Are home prices dropping in Albuquerque?
Zillow Home Value Index (ZHVI) for Albuquerque is $277,530 as of November 2021. Home values in Albuquerque have increased by 19.0% over the last year. Over the past five years home values in Albuquerque have increased by more than 62%.
The hot market in Albuquerque and surrounding areas follows a nationwide trend of rising home prices and low inventory. Across the U.S., home inventory stood at about 950,000 — a decrease of 9.5% year-over-year — and the median sales price stood at about $375,300, which is an increase of 15% from March 2021.
The market is so hot that buyers are paying as much as 25% over list price, Duran said. Single-family homes have on average spent 16 days on the market before buyers make a purchase, according to the GAAR report. That's a decrease of 10 days year over year.
The Albuquerque housing market is somewhat competitive. Homes in Albuquerque receive 5 offers on average and sell in around 13 days. The average sale price of a home in Albuquerque was $310K last month, up 9.2% since last year. The average sale price per square foot in Albuquerque is $188, up 14.6% since last year.
Purchasing a home in New Mexico is a great investment in 2019, but regional differences can vary. During the spring buying season, prices will be at their highest, but there should be plenty of options for buyers. In the fall and winter, inventory is lower but buyers have more purchasing power.
Albuquerque, NM is a seller's market in June 2022, which means that there are more people looking to buy than there are homes available.
Looking only at the last twelve months, Albuquerque's appreciation rates remain among the highest in the country, at 21.85 percent, which is higher than appreciation rates in 79.50 percent of the country's cities and towns. Short-term real estate investors have found success in Albuquerque over the last twelve months.
Land investments in New Mexico can offer low cost, consistent growth investments that also offer close proximity to other larger cities. Compared to bordering states, the lower cost land combined with seemingly low property taxes equates to very low operating costs.
Taxes. Excluding federal taxes and incorporating state and local taxes such as property and sales taxes, state and local taxes in New Mexico are lower than the average across the country as a whole. Per capita state tax collections in New Mexico come out to $2,707 per year.
Housing Market in New Mexico
Home Appreciation is up 15.9% in the last 12 months. The median home price in New Mexico is $246,000.
What is the cost of living in Albuquerque?
Summary about cost of living in Albuquerque, NM, United States: Family of four estimated monthly costs are 3,180$ without rent. A single person estimated monthly costs are 885$ without rent. Albuquerque is 34.85% less expensive than New York (without rent).
Santa Fe County median home prices soared to a record $560,000 in the first quarter of 2021, a 22 percent jump from a year ago. Inside the Santa Fe city limits, the median home price rose 9.5 percent year-over-year for the same time period.
NEW MEXICO (KRQE) – New Mexico has ranked 7th in the U.S. Hottest Real Estate Markets out of the 95 in 2020 according to a report from Construction Coverage.
Along with low property taxes, state income tax is 31% lower than the national average, making Albuquerque an affordable place to live.
US News & World Report release best places to live; Albuquerque ranks 120th. NATIONAL (CBS NEWSPATH/KRQE) – U.S. News and World Report is out with its annual list of Best Places to Live in the Country.
Albuquerque is currently growing at a rate of 0.33% annually and its population has increased by 0.66% since the most recent census, which recorded a population of 564,559 in 2010.
ALBUQUERQUE, N.M. (KRQE)- Albuquerque is being recognized as one of the most affordable places in the county. Move.org came out with a list of the top 75 cities when it comes to the average monthly cost of living. The Duke City ranked 9th overall at just over $1,500.
And that's driving up prices for everyone. The New Mexico realtor's association says the average home price here in Albuquerque was $336,000 in 2021, a 17% jump from the year before. It's even worse in Santa Fe, where the median price crossed $500,000 for the first time last year.
What many retirees are finding is better deals, say experts: The median home in New Mexico costs just $151,900 and the cost of living is 3.1% lower than the national average. That makes much of the state far less expensive than Arizona's most famous retirement havens.
How much are seller closing costs in New Mexico? In New Mexico, closing costs usually amount to around 0.8% of a home's sale price, not including realtor fees. With a median home value of $291,328, sellers can expect to pay around $2,322 at closing.
What is the racial makeup of Albuquerque?
The 5 largest ethnic groups in Albuquerque, NM are White (Non-Hispanic) (38.5%), White (Hispanic) (35.8%), Other (Hispanic) (9.45%), American Indian & Alaska Native (Non-Hispanic) (3.87%), and Asian (Non-Hispanic) (3.01%).
In fact, 2018 is the third best year on record for home sales in the city according to the Las Cruces Association of Realtors. Real estate agents in Las Cruces sold 2,105 housing units last year, getting quite close to the best ever total of 2,303 from 2006.
According to Forbes, in 2021 alone, Santa Fe properties appreciated in value by around 20%, which is extremely high compared to most other places across the country. In terms of real estate trends, Santa Fe has been trending upward for multiple years and is predicted to continue to do so according to Norada reports.
Do You Need A License To Wholesale Real Estate In New Mexico? You don't need a license, but many wholesalers find value in becoming licensed real estate agents to protect their interests better.
Tennessee, Arkansas, and West Virginia consistently rank as the cheapest places to buy residential land. Tennessee offers diverse geography, from mountains and lakes to acres of rural flat ground, and of course the iconic landmarks and attractions like Graceland and Nashville, the heart of country music.
Tucson is currently a hot seller's real estate market – which means that the demand from buyers is exceeding the current supply of homes for sale.
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $16.03 | $22.58 |
| Poverty Wage | $6.19 | $6.37 |
| Minimum Wage | $11.50 | $11.50 |
1. Deming. Deming tops our list of most affordable cities in New Mexico. Located 35 miles north of the US-Mexico border, Deming is home to around 15,000 residents and is the county seat of Luna County.
Looking only at the last twelve months, Albuquerque's appreciation rates remain among the highest in the country, at 21.85 percent, which is higher than appreciation rates in 79.50 percent of the country's cities and towns. Short-term real estate investors have found success in Albuquerque over the last twelve months.
Albuquerque
