The Albuquerque real estate market in 2024 offered dynamic mix of opportunities and challenges for both buyers and sellers. From shifting inventory levels to steady price increases, this year's trends highlighted a market in transition. Here’s a detailed look at the key developments in Albuquerque’s real estate market throughout 2024.

Median Prices on the Rise

Albuquerque’s median home prices continued their upward trajectory in 2024, reflecting strong demand and a competitive market:

  • January 2024: The median home price started at $329,990, marking a 6.4% year-over-year increase.

  • November 2024: By the end of the year, prices had risen to $360,000, representing a 3.2% annual growth.

This sustained price increase underscores Albuquerque’s appeal as a desirable place to live, with affordability relative to national averages. Factors contributing to these rising prices include a growing population and limited new construction.

Beautiful newly renovated modern white kitchen.

Price Per Square Foot

Buyers in Albuquerque saw an increase in the price per square foot, emphasizing the value of location and amenities in determining home prices. Homes in neighborhoods like Nob Hill and the North Valley commanded premium pricing.

Shifts in Inventory Levels

Growing Supply in the Market

New listings on the market reported by GAAR in Albuquerque, New Mexico.

After several years of low inventory, 2024 saw a notable increase in the number of homes available:

  • August 2024: Inventory of detached homes grew by 28.7% year-over-year.

  • November 2024: The inventory increase settled at 17.1% year-over-year, with over 1,770 units available.

While the rise in inventory gave buyers more options, it also indicated a cooling trend in demand, especially in the second half of the year. Sellers found themselves competing to attract offers, leading to more realistic pricing strategies.

New Construction Trends

Builders in Albuquerque responded to demand with targeted developments, focusing on sustainable and affordable housing. Suburbs like Rio Rancho and Westside Albuquerque saw the most significant new construction activity.

Sales Activity and Buyer Behavior

Decline in Sales Volume

Closed sales on the market reported by GAAR in Albuquerque, New Mexico.

As interest rates fluctuated and affordability became a concern, home sales in Albuquerque slowed in 2024:

  • November 2024: Only 438 homes were sold, marking a 22.9% drop compared to October.

  • Days on Market: The average home stayed on the market for 63 days, up from 34 days in November 2023.

This extended timeline reflected cautious buyer behavior, with many waiting for favorable market conditions before committing to a purchase.

Shift to a Buyer’s Market

By late 2024, Albuquerque had transitioned to a buyer’s market. Homes were selling for approximately 99.17% of their asking price, giving buyers more negotiation power. Sellers who invested in staging and minor renovations saw quicker sales and higher returns.

Economic and Lifestyle Drivers

Population Growth and Economic Stability

Albuquerque’s steady population growth fueled housing demand throughout 2024. The city’s robust job market, driven by industries like healthcare, technology, and renewable energy, continued to attract new residents.

Lifestyle Appeal

Albuquerque’s unique blend of cultural heritage, outdoor activities, and a thriving arts scene made it an attractive destination. Buyers prioritized homes near amenities like parks, schools, and public transportation.

What’s Ahead for 2025?

Beautiful luxury home for sale in the foothills of Albuquerque, NM.

With rising inventory levels and slower sales activity, Albuquerque’s real estate market may continue to favor buyers in early 2025. However, steady population growth and economic stability suggest long-term strength.

Key Takeaways for Buyers and Sellers

For Buyers

  • Leverage increased inventory to find the right home at a competitive price.

  • Take advantage of negotiation opportunities in a buyer’s market.

For Sellers

  • Focus on curb appeal/outdoors/landscaping-and-hardscaping/instant-curb-appeal-for-less-than-100-dollars-pictures and minor upgrades to stand out in a competitive market.

  • Be prepared for longer listing times and consider pricing your home strategically.

Explore Your Next Move

Staying informed about market trends is essential whether buying, selling or investing. Contact our team at Better with Baron for expert advice tailored to your unique needs. Let us help you navigate Albuquerque’s evolving real estate market with confidence.