Rio Rancho’s Real Estate Market Continues To Grow
Rio Rancho is the fastest-growing community in New Mexico and a great place to call home! The city has been recognized as one of the safest and best places to raise kids in the country. If you’ve been thinking about buying a home in Rio Rancho, it’s a great idea to do so. Let’s discuss the real estate market in Rio Rancho so you can understand what to expect.
How’s The Market?
The real estate market in Rio Rancho has been hot for years and does not seem to be cooling down. Sellers still have the upper hand when it comes to negotiations, but homes do sit on the market a bit longer than they do in other parts of the state – the average number of days on the market is 35. This is good news for buyers since it means they will have time to consider all of their options before agreeing to purchase a home. In many other markets, buyers have to make an offer the second a home hits the market, or else they’ll miss out. That’s not the case here.
The average home value in Rio Rancho is $435,000, which is an increase of about 23% since 2021. We expect values to continue to increase as more businesses move into the area and more homes are built. If you’re considering buying a home in Rio Rancho and are able to afford the payment now, don’t wait any longer. Prices will rise, and so will interest rates, which means your monthly mortgage payment will be more expensive if you keep waiting to buy.
Rio Rancho Will Continue To Grow
Rio Rancho is one of the hottest areas for home builders. The area has received the most permits for housing starts in the entire country! This is excellent news since resale inventory in Rio Rancho and the rest of the Albuquerque area has been incredibly low. Home buyers have not had much selection, which has led to bidding wars and huge price increases. The new construction should help to alleviate some of the competition and allow buyers to have a more pleasant home buying experience.
According to Best Places, we can expect Rio Rancho’s job growth to be about 38% over the next ten years which is higher than the national average. With job growth comes population growth and home value growth – all great news if you are considering buying a home.
Ready To Buy Or Sell In Rio Rancho?Whether you’re in the market to buy or sell a home, the NM Home Team is here to help. We are experts in the Rio Rancho market and will make your home buying or selling process as stress-free as possible. If you’d like to discuss your real estate goals in detail.
Rio Rancho Homes for Sale
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Posted by Alfonso "Fonz" Salazar on