Like practically everything else on the market, Albuquerque home prices continue to trend upward.
The Greater Albuquerque Association of REALTORS® market statistics for May shows the median price of a detached single-family home in the greater Albuquerque area was $340,500, a 17.4% increase from May 2021. The average sales price increased 20.8% from last year to $401,326. Last month, the median sales price was $335,000 and the average sales price $388,604, according to GAAR’s April 2022 report.
Home prices in the far Northeast Heights reflect or outpace citywide data, with prices continuing to increase while inventory remains low.
According to Redfin’s Heritage Hills Housing Market Trends, the average home sales price for the neighborhood was $395,000 last month, up 28.5% since May 2021. For Heritage East, Redfin has the average sales price for May at $528,00, a 17.3% increase since May 2021. Redfin lists Heritage East as a very competitive market, with many homes getting multiple offers and average homes selling at about 2% above list price.
Redfin data shows the average sales price for homes in the Quintessence neighborhood was $670,000 last month, with two homes currently listed for sale. A home at 9715 Larnaca Road is listed at $429,000 and another at 10004 Petra Court for $640,000.
Homes in Vineyard Estates were selling for an average of $663,000 last month, according to Redfin data. That’s an increase of 55.9% since May 2021. Redfin has two homes currently listed for sale in Vineyard Estates – a 3,629-square-foot home at 8524 Waterford Place for $699,900 and a 2,316-square-foot home at 8800 Hampton Ave. listed for $529,000. The average price per square foot in Vineyard Estates was listed at $219 by Redfin, up 52.1% since May 2021.
Home prices in North Albuquerque Acres are some of the most expensive in the state and the country. A June 5, 2022, Channelocity article says the neighborhood is more expensive than 98.7% of neighborhoods in New Mexico and 92.7% more expensive than neighborhoods in the U.S. The article says the median home price in North Albuquerque Acres is $918,444. Redfin says the average price of homes in the neighborhood is $1.15 million, a 58.4% increase since May 2021.
Prices are not expected to come down any time soon, either. According to data by real estate research firm CoreLogic, the odds of regional home prices dropping over the coming year are very low for Albuquerque. The very low odds mean there is a 0-20% chance that home prices will decrease in the Albuquerque area. A May 20, 2022 Fortune article, in which the CoreLogic data is presented, shows that other regions throughout the United States can expect a correction in home prices over the next year, but Albuquerque is not among those regions. The reason for the correction in other regions is “surging mortgage rates, declining consumer confidence, and home price overvaluation.”
Even though far northeast Albuquerque neighborhoods may not see home prices coming down anytime soon, there is an expectation that more homes will be available on the market. “Historically, when the school year comes to an end, we see more homes enter the market,” said 2022 GAAR President Bridget Gilbert in a June 10 press release. “Even with rising home prices, we expect homebuyers to have more choices this summer.”