March 2024 Market Overview

Whether you're a prospective buyer, seller, investor, or simply interested in the market's movements, staying informed is key. Let’s look at some current insights and developments shaping the Albuquerque real estate market in March 2024. 

The Albuquerque real estate market remains dynamic. Even though home sales have been on the rise in Albuquerque and nationwide for two consecutive months, there is still plenty of buyer demand heading into spring. While mortgage rates fluctuate regularly, most experts predict they will continue to go down in 2024. These trends help the market remain robust, offering opportunities for both buyers and sellers. 

Trends in Property Prices

One notable trend in the Albuquerque real estate market is the steady appreciation of property prices. As you can see below, GAAR's report indicates a year-over-year increase in median home prices, reflecting the market's strong demand and limited inventory. Consequently, this trend is encouraging for homeowners looking to sell, as it signifies a favorable environment for maximizing returns on their home investment.

Green Sheet, a quick recap of the Real Estate Market Report for Albuquerque March 2024.
 

The demand for properties in Albuquerque remains strong, fueled by factors such as low mortgage rates, favorable job opportunities, and a growing population. As a result, competition among buyers persists, leading to multiple offers on desirable properties. On the other hand, sellers are benefiting from quick sales and favorable pricing.

Current Inventory 

One aspect impacting the Albuquerque real estate market is current inventory levels. Lower inventory levels present challenges for prospective buyers. Even though homes on the market are lower, inventory has been on the rise. Single-family homes alone have increased inventory by 10% over the past two years.  Moreover, this supply and demand imbalance also presents sellers with opportunities to secure favorable terms and expedited sales.

A snapshot ofInventory of homes for sale in Albuquerque New Mexico fro April 2023 to March 2024.
 

Opportunities for Buyers

Despite the competitive market conditions, buyers still have opportunities to find their dream homes in Albuquerque. Working with experienced real estate agents and staying proactive in their search can help buyers identify properties that meet their criteria and navigate the buying process efficiently. Additionally, exploring emerging neighborhoods and considering properties needing renovations or updates can uncover hidden gems at more affordable prices.

Neighborhood Highlight 

As the Albuquerque real estate market evolves, new neighborhoods emerge as sought-after destinations for homebuyers. Furthermore, these areas often offer a combination of affordability, amenities, and potential for future appreciation. Keeping an eye on these emerging neighborhoods can provide valuable opportunities for buyers looking to make a smart investment. 

Let’s take a peek at a potential opportunity for buyers or investors in either of these Albuquerque areas below. As you can see, the 87112 zip code shows listings are on the rise by 38.6% from March 2023, which leads to more availability for the buyer. Although home trends have remained relatively consistent since March 2023 in 87111, they are not much further behind with the current inventory of 55 available homes. Based on these statistics, both areas are desirable options for home buyers but should also result in favorable outcomes for sellers. 

Snapshot of homes for sale in Albuquerque, New Mexico in the zipcode 87112. Sngle family detached homes March 2023 and March 2024.
 
Snapshot of homes for sale in Albuquerque, New Mexico in the zipcode 87111. Sngle family detached homes March 2023 and March 2024.
 

Investment Opportunities


When it comes to investing in real estate there are so many options available for those seeking opportunities.  From wholesaling to flipping a home now is the perfect time to invest in the Albuquerque real estate market. However, thorough research and due diligence are essential to identify properties with long-term growth and profitability potential. As seasoned real estate investors we know where and how to make your investment work for you. We’re always happy to answer any questions so you don’t have to go it alone. 


Market Outlook


The outlook for the Albuquerque real estate market remains positive and experts anticipate continued stability and growth. Factors such as interest rate fluctuations, economic trends, and housing policies can influence market dynamics in the coming months. However, the underlying strength of the local economy and the city's appeal as a place to live and work bode well for continued growth and stability in real estate.


Conclusion


In conclusion, the Albuquerque real estate market continues offering opportunities for buyers and sellers, driven by strong demand, rising prices, and limited inventory. Keeping on top of market trends and working with knowledgeable real estate professionals are essential for navigating the complexities of the market and making informed decisions. As we move forward in the ever-changing market, staying adaptable and proactive will be vital to seizing opportunities and achieving success in Albuquerque's dynamic real estate landscape.