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Median List Price: $400,117 (+14.0% year over year), Median Home Value (1-Year Forecast):15.6%, Inventory Of Homes For Sale: 523 (-40.8% year over year), New Listings: 1,136 (-13.2% year over year), Closed Sales: 1,020 (-12.7% year over year), Days On Market Until Sale: 17 (-19.0% year over year), Median Rent Price: $1,274 (+16.4% year over year), Unemployment Rate: 4.4% (latest estimate by the Bureau Of Labor Statistics), Median Household Income: $53,936 (latest estimate by the U.S. Census Bureau). The New Statewide, all but three counties Mora, Quay The average price forAlbuquerque homes for saleis $327,000, increasing from the average price in 2021 at 21.1%. Yeah. Colorado State slices up Lobos; UNM is a 6 To say that defense was optional would imply is was a choice. Yeah. Yeah. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Denver saw their inventory increase 81% compared to inventory in 2021. The cookie is used to store the user consent for the cookies in the category "Analytics". Albuquerques 19.40 price-to-rent ratio would work against rental property owners in any other market. Albuquerque is one of the potential property markets in the country. What does the coming year hold for the housing market? The cookie is used to store the user consent for the cookies in the category "Other. It is worth noting that the city has made great improvements since unemployment peaked during the pandemic. The cookie is used to store the user consent for the cookies in the category "Performance". , VIDEO: Giant I-40 light poles sway in strong ABQ, Taxidermy birds used to make drones at New Mexico, PHOTOS: Storm leaves parts of state covered in snow, PHOTOS: Winter storm moves through NM leaving snow, PHOTOS: Storm causes snowy, icy roads across New, Map: New Mexico Veterans Monuments and Memorials, 13 Broadcast Pl SW, Albuquerque, NM, 87104, Do Not Sell or Share My Personal Information. Albuquerque real estate has experienced hyperbolic highs and lows for a decade. On both ends, that has translated to a nearly 20% increase. Investor Trends: Albuquerque real estate investors, like homebuyers, will hurry to take advantage of relatively low interest rates before they get too high. Garcia shares, There were very few homes on the market so every home that would come up you know youd have 50 to 100 people fighting for that same home. The housing market is off to a busy start in 2022, with new records being observed in pace of home-price growth and median listing price last month. We are seeing a little more cash come in because interest rates have risen so much and its becoming hard for people to afford a home, said Garcia. With, as a homeowner, there you go. And not just Freddie Mac. Of course, there are risks to this assumption, as well as the possibility of new waves of future variants. So. Still, the new market landscape created by the pandemic and years of appreciation has shifted fundamental indicators in favor of rental property owners. Privacy Policy | Terms of Service | Sitemap | Cookie Policy 2022 Venturi Realty Group. According to the Greater Albuquerque Association of Realtors report on annual market statistics, the average sale price of a single-family home in the metro area in 2020 increased by 10.7% compared to 2019 the largest single-year jump in the metro area since 2006. It happens. As more people continue to compete over the little available inventory, home prices will only keep rising. For all these reasons and more, home prices exploded in Albuquerque and across the state. ALBUQUERQUE, N.M. (KRQE) The Albuquerque real estate market took off over the last two years, often forcing home buyers into a bidding war. Get the Android Weather app from Google Play, NBA opens investigation after Ja Morants social, Chase Elliott out of NASCAR indefinitely after tibia, Athlete dead in shipwreck left Pakistan to help disabled, Skier Shiffrin locks up overall title, still chases, Olympic ticket sales for Paris Games get off to rocky, New Mexico Gas Company leaders explain high winter gas bills, San Juan County sheriff who shot a dog tells his side of the story, New Mexico man sentenced for trafficking 45 lbs of meth from Mexico. What are the experts saying? The data show that the median home listing price in Albuquerque is $324,000 in April 2022. So again, they, they are expecting a healthy growing residential real estate market. We dont foresee potential regional home price declines to be of serious concern for the macroeconomy, but nonetheless we believe meaningful regional house price risk exists for some metros. but thats, thats the forecast from Freddie Mac. The median home price in metro Albuquerque reached $247,500 for the year, the highest on record, according to GAAR. As a result, the Albuquerque real estate investing community has turned to rental properties. While it is too early to be certain that the COVID era is nearing its end, we expect the story of 2022 to be one of transition for both the economy and the housing market. In particular, home values continue to test new highs as inventory levels fail to keep up with demand. New builds are on the horizon, but they will take a while to be brought to market. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Even before starting to invest, they must do some actions such as planning, research, and choosing the best place for this. There are some new home builds happening across the metro area, but supply chain issues have hampered timelines on construction. Thats why they find it better to rent a property, not buy it. Its its exciting. Our expectation of 7.6 percent growth in 2022 is still considerably higher than the average pace of 5.4 from 2012 to 2019. The average rental price is $889 per month with the buying price of $204,100. Learn How To Start Investing In Real Estate, Register to attend a FREE online real estate class, building a proper rental property portfolio, https://www.zillow.com/albuquerque-nm/home-values/, https://www.bls.gov/eag/eag.nm_albuquerque_msa.htm, https://www.census.gov/quickfacts/albuquerquecitynewmexico, https://www.neighborhoodscout.com/nm/albuquerque/real-estate, http://www.gaar.com/images/uploads/statistics.pdf, https://www.macrotrends.net/cities/22908/albuquerque/population, https://www.attomdata.com/news/market-trends/foreclosures/attom-february/, https://www.sofi.com/learn/content/foreclosure-rates-for-50-states/. And it looks like the trend maintains that way in 2022. The cookie is used to store the user consent for the cookies in the category "Other. https://www.neighborhoodscout.com/nm/albuquerque/real-estate For housing, the past year's demand surge was driven by a combination of factors, including low mortgage rates, down payments supported by stimulus checks and other savings, and a pandemic-driven reshuffling of preferences and move timing on the part of many households, all of which are expected to wane. In fact, rehabbing and real estate flipping remained the preferred exit strategy for local real estate investors for a decade. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. So, what are the cons of investment properties in Albuquerque? Manage the news you want to see, read exclusive content and explore other subscriber benefits. Interested in learning more about today's most lucrative real estate strategies? Franco added that she expects metro Albuquerques outlying areas including Rio Rancho, Los Lunas and Mesa Del Sol to stay popular. Yes. It says, basically you have to save at least $50 a month in your mortgage payment, by refinancing to qualify along with a few other things, you said $50 a month. Home prices are expected to continue rising at a fast pace. Email addresses are used solely for verification and to speed the verification process for repeat questioners. By clicking Accept, you consent to the use of ALL the cookies. Right. Earlier this year, interest rates and they vary from lender to lender on average were in the 3% and 4% range, according to Luke Ham, branch manager for VanDyk Mortgage in Albuquerque. On the other hand, the most affordable location is the area not far from the North Valley, with an average price of $190,000. Well, it also becomes the next reason why people are interested in living in the city. For a snapshot of macroeconomic and housing data between the monthly forecasts, please read ESRs Economic and Housing Weekly Notes. Still, none appear more attractive than building a proper rental property portfolio in the wake of new Albuquerque real estate trends. The cookies is used to store the user consent for the cookies in the category "Necessary". When there are pros, there must be cons as nothing is perfect in this world. As households reassess new working, living, and schooling arrangements, there may be a continued level of re-sorting between urban and suburban areas, as well as broader regional migration shifts leading to a heightened level of home sales. How is theAlbuquerque real estate market? Based on the latest Census in 2020, the population of the city was 563,165. Even those who can afford to buy a house in Albuquerque are having a hard time beating out the competition. We are assuming in the near term that the Omicron COVID-19 surge will have only modest and temporary economic impacts. After that point, he said hes hopeful demand will slow down and allow builders to catch up. Third, many people prefer renting a house or an apartment unit in Albuquerque instead of buying. Published: Tuesday, January 11th, 2022 at 7:48AM A house was for sale off Coal Avenue in Albuquerque in September. The cookie is used to store the user consent for the cookies in the category "Analytics". I mean, Ill, Im going to say this right now in April of 2021, that we are going to see probably double Im going to Im not going to say probably were going to see double digit home price growth for 2021. Here they are. For more on multifamily market conditions please see the January 2022 Multifamily Market Commentary. The Albuquerque real estate market has appreciated nearly twenty percent over the last 12 months. What about the forecast? I would expect that 2022 will start with all-time low number of homes on the market, Venturi said. Heres what. Guitarist Ottmar Liebert bringing his unique blend of music Ottmar Liebert and his band Luna Negra will perform with the New Mexico Philharmonic at Popejoy Hall on Saturday, March 11. This cookie is set by GDPR Cookie Consent plugin. At their current level, foreclosures were up 1.0% from the previous month and 129.0% from the same time last year. Right. Here are some of the new Albuquerque real estate market trends benefiting todays rental property investors: Interest rates on traditional loans are historically low, Years of cash flow can easily justify todays higher acquisition costs, Inventory shortages will increase rental demand. Its a very few, its basically like a handful. What do they call it? The Albuquerque real estate market hasnt had the easiest path towards prosperity, but the last few years have shown the citys resilience. Now. If theres a general theme its just a shortage of supply, Bishop said. Mackenzie Bishop, co-owner of Abrazo Homes and president of the Home Builders Association of Central New Mexico, said Albuquerque has chronically underbuilt housing for about a decade coming out of the recession. This is less than last month's market action index of 44. It really seems like theyre moving to be closer to family, she said. The average prices of houses in those areas are fluctuating from year to year but the trend shows they are gradually increasing. Recent inflation data has likewise been in line with our prior forecast, so related adjustments have also been modest. Seven years later, that price has jumped nearly double. Rental Trends: The same supply trends increasing prices have also forced many buyers out of the market. It increases by 15.7% from year to year. But there still is an inventory shortage.. There are actually markets where prices are down. To be clear, the latest increase isnt significant, but its important to note that positive net migration at the time of the pandemic is encouraging. In the mid of 2022, the details of the Albuquerque Real Estate Market are as follows. Most of what fueled everything for the last two years was just the (low) interest rates, Ham told the Journal. This website uses cookies to improve your experience while you navigate through the website. So theyre saying home prices in 2021 across the States are expected to average 6.6% up. For December Each month in 2022, home values have tested new highs, and they might continue to do so well into 2023. New Mexico and ABQ News, Sports, Business and more, By Matthew Narvaiz / Journal Staff Writer Robust labor demand and the ample need for firms to continue rebuilding inventories suggests to us that economic growth will be solid in 2022, but the period of rapid recovery has passed. Buyers cited a variety of different reasons for moving to New Mexico from new jobs to better air quality but Franco said one reason emerged as the most common. The trend continues in 2022, making Albuquerque promising for property investment. The lack of supply has simultaneously increased prices and decreased the number of days homes are on the market. According to a February 2022 report from the Greater Albuquerque Association of Realtors, the average home price stood at $367,566. Much like the rest of the country, the Albuquerque real estate market saw an influx in real estate investing activities after the Great Recession. Lets talk about the number that I hear the most that people seem to really want to know about when people are saying, I cant buy a house prices are too high. It increases by 15.7% from year to year. Only modest changes have been made to our macroeconomic forecast since Decembers outlook. You also have the option to opt-out of these cookies. Going forward, Venturi and Bishop said they were concerned about the supply of available homes in Albuquerque. The median price for a single-family detached home stood at $175,000 in March 2015. Statewide, the New Mexico Association of Realtors recorded more home sales in 2020 than in any year since the organization began tracking the data in 2008, according to NMAR president Danny Vigil. All rights reserved. I know. Although the ESR group bases its opinions, analyses, estimates, forecasts and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. At that time, real estate in Albuquerque boasted a median home value of $170,000. The donut shop has announced it has closed its South Valley and Northeast Heights locations. So, make sure to read this passage until the end. We now project 7.6 percent and 3.3 percent house priced growth for 2022 and 2023, respectively, as measured by the FHFA Purchase-Only Index. Well, Freddie Mac says, prices are going to keep going up for the next two years. Is the city a good place for property investments in 2022 and the future? Total sales in February stood at $27.7 million, says Cannabis Control Division data shows. Albuquerque metro area housing market shows signs of correction Data from the Greater Albuquerque Association of Realtors shows decreases in closed sales and in February 24, 2023 11:00AM She explains, It was just a scary experience, especially at my age. Unlike the 8,000 back in like 2008, 2000, was it 2008 or 2008? 1119 Alameda Blvd NW Albuquerque, NM 87114. Maam that means youre really old, right? It should be giving credits to the home builders to get those houses built, to offset the increases. And weve heard a lot of this over the over COVID right. In addition, the median home listing This cookie is set by GDPR Cookie Consent plugin. Albuquerque Area MLS Map and MLS Areas List. The Greater Albuquerque Association of Realtors, UNM Hospital wants to know publics feedback, Bile acids and gut microbes could potentially treat, Should we bring back the dodo? What we need are more homes in the model. Aside from houses, some other properties sold in the same period are 180 condominiums, a townhouse, and 48 units of multi-family houses. Duein large partto the previously mentioned supply and demand constraints caused by the pandemic, prices proceeded to increase nearly forty percent to get to where they are today. Think of places like New Jersey, New York, certain parts of California that just got really overheated on prices. Our forecast for refinance originations also had minor revisions relative to last month. The big question in our view is "how durable is this demand?" There are total 247,716 housing units, The voting population of Albuquerque are 409,852, out of these 194,645 are male voters, 215,207 are female voters, 47.5% are male, 52.5% are female. And its, its the really high price markets where thats really bad. What are the pros? Tracy: At todays levels, the median home value is under the national average. It means that currently, more people look for properties to buy instead of selling. Back in September, Zillow released a bullish 2022 forecast which predicted U.S. home prices would climb another 11.7% over the coming 12 months. The problem, however, has been that supply chain disruptions and ongoing labor scarcity issues are delaying many projects from being completed. the number of home sales theyre predicting to be above last year, last year was a record year, 6.5 million nationally. The long-run lack of housing supply would suggest some stability for investor demand, but much of this activity is potentially "hot" money taking an outsized interest in residential real estate due to low-yielding alternative investments and the current low-cost of leverage. Analytical cookies are used to understand how visitors interact with the website. Taking advantage of low interest rates and in many cases work-from-home arrangements, many households pulled forward their moving plans. Besides, there are more methods conducted by investors to analyze the property market trend in the US.