A Snapshot of the Albuquerque Housing Market: September 2023

In this post, we will delve into the recent data and trends of the Albuquerque housing market, as highlighted in Tego Venturi’s video. With a focus on key indicators such as market action index, supply and demand, list prices, and more, we will gain insights into the current state of the residential real estate market in Albuquerque, New Mexico.

1. Market Action Index: Buyer’s Market or Seller’s Market?

The market action index is a crucial metric used to determine whether the housing market favors buyers or sellers. As of September 2023, the market in Albuquerque is leaning towards a buyer’s market. Although the market is still technically classified as a seller’s market, we see a move toward a buyer’s market in the past few weeks, indicating a shift toward a more balanced market. However, any number over 30 signifies a seller’s market.

2. Inventory and New Listings:

The number of homes available for purchase in Albuquerque is relatively low, with fewer homes listed throughout the year. Hovering above the 2020 levels, the inventory has surpassed the previous year but remains significantly lower than the 2018 and 2019 levels. This scarcity of homes on the market creates competition among buyers. The lower number of homes being listed contributes to the limited inventory, potentially stifling market growth.

3. Listing Absorbed and Seasonal Factors:

The listing absorbed chart displays the number of homes that have been taken off the market after being listed. Recent weeks have witnessed a decline in this number, which can be attributed to seasonal trends and mortgage rate influences. Towards the end of the year, it is typical for fewer homes to be listed and absorbed. This decrease may also arise from the impact of increased mortgage rates, affecting affordability for potential buyers.

4. Median List Price and Price per Square Foot:

The median list price in Albuquerque has experienced a slight decrease, settling at $415,000 in September 2023. Despite this modest drop from early summer, it is important to note that year-over-year price gains persist. Comparing median prices from the previous three years, the market continues to show upward momentum. Additionally, the price per square foot has remained relatively steady, hovering around $211 in the current year, indicating that there is no significant pressure on prices at this time.

5. Days on Market and Price Reductions:

The average number of days on the market for listed homes remains relatively steady, indicating a market that is more active than the years of 2018 and 2019 but slower compared to the frenzied conditions of 2021 and 2022.

Approximately 40% of homes have undergone price reductions, which aligns with expectations during this time of year. However, this statistic suggests that sellers do not face significant pressure to reduce prices.

6. Number of Homes Relisted:

The number of homes that have been taken off the market and subsequently relisted has decreased to a low level. Only 15% of the homes currently on the market have had a previous contract that fell through. This could indicate that, once listed, properties are more likely to remain on the market until sold, potentially reducing buyer options and contributing to the low inventory levels.


The Albuquerque housing market, as indicated by recent data, is going through a subtle transition towards a more “balanced” market. While the inventory of homes remains limited, making it a competitive market, both median list prices and price per square foot have remained relatively stable. With fewer homes being listed and absorbed, potential buyers will face limited options. As we continue through September and into the rest of the year, it will be interesting to observe how these trends evolve and whether the market finds a semblance of balance or continues to favor sellers.

If you have any questions concerning the Albuquerque real estate market, contact The Venturi Group of Real Broker at 505-448-8888.