Albuquerque Real Estate Continues Upward Trend with Average Property Value Hitting $360,000 in March 2024

Overview of Albuquerque’s Real Estate Market Trends

A closer look at the Albuquerque market reveals some interesting trends that are shaping the city’s housing landscape. Notably, the average value of properties in Albuquerque has seen a gradual upward movement. For instance, the average value rose from $350,000 in November 2023 to $360,000 by March 2024. This signifies a steady market with a growing appeal for properties over the months.

The average price per square foot has increased over the last 12 months, growing from $195 last year to $203 in March this year:

Moreover, the market witnessed a significant spike in the number of properties sold in December 2023, reaching a remarkable 4,206 homes. However, such peaks are not sustained, and the market appears to have normalized by March 2024 with a total of 3,586 properties sold. This illustrates the cyclical nature of real estate transactions and the importance of timing for both buyers and sellers.

Understanding Property Values in Nearby Cities

Albuquerque’s real estate ecosystem is influenced not just by its internal dynamics but also by those in neighboring cities. Each of the nearby cities presents a unique market status, with average values and price points that highlight different consumer preferences and economic conditions.

Corrales, for instance, stands out with a higher average value indicative of a more upscale market; properties here saw a significant adjustment with average values dropping from $702,000 in March 2024 to $662,450 in February 2024, before mildly recovering to $667,500 in January 2024. The higher price per square foot, peaking at $296 in March 2024, further emphasizes Corrales’ premium market positioning.

Bernalillo, on the other hand, recorded a decrease in average values, from $418,000 in March 2024 to $379,500 in January 2024. This downturn points toward a market correction or potentially increased buyer negotiation power.

Peralta’s market has demonstrated considerable volatility, evidenced by a sharp fall from $745,000 in January 2024 to $622,495 in March 2024. Such a shift could be indicative of a range of factors including changes in inventory, economic updates, or buyer sentiment.

Meanwhile, Rio Rancho has exhibited a relatively stable market, maintaining average values within the $375,000 to $394,000 range across the studied months. Bosque Farms, similar to several other cities mentioned, showed a dip in average values from $340,000 in March 2024 to $320,000 in January 2024. This underscores a general trend of market readjustment within the region.

Real Estate Data Snapshot: March 2024

Albuquerque’s real estate market, as of March 2024, had an average property value of $360,000 with an average price per square foot of $203. With a sale volume at that time reaching 3,586, the market showcases robust activity. The average sale price was recorded at about $312,000.

Looking at Corrales, the city offered high-end real estate options, as evident by the average property value of $702,000 and price per square foot at $295. Though the property count stood at only 12, the average sale price was close to the top-tier range at approximately $679,000.

• Bernalillo offered a more mid-range market, with an average property value of $418,000 and a price per square foot of $225. The average sale price in this city was about $364,000 with 54 properties sold.
• Peralta, despite its volatility, showed an average property value of approximately $622,000, a relatively high valuation albeit with a lower price per square foot of $205, considering its average sale price at $351,000.
• Rio Rancho presented as an accessible market with an average property value of $375,000 and price per square foot of $202. The average sale price here was recorded at about $327,000, with a high transaction volume indicating a busy market.
• Bosque Farms, with an average property value of $340,000 and a lower price per square foot of $164, offered affordability. The average sale price in this small market was about $320,000, demonstrating a focus on value propositions.

Through thorough analysis, each city’s data reflects diverse market conditions, underlining the significance of regional trends and their impact on Albuquerque’s real estate scene. Being well-informed of these can empower stakeholders to make strategic decisions in what appears to be a dynamic and evolving housing market.