As we step into the new year, it’s a perfect time to take a step back and analyze the Albuquerque housing market with a big-picture perspective. While we usually focus on monthly updates, this year’s annual overview reveals some fascinating trends spanning decades. Let’s dive into the 2024 market data to understand what shaped the year and what it means for buyers, sellers, and industry professionals.

The number of new listings in 2024 averaged 1,027 per month, a 7% increase from the historically low levels of 2023. However, this figure still reflects a constrained market, with sellers hesitant to list their homes. The “lock-in effect,” driven by historically low mortgage rates, continues to discourage potential sellers from moving, keeping inventory tight.

The number of active listings saw a 26% increase from 2023, with an average of 1,754 active listings per month.

Despite this improvement, inventory remains below pre-pandemic levels.

For context, in 2019, a more “normal” market, the average monthly active listings were 2,727.

This limited inventory continues to influence market dynamics.

The median days on market (DOM) for 2024 stood at 15 days, meaning half of the homes sold in less than two weeks. The long-term average for median DOM is 30 days, highlighting how the current market still favors sellers. However, the average DOM increased to 33 days, up from the pandemic lows but still below the 40-day average of 2019.

The months of supply—a key indicator of market balance—remained at 2.2 months in 2024, well below the 4-6 months considered a balanced market.

This tight supply continues to sustain a strong seller’s market, although the level of competition varies by price point and location.

• Median price increased from $111,000 to $357,000.
• Average price rose from $127,000 to $409,000.
• 220% growth over 30 years.
• The average annual growth rate over the past three decades was 3.95%, demonstrating consistent long-term appreciation.

1. Inventory remains tight, driven by the lock-in effect, low seller activity, and a moderate number of newly built homes on the market. There is no indication of a large amount of homes coming to the market for 2025.
2. Prices continue to rise, reflecting consistent long-term appreciation. 2024 was moderate compared to 2020, 2021, & 2022, but it appears (once all the final data is in) it will be greater than the long-term average.
3. The market remains competitive, especially for well-priced homes in desirable areas.

The Long-Term Albuquerque Real Estate Market is reinforcing its reputation for consistent price growth. Though the region has gone through some fluctuations that have affected the national housing scene, it has generally steered clear of the dramatic shifts observed in other markets.

The combination of tight inventory, moderate new construction, and long-term demand has sustained a resilient housing environment. Even in the face of broader economic uncertainty, Albuquerque’s consistent growth and stable market conditions offer confidence to buyers, sellers, and real estate professionals alike.