Albuquerque Real Estate Talk with Tego and Tracy Venturi | #453 July 8, 2023

A Comprehensive Review of Albuquerque’s Real Estate Market and the Renovate or Relocate Dilemma


As we reach the halfway mark of the year, it’s crucial to assess the current state of the residential real estate market in Albuquerque, New Mexico. In this blog post, we’ll delve into some interesting statistics and trends that have unfolded in the past six months. From record-breaking home prices to a limited inventory, let’s explore the key takeaways from the first half of 2023. Additionally, we will address the topic of renovating or relocating, which has gained traction in the real estate world, helping homeowners make informed decisions about their properties.

Increasing Home Prices and Limited Inventory:

One of the most notable trends in Albuquerque’s real estate market is the continuous rise in home prices. In June, the median price for single-family detached homes reached an all-time high of $363,000, while the average price soared to $414,000. Moreover, the price per square foot surged to $203, emphasizing the sustained growth in property values. Despite higher interest rates compared to last year, home prices in Albuquerque have defied expectations by continuing to climb. It’s worth noting that this upward trajectory is not observed in all markets across the country, making Albuquerque an attractive destination for buyers and investors. However, while demand remains strong, the number of homes available for sale in Albuquerque has declined significantly. Compared to last year, there has been a 25% decrease in the volume of homes sold. This scarcity of inventory has led to increased competition among buyers, making it a challenging environment for those in search of their dream home.

Monthly: Albuquerque Housing Market Report

Weekly: Albuquerque Housing Market Update

Renovate or Relocate:

Another topic that has gained traction in the real estate world is the dilemma of whether to renovate an existing home or seek a new one. With the surge in remodeling during the pandemic, homeowners have been evaluating the suitability of their current living spaces. Some are considering making changes to accommodate their evolving needs, while others contemplate the option of finding a new home altogether. This decision depends on various factors, including personal preferences, cost considerations, and the availability of desirable properties. Consulting with a knowledgeable real estate professional can help homeowners make an informed choice that aligns with their goals and circumstances.


As we reflect on the first half of 2023, the Albuquerque real estate market has demonstrated resilience and growth. Record-breaking home prices indicate the strength of this market, while limited inventory poses challenges for buyers. Whether you’re looking to buy, sell, or make decisions about your property, it’s essential to partner with a trusted real estate team who can provide up-to-date information and expert guidance. The Venturi Group of Real Broker in Albuquerque is here to assist you with all your real estate needs. Contact us today to navigate this dynamic market successfully. Additionally, for homeowners facing the renovate or relocate dilemma, careful consideration of personal circumstances and consultation with professionals will help make an informed decision.