After years of slow appreciation, the Albuquerque housing market is surpassing the national average in value increases this year. The median price for a single family home in ABQ increased 25.8% in
Fast Moving Albuquerque Market sees 20% price increase April 2020-April 2021
Dated: May 17 2021
ABQ House Prices up over 20% from this time last year
The Median price single family house in the Albuquerque metro area rose 20% in April, compared to one year ago, and now stands at $283,375. The median is the point at which half the houses sell below, and half sell above.
The Average Price for a Single Family House in April rose to $328,768, an increase of 21.4% compared to one year ago.
It’s a Crazy Market…
But Definitely Different Than the Price Run Up Before the 2008 Housing Crash
Is this a bubble that is about to burst? No, it’s a function of supply and demand, and that situation is not showing signs of changing any time soon. The supply of both new and existing homes for sale is still shockingly low - about one third of the number of homes as were available a year ago just before the pandemic brought activity to a slow down. Fewer sellers wanted to put their house on the market much of last year, and new home construction has also slowed due to the pandemic and the increasing cost of construction materials.
Meanwhile, demand is high as buyers look forward to taking advantage of still historically low interest rates. As a result of the supply/demand situation, many houses are receiving multiple offers within a day or two of hitting the market and sellers are getting a city-wide average of 102% of list price.
If you are thinking about buying or selling real estate any time soon, give me a call/tex/email and I'll help you strategize on how to get to your goal in this fast moving market. Call me at 505-508-8039 or email me at firstname.lastname@example.org
Click here to see the full April 2021 housing report from the Greater Albuquerque Association of REALTORS®:
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