’d like help buying or selling a home in Albuquerque, I am here to guide you through the process. I will negotiate on your behalf and make the process as easy as possible. Let's get in touch!