Albuquerque Real Estate Talk: 2024 Year in Review and Predictions for 2025
As we approach the end of 2024, it’s a great time to reflect on the real estate landscape in Albuquerque over the past year and share some predictions for the year ahead. In this 517th episode of Albuquerque Real Estate Talk, Tracy and I, Tego Venturi, from the Venturi Realty Group of REAL Broker in Albuquerque, delve into yearly insights and share the ups and downs of the housing market. For over a decade, we’ve provided valuable information, and this episode feels quite special.
2024 Ultra Luxury Home Sales Recap: Albuquerque & Santa Fe
We started by summarizing the sales of high-ticket properties in Albuquerque and Santa Fe. Albuquerque saw 13 properties sold over the $2 million mark, with four fetching over $3 million. In stark contrast, Santa Fe recorded 5 sales over $4 million, 23 between $3 and $4 million, and 93 over $2 million, highlighting its thriving high-end market.
Predictions and Outcomes: Were We Right?
Tracy and I revisited our predictions for the 2024 market we made last year. Despite national expectations of a stagnant market, we predicted a slight increase in Albuquerque’s home prices, which indeed saw a modest rise of approximately 4%. Our thoughts on mortgage rates were also spot-on, foreseeing stability rather than significant drops. The real estate sales volume saw a slight increase from 8,400 to 8,600 homes, mostly aligning with our predictions.
The Importance of Timing in Listings
Reflecting on Key Trends and Challenges
2024 was marked by significant challenges and trends such as interest rate volatility, affordability issues, and persistent inventory challenges. While we offered insights into these obstacles, we also acknowledged the complexities of resolving affordability, which is primarily a supply issue in the housing market.
The Emergence of New Terms in Real Estate: Lock-In Effect and Build to Rent
New concepts like the “lock-in effect,” where homeowners with low interest rates are less inclined to sell, and “build to rent,” representing communities built for rental instead of sale, have shaped Albuquerque’s market dynamics in meaningful ways.
The Impact of AI on Real Estate
Artificial Intelligence made significant inroads into real estate in 2024. AI tools have enhanced efficiency across various operations, from image tagging in listings to creating marketing content.
Housing Shortage
The ongoing inventory shortage remains a significant challenge, with potential solutions becoming a more prominent topic in political discussions. Looking into 2025, I’m hopeful for some relief in affordability, influenced by broader economic trends and potentially stabilizing mortgage rates.
Stay Connected with Venturi Realty
As we wrap up this year, Tracy and I encourage you to stay connected with us for continuous insights. Whether on YouTube, Facebook, or streaming podcasts, we’re committed to keeping you informed on everything real estate in Albuquerque.
Thank you for joining us on this journey through 2024. Here’s to more insightful discussions and forecasts in 2025! Check out our 2025 Albuquerque Housing Market Forecast Show.
