Metropolitan Statistical Area (MSA):
Albuquerque, NM is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Albuquerque, NM metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, strong job growth, and an influx of people moving to the area from other parts of the country has resulted in a tight housing market with prices on the rise.
According to data from the Greater Albuquerque Association of Realtors, the median sales price for a home in Albuquerque was $247,500 in May 2018, up 9.6% from a year earlier. The number of homes sold was also up 9.6% over the same period. And while there is some evidence that inventory levels are starting to increase as more sellers put their homes on the market, it is still well below historical norms.
All of this has led to increased competition for buyers, particularly at the lower end of the market where affordability is already an issue. First-time buyers and those with limited budgets are finding it increasingly difficult to find a home that meets their needs within their budget. As a result, many are being forced to either rent or purchase a home outside of Albuquerque proper.
The good news for sellers is that they are in an excellent position to take advantage of these trends and maximize their profits. If you are thinking about selling your home in Albuquerque, now is definitely a good time to do so!