Albuquerque Luxury Market Stays Booming – Here’s Why

By Venturi Realty Group

Is the luxury home market in Albuquerque cooling off? Not even close. In this week’s episode of the Albuquerque Real Estate Talk podcast, we explore how high-end properties—especially those priced at $1 million and above—continue to draw strong demand despite broader market shifts.

📈 Sales Over $1 Million Keep Climbing

“In 2019, we had 40 homes in the Albuquerque area that sold for over a million dollars,” Tego said. “In 2023, it was 147. And just this year so far—through May 2024—we’re already at 60. That’s on pace for another 140–150 sales in that segment.”

The trend speaks volumes. Luxury real estate isn’t just surviving—it’s thriving. More high-end buyers are relocating to Albuquerque, and locals are upgrading to properties that once seemed out of reach.

💵 What Does “Luxury” Really Mean in Albuquerque?

Unlike places like L.A. or Denver, the $1 million price point in Albuquerque buys a lot more home—and land. We’re talking larger lots, upgraded features, panoramic views, and often custom builds. These homes aren’t just big; they’re thoughtfully designed and full of character.

“When you’re buying a luxury home here, you’re often getting incredible value,” Tracy noted. “Especially when you consider what a million dollars gets you in other cities.”

🏠 Who’s Buying These Homes?

Buyers fall into a few main categories:

• Executives relocating from out of state
• Retirees looking for a scenic, high-quality lifestyle
• Successful local professionals upgrading to dream homes

“A lot of these buyers are coming from California, Texas, Arizona, and Colorado,” Tego added. “They’re used to much higher price points, so Albuquerque feels like a bargain.”

🔍 Inventory Is Low, But That’s Not Stopping Buyers

Even with limited availability, well-priced and well-marketed luxury homes are moving fast.

“We’ve seen multiple-offer scenarios even in the $1.2 to $1.5 million range,” Tracy said. “Buyers are still competing when the product is right.”

Inventory challenges remain—but they’re not scaring away serious buyers. This continues to push price stability and appreciation in the high-end market.

📍 Where Are Albuquerque’s Luxury Hotspots?

• North Albuquerque Acres: Custom homes with views, larger lots, and high-end finishes
• Sandia Heights: Unmatched mountain access and scenery
• High Desert: Master-planned luxury living with trails and open space
• The North Valley: Classic charm and gated estates
• Corrales: Rural feel with million-dollar horse properties

📊 What This Means for Buyers and Sellers

For sellers, now is a strategic time to list. There is active demand, and buyers are ready. The key is pricing it right and presenting it with professional staging, photography, and digital reach.

For buyers, patience and preparation pay off. Have your financing ready and work with a broker who knows the luxury landscape.