Comparing Albuquerque’s Real Estate Market to other U.S. Cities

Comparing Albuquerque’s Real Estate Market to other U.S. Cities

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Tego:
Well, and that was kind of my theme today. How do we is Albuquerque New Mexico, New Mexico market compared to other markets around the country. And if you look at us, we’re, we’re number 50 for home price appreciation, you know, dead smack in the middle compared to, uh, other markets now, you know, what, what does that mean for, for us? Well, one thing it means is that we’re not having some of that kind of crazy appreciation that other markets are having. Some markets have had like 35%, 30%, 25% price appreciation. And so, you know, I’m gonna say that at least we’re a little healthier than that because that type of appreciation can’t be healthy, um, uh, for your market, you know, affordability is a, is an issue, um, in our market, in every market. However, we’re, we’re better than most, right. It’s not great, but it’s better than others. Right? I know that’s not a, a good way to put things, um, get this, just look at this Tracy Florida, the top three home price appreciation markets were in Florida, four coral Gables, 40% home price appreciation in one year. Uh, let’s see, Sarasota 35% Tampa, 31%. What’s this, uh, west Palm beach Bo Booker Raton. Yep. 30%. But then we look at some of our neighbors, Phoenix, uh, Phoenix Chandler, Mesa, number
Tracy:
Six, number
Tego:
List, number six at 28% home price appreciation. We’re very familiar with that market. Aren’t we Tracy, mm-hmm, some other markets in the Southwest, uh, Las Vegas area, 27% Austin, 26%. So the, the, you know, the, the thing is we haven’t seen it quite as much, even though we had 17%. Um, the takeaway to me is it’s a good thing. It’s, it’s, we’re a little healthier than others and we are more affordable than others.
Tracy:
And we expect that prices will continue to rise. Probably not at that pace, but we don’t see them declining
Tego:
No
Tracy:
Next
Tego:
Year, honestly not. Here is the, the hope is that the rate of appreciation slows down. Um, I, there there’s just nothing in the cards that say that home prices are gonna slip backwards, you know, borrowing some strange event. But, you know, we, we had our strange event two years ago and hopefully that we won’t see anymore in our lifetime. Yeah. But we will. right. The thing it’s always for sure is that you never know what’s gonna happen.
Tracy:
Change is inevitable. Yeah.
Tego:
Yeah, yeah. Another, just one more thing on comparing us to other markets. Um, so we talk about the home price appreciation. 17%, uh, apartment list came out with, uh, rental prices for our market. And they came, uh, in at 20.5%, uh, year over year growth in rent. So that’s in our market, in our market. You know, the median price for a one bedroom, uh, rent in Albuquerque now is, uh, $1,230.
Tracy:
Wow. So Tigo, I’m sorry, I just gotta go
Tego:
There. I know you do.