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<h2>Overview of Albuquerque’s Real Estate Market Trends</h2>
<p>A closer look at <a href="https://www.realtytrac.com/albuquerque-nm/">the Albuquerque market</a> 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.</p>
<table width="196">
<tbody>
<tr>
<td width="91"><strong>Month</strong></td>
<td width="105"><strong>Value</strong></td>
</tr>
<tr>
<td>Mar-24</td>
<td>$360,000</td>
</tr>
<tr>
<td>Feb-24</td>
<td>$366,694</td>
</tr>
<tr>
<td>Jan-24</td>
<td>$364,178</td>
</tr>
<tr>
<td>Dec-23</td>
<td>$361,083</td>
</tr>
<tr>
<td>Nov-23</td>
<td>$350,000</td>
</tr>
<tr>
<td>Oct-23</td>
<td>$367,900</td>
</tr>
<tr>
<td>Sep-23</td>
<td>$359,986</td>
</tr>
<tr>
<td>Aug-23</td>
<td>$355,667</td>
</tr>
<tr>
<td>Jul-23</td>
<td>$384,133</td>
</tr>
<tr>
<td>Jun-23</td>
<td>$369,809</td>
</tr>
<tr>
<td>May-23</td>
<td>$369,320</td>
</tr>
<tr>
<td>Apr-23</td>
<td>$360,000</td>
</tr>
<tr>
<td>Mar-23</td>
<td>$365,000</td>
</tr>
</tbody>
</table>
<p>The average price per square foot has increased over the last 12 months, growing from $195 last year to $203 in March this year:</p>
<figure id="attachment_25577" aria-describedby="caption-attachment-25577" style="width: 1447px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25577" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/04/Albuquerque-Real-Estate-Report-Apirl-2024-Price-Per-Sq-Ft.png" alt="Albuquerque Real Estate Report April 2024 Price Per Sq Ft" width="1447" height="618" /><figcaption id="caption-attachment-25577" class="wp-caption-text">Albuquerque Real Estate Report April 2024 Price Per Sq Ft</figcaption></figure>
<p>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.</p>
<h2>Understanding Property Values in Nearby Cities</h2>
<p>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.</p>
<p>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.</p>
<p><a href="https://www.realtytrac.com/market-trends/bernalillo-nm/">Bernalillo</a>, 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.</p>
<p>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.</p>
<p>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.</p>
<h2>Real Estate Data Snapshot: March 2024</h2>
<p>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.</p>
<p>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.</p>
<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>
<p>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.</p>


Market Reports

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

The article explores the nuances of Albuquerque’s real estate market trends, highlighting increasing property values, fluctuating price per square foot, a nearby cities.

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

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