Is Albuquerque, NM a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Albuquerque is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Albuquerque has remained a Seller's Market.

Key Takeaway

Albuquerque is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Albuquerque, NM

How much do homes in Albuquerque, NM cost?

Median Sold Price

$339,511

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$22,340(+7.0%)

Key Takeaway

Homes in Albuquerque have sold for 7% more than they did a year ago.

Summary: The median home sold price in Albuquerque was $339,511 in May 2024, up 7% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $180K$200K
+11.1%
2 $245K$269.4K
+10.0%
3 $302.7K$320.5K
+5.9%
4 $394.8K$417.3K
+5.7%
5+ $490K$568K
+15.9%

Summary: Albuquerque housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 15.9%.

Median Sold Price Compared To Nearby Cities

Los Ranchos de Albuquerque
+13.3%
Albuquerque
+7.0%
Corrales
+5.3%
Rio Rancho
+3.9%
West Bernalillo
-3.4%

Housing Supply in Albuquerque, NM

How many homes are available in Albuquerque, NM?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2,3052,108-8.5%

Summary: The Albuquerque real estate market had 2,108 homes for sale in May 2024, a 8.5% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 7059
-15.7%
2 333292
-12.3%
3 1,1361,025
-9.8%
4 619584
-5.7%
5+ 147148
+0.7%

Summary: The Albuquerque housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 15.7%, 2 bedroom homes decreased by 12.3%, 3 bedroom homes decreased by 9.8%, 4 bedroom homes decreased by 5.7%, and 5+ bedroom homes increased by 0.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
589622+5.6%

Asking Price vs. Sold Price

257 Homes Were Sold
Under Asking

164 Homes Were Sold
At Asking

201 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Albuquerque, you may be able to get a good deal. 41.3% of homes here sold below asking price last month.

Summary: A total of 622 homes were sold or pending in Albuquerque in May 2024, up by 5.6% month-over-month. Of the 622 sold homes, 41% were sold under asking, 26% were sold at asking, and 32% were sold over asking.

Days on Market for Albuquerque, NM

How long does it take to sell a home in Albuquerque, NM?

Average Sale Time

May 2023May 2024CHANGE
17 Days25 Days+48.2%

Summary: Homes in Albuquerque had an average of 25 days on market in May 2024, up by 48.2% compared to last year.

Breakdown of Home Sale Times

485 Homes Were Sold
Under 30 Days

96 Homes Were Sold
In 30 - 90 Days

41 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Albuquerque are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 622 homes were sold in Albuquerque; 78% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 13 Days Ago

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