ALBUQUERQUE REAL ESTATE
MARKET-STATS AND TRENDS
Real Estate Market in Albuquerque
Affordable real estate prices, a lower cost of living, doing business, and a great quality of life are making Albuquerque a key destination for money makers and rental property investors.
Even though the real estate market has cooled down, Albuquerque is still seeing multiple offers on homes, and still experiencing people paying over the list price, with newly-listed single-family homes going under contract in just 16 days.
Median sale price of a single-family home in Albuquerque is $315,000 according to the most recent report from the Greater Albuquerque Association of Realtors, May 2022. On average, homes are on the market from listing to contract for 13 days with sale prices for single-family homes experiencing an increase of 17.5% year over year.
History of Albuquerque
Albuquerque is the most populated city in New Mexico and is the state’s economic and business hub. Founded back in 1706 as a trading post, Albuquerque continues to be known for its many well-known trade routes including Route 66 and the Santa Fe Railway. The healthcare industry of New Mexico is centered in Albuquerque, and the metro area has also become a high-tech manufacturing hub.
Weather in Albuquerque
While extreme weather and natural disasters can create havoc for businesses and residents in other parts of the country, Albuquerque is known as a low-risk location for companies to open business and thrive. Albuquerque basks in 310 days of sunshine, combined with a mild, dry climate and four distinct seasons. Low humidity means that even when temperatures rise, summer is usually comfortable, and our sunny winters are comparatively mild compared to its neighboring states like Colorado and Utah.
Population growth has seen a steady population increase of between 1%-2% per year. Albuquerque has grown at a faster rate than the entire state of New Mexico. Metro area of Albuquerque consists of Bernalillo, Sandoval, Torrance and Valencia counties. Unemployment in Albuquerque continue to remain low at 4.0% while employment growth last year was over 3.2%.
Quality of Life
Albuquerque is one of the best places to build wealth thanks to the metro area’s low cost of living and quality of life, according to Albuquerque Economic Development. Additionally, the Albuquerque metropolitan area also ranks below the national index for key cost of living measurements like groceries, utilities, transportation and health care. Actual cost of living is 4% below the national average in Albuquerque. This combined with four beautiful seasons, relatively low unemployment, and reasonable housing costs, Albuquerque’s quality of life exceeds many states in the US. It is an unknown gem that is worth researching and visiting. Let us help you find the perfect home for you and your family.