The Current Landscape of the Albuquerque Real Estate Market: November 2023


The current state of the real estate market in Albuquerque, New Mexico, is a topic of great interest to residents, potential homebuyers, and investors alike. In this blog post, we’ll delve into the latest data and insights provided by Tego Venturi, a prominent real estate broker from Venturi Group, as he discusses the home sales data for November 2023. With a focus on single-family detached homes in the Greater Albuquerque area, Venturi uncovers critical trends related to sales volume, inventory, pending sales, interest rates, and pricing. Let’s explore the nuances of the Albuquerque housing market, as revealed by this in-depth market review.

Sales Volume Trends

The Albuquerque real estate market has experienced fluctuations in home sales volume over the years. Venturi presents data from as far back as 2003, highlighting a peak in 2006 with an annual pace of almost 13,000 homes sold. Subsequently, there was a significant drop in 2011 and 2012, with approximately 6,000 homes changing hands. The market witnessed a resurgence, reaching a peak in 2021 with about 14,000 homes sold. However, there has been a noticeable decline in recent years, indicating a downward trend in the number of homes being exchanged. This insight is vital for understanding the current dynamics of the Albuquerque housing market and its implications for buyers and sellers.

Inventory Analysis

The housing inventory level is crucial in shaping the real estate landscape. Venturi presents data indicating that the number of homes for sale has remained relatively low, with an average of about 1200 homes on the market over the last 12 months. November 2023 saw approximately 1400 homes on the market, reflecting a 5% decrease from the previous year. Despite a slight bump in inventory due to increased interest rates in the past, the overall supply of homes remains constrained, signaling a competitive market for potential buyers.

Pending Sales and Interest Rates

One of the highlights of the current market analysis is the increase in the number of homes going under contract in November 2023. Venturi reports a 14% surge in pending sales from November 2022, with approximately 625 homes securing contracts. This surge is attributed, in part, to a recent pullback in interest rates. Having peaked at about 8% in October, interest rates have lowered to just over 7%. This reduction in interest rates has contributed to an uptick in pending sales, potentially influencing buyer activity in the Albuquerque real estate market.

Pricing Dynamics

The Albuquerque housing market’s price dynamics have fluctuated over the past year. Venturi sheds light on the average price of single-family detached homes, revealing a slight decrease from a peak in August. The average price for November 2023 stood at $399,000, marking a 6% increase compared to the previous year. A similar trend is observed in the median home price, which was $350,000. Venturi also introduces the price per square foot metric, an indicator that considers the variations in home sizes. The price per square foot for November 2023 was $207.00, showcasing an increase of 8.4% over the past year.

Market Stability and Future Projections

While the Albuquerque housing market has witnessed fluctuations in sales volume, inventory, pending sales, interest rates, and pricing, it remains steady overall. Home prices continue to show upward momentum despite a slowdown in sales compared to the previous two years. The market appears balanced, with sustained demand and limited supply driving consistent pricing trends. Moreover, there are no signs of stress on the market, as evidenced by stable price reductions among sellers and sustained buyer demand.


Tego Venturi’s November 2023 market review provides valuable insights into the Albuquerque real estate market. The data highlights sales volume, inventory, pending sales, interest rates, and pricing dynamics. As the market remains stable, buyers, sellers, and industry professionals can make informed decisions.

If you’re considering buying or selling real estate in Albuquerque, it’s crucial to examine your specific area and price range carefully. While broad analysis can provide an overall idea, each real estate situation is unique, so it’s essential to do your homework and seek professional advice to maximize available opportunities.