Albuquerque Real Estate Market Prices, Trends & Forecasts 2022 I appreciate hearing about it. The average household income in Albuquerque is $72,265 with a poverty level of 15.95%. Earlier this year, interest rates and they vary from lender to lender on average were in the 3% and 4% range, according to Luke Ham, branch manager for VanDyk Mortgage in Albuquerque. As we have discussed previously, we believe much of the surge in demand over the past year was due to many homebuyers moving up their plans to purchase a home. In fact, theres a good chance price will continue rising until more inventory is brought to the market, perhaps as much as 15.6%. Realtor.com is forecasting 2022 home sales to jump 6.6% year-over-year and hit their highest level in 16 years. Denver saw their inventory increase 81% compared to inventory in 2021. And not just Freddie Mac. Copyright 2023 Nexstar Media Inc. All rights reserved. Our housing forecast has also been minimally changed; we expect total home sales to fall 1.2 percent in 2022 (from -1.4 percent last month), followed by a decline of 3.6 percent in 2023 (previously -3.8 percent). One of them is by recording historical changes in every location annually. The long-run lack of housing supply would suggest some stability for investor demand, but much of this activity is potentially "hot" money taking an outsized interest in residential real estate due to low-yielding alternative investments and the current low-cost of leverage. We are getting a fair amount of people coming in here because of our affordability, Venturi said. According to The Greater Albuquerque Association of Realtors, between May 2021 and May 2022, the median listing home price in the metro increased by more than Im Im really, really glad to see it. Rental properties will be the most viable investment strategy: Increases in home prices have made it harder to flip real estate in Albuquerque. Mon Dec 05 2022. Learn How To Start Investing In Real Estate, Register to attend a FREE online real estate class, building a proper rental property portfolio, https://www.zillow.com/albuquerque-nm/home-values/, https://www.bls.gov/eag/eag.nm_albuquerque_msa.htm, https://www.census.gov/quickfacts/albuquerquecitynewmexico, https://www.neighborhoodscout.com/nm/albuquerque/real-estate, http://www.gaar.com/images/uploads/statistics.pdf, https://www.macrotrends.net/cities/22908/albuquerque/population, https://www.attomdata.com/news/market-trends/foreclosures/attom-february/, https://www.sofi.com/learn/content/foreclosure-rates-for-50-states/.

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