The Albuquerque housing market trends in April 2024 reveal significant changes compared to 2023. Understanding these shifts can provide valuable insights for buyers, sellers, investors, and real estate professionals. Let's examine the key differences and trends observed over the last year.

Overview of Market Conditions

In 2024, the Albuquerque housing market trends reflect broader national patterns of fluctuating home sales and rising prices. According to the National Association of REALTORS® (NAR), U.S. existing home sales have seen a recent decline from a one-year high. This trend is influenced by higher interest rates and increasing sales prices, which have sidelined some potential buyers.

GAAR green sheet for April 2024. Albuquerque April 2024 Real Estate Trends

Similarly, Albuquerque has experienced changes in its housing market dynamics. Warmer temperatures this spring have encouraged more sellers to list their properties, leading to a rise in new listings. This influx has provided more options for home shoppers, contributing to a slightly more balanced market compared to the previous year.

Inventory and Listings

One of the most significant changes in Albuquerque housing market trends between April 2023 and April 2024 is the increase in inventory. In 2024, new listings for single-family detached homes have surged, reflecting a significant boost from the previous year. The availability of single-family attached homes has also seen a remarkable increase. This rise in listings indicates a growing confidence among sellers, possibly due to favorable selling conditions and warmer weather.

Price Trends and Buyer Behavior

The median sales price for homes in Albuquerque has continued to climb, even though at different rates for various property types. In April 2024, the median price for single-family detached homes saw a moderate increase compared to the previous year. For single-family attached homes, the price jump was more pronounced. These Albuquerque housing market trends suggest a strong demand for attached homes, which are often more affordable and attractive to first-time buyers.

Higher mortgage rates, which have recently topped seven percent, are influencing buyer behavior. Despite these rates, demand remains robust, with homes selling quickly. The typical home in Albuquerque now spends fewer days on the market than it did in the same period last year, reflecting sustained buyer interest despite financial constraints.

Comparative Analysis of Sales and Absorption Rate

Several patterns emerge when comparing sales and absorption rates between 2023 and 2024. In 2024, pending sales for single-family detached homes have increased significantly, indicating a higher number of transactions in the pipeline. The absorption rate, which measures how quickly homes are selling relative to inventory, has also risen. This increase is even more dramatic for single-family attached homes, showcasing their growing popularity.

Albuquerque April 2024 Real Estate Trends

These Albuquerque housing market trends highlight a dynamic market where supply is slowly catching up with demand, yet properties are still moving briskly. The absorption rate's rise suggests that even with more homes available, buyers are quick to act, likely driven by the fear of further interest rate hikes or price increases.

Impact of Economic Factors

Economic conditions, including interest rates and overall economic health, have played a crucial role in shaping the housing market in Albuquerque. The rise in mortgage rates has been a double-edged sword. While it has deterred some buyers, it has also spurred others to enter the market before rates climb higher. This urgency has contributed to the quick pace of sales and the market's competitive nature.

Take a look at closed sales over the last year. Closed sales have fluctuated but are currently on the rise by almost 14%. Now is still a great time to list your home. 

Albuquerque April 2024 Real Estate Trends

Looking Ahead

As we move further into 2024, the Albuquerque housing market trends are poised to continue evolving. Factors such as interest rates, economic stability, and seasonal changes will likely influence market dynamics. For potential buyers and sellers, staying informed about these trends is crucial for making strategic decisions.

In conclusion, the Albuquerque housing market trends for April 2024 show both continuity and change compared to 2023. Increased listings, rising prices, and robust buyer activity characterize this year's market, reflecting broader national trends while highlighting unique local factors. By understanding these developments, stakeholders can better navigate the real estate landscape in Albuquerque.

Key Takeaways

Increased Inventory: Compared to 2023, more homes are available for sale in 2024, providing buyers with more choices.

  • Rising Prices: Home prices continue to rise, with significant increases in the median sales prices for detached and attached homes.

  • Buyer Activity: Despite higher mortgage rates, buyer demand remains strong, with homes selling quickly.

  • Economic Influence: Interest rates and economic conditions are major factors influencing market trends.

  • Future Outlook: Continued market monitoring is essential for making informed real estate decisions.

  • The Albuquerque housing market trends present an intriguing picture of growth and resilience, offering valuable insights for anyone involved in real estate.