Albuquerque is a vibrant, growing city of over 550,000. It’s the business and economic hub of New Mexico, with a growing job market and a highly skilled workforce. Outside of the economy, the city has a lot to offer everyone, from unique cuisine to abundant outdoor activities. It’s important to get acquainted with the real estate market in Albuquerque if you’re looking to settle down in this dynamic hotspot. Read on to learn what you need to know about the housing market in your new city.
- Getting to know the real estate market in Albuquerque
- The pandemic has changed the real estate market in Albuquerque
- The job market drives growth in Albuquerque
- Quality of life draws people to Albuquerque
- Finding your place in the real estate market in Albuquerque
Getting to know the real estate market in Albuquerque
If you’re looking for a home in Albuquerque, you’ll find that the options available are as diverse as the city’s residents, in terms of both price and style. The median price for a single-family home in Albuquerque was $265,000 as of December 2020.
Pricing fluctuates area by area. Homes in neighborhoods like Bear Canyon and Taylor Ranch start in the low-200s, while property in pricier neighborhoods like High Desert hover around $700,000. You can expect varied prices for homes right in the city, too. If you’re looking for a great value, single-family houses in West Mesa price out in the low $200,000s. Expect to pay almost double that if you’re searching in trendier inner-city areas like Nob Hill or Old Town.
As far as style of housing, Albuquerque has gorgeous Adobe- and Mediterranean-style homes throughout the city, while the neighborhoods consist of a mix of older homes side-by-side with high-end new construction. As singles and families alike look to settle down in quiet areas and experience the natural beauty of the area, expect plenty of new construction to spring up on Albuquerque’s west side for years to come.
The pandemic has changed the real estate market in Albuquerque
You can’t talk about the real estate market in Albuquerque, or anywhere else in the country, for that matter, without examining the impact of the global pandemic. Real estate agents across the area are noticing an interesting shift in their clientele—on average, nearly half of homebuyers in the Albuquerque region are coming from out of state.
With many middle-class employees making the shift to remote work, it’s clear that living close to the office isn’t as much of a necessity as it once was. People are choosing to move to areas that have nice weather, abundant activity options and affordable housing. When it comes to those criteria, Albuquerque has it all.
As a result of this sudden population influx, homes are in short supply throughout the city and the surrounding neighborhoods. There just aren’t enough properties to keep up with demand! Homes near the average price range for the city—around $300,000—are selling in less than one month on average. If you’re a serious buyer, it’s smart to move quickly. That home you’ve been eyeing in your ideal neighborhood could disappear at any time. If you see something you like, pounce on it, or someone else will.
The job market drives growth in Albuquerque
In spite of the global pandemic, the job market continues to remain strong in Albuquerque. Before March of 2020, job growth in the city reached a ten-year high. As businesses begin to find their footing once again, the job market is predicted to boom accordingly. Sectors with the fastest areas of growth include health care, construction, transportation and education. High-paying tech jobs abound in the area as well. In fact, Albuquerque is ranked as one of the best cities in the nation for women in the tech industry.
Home prices are rising in correlation with the job market. Home values have increased, on average, 11.0% year-over-year, and that trend is expected to continue. Over the past five years, home values in Albuquerque have increased by over 30%. Keep in mind that pricing depends on the neighborhood, with some areas seeing more demand than others.
While living close to downtown is still a top priority for some buyers, especially young professionals and young families, many people are looking outside the city itself in search of a quieter lifestyle and more space.
Quality of life draws people to Albuquerque
The low cost of living in Albuquerque, about 7.5% lower than the rest of the country on average, is a main draw for new residents to come to the area. It’s more affordable than many other major cities in the west and southwest, including Dallas, Denver, Las Vegas and Phoenix. You get a lot for your money when you make Albuquerque your home.
In addition, families have a great quality of life when settling down in “The Que.” There are excellent public schools, especially when you go outside the city to a suburb like Rio Rancho or a neighborhood like Ventana Ranch. These areas are safe and affordable. You can find single-family properties below $250,000 in these neighborhoods. Whether you’re just starting a family or you’re an empty nester looking for a sunny place to live, Albuquerque and the surrounding area can’t be beat.
Finding your place in the real estate market in Albuquerque
If you’ve chosen to put down roots in ABQ, get ready to enjoy a great lifestyle. Whether you’re moving to find work or you’re looking for the perfect place to enjoy your golden years, the Albuquerque region is a safe, interesting and beautiful place to call home. As an added bonus, the real estate market in Albuquerque doesn’t show signs of slowing down anytime soon.
Make yourself at home and feel confident that you’re making a smart financial investment for your future. Contact Myers & Myers Real Estate Inc. today to learn more about current real estate market conditions in ABQ and the surrounding areas.
Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas. Call us if you are looking to puchase a new house. Also you can call to see how we position your home to sell at the best possible price.