I'll go over Albuquerque's shifting housing market with expert insights on pricing, inventory, and strategies to help you secure the best deal in 2025.
The stats are in for Albuquerque’s 2024 housing market. What do they show us, and how is this going to affect the 2025 housing market? It’s important to get a clear picture of what’s happening, especially if you’re thinking about buying or selling a home.
Take note that the Albuquerque Metro is home to about a million people and is pretty spread out. We have Albuquerque, Rio Rancho, Bernalillo, the East Mountains, and all the way down to Los Lunas and the Los Chavez and Belen area.
Closed properties. For 2024, we had 9,831 closed properties, which is almost exactly what we had last year in 2023, where we closed 9,769. So, we’re only about 100 properties off from last year. While we see very similar stats, the difference is in the price and market.
Average sales prices. The average sales price went up. This year, we broke over the $400,000 price point, landing at $400,743 for the average sales price in our metro compared to last year’s $386,000. Prices went up about 4.2% from 2023 to 2024.
Market health and inventory. Despite different factors, the market is in a healthier position. However, there isn’t enough inventory to meet buyer demand. When it comes to sales prices versus list prices, the lowest price received last year came in at 98.9% of the list price, which is slightly lower than the previous year’s 99.5%.
"The average sales price in our metro has risen, showing a healthy market trend."
This means that while we are facing challenges such as low inventory and uncertainty, the market is still showing positive signs, with homes selling near their list prices.
You need to price the houses correctly. We see that if you try to sell your house for a very high price like people did in 2021 and 2022, you might not get any offers. It’s important to set a realistic price to attract buyers.
So, if it sits on the market, you’ll have to start chopping down the price. It’s really important to price things correctly so we can attract the right pool of buyers to put in an offer immediately rather than having your listing just sit there. We don’t want you to be “dead in the water” when you get listed.
Overall, our market is growing. Rio Rancho is booming with a lot of new construction, and Los Lunas has big companies moving in. I’m excited to see what we have for 2025.
If you have any questions at all, feel free to give me a call at (500) 523-4582 or send a message to nmhomedeals@gmail.com. We’re always here to help.