Inventory is rising from 1,900 to 2,300 homes available for buyers.
Are you a first-time homebuyer having a hard time finding affordable options? I’ve got some good news for you. Today, I’ll share some insights on today’s Albuquerque metro market and what they can offer to homebuyers, whether you’re purchasing your first house or the next.
Homes on the market. We have 2,318 properties available in the Albuquerque metro area. To clarify, this isn’t just Albuquerque itself; it includes neighboring areas like Rio Rancho up north, Bernalillo, and stretches all the way to the East Mountains, Edgewood, Moriarty, and down south to Los Lunas, Berlin, and the Los Travis area.
It’s a pretty large area with 2,300 homes to go around. Interestingly, this compares to just a few months ago when we’re closer to 1,900 to 2,000 homes available. Clearly, inventory is rising.
Entry-level homes. I was curious about the availability of homes priced around $325,000, specifically for three-bedroom, two-bath houses with about 1,500 square feet. In the past, I’ve looked it up and found as few as 17 options—talk about slim pickings!
But here’s the good news: we currently have 120 options under $325,000 for three-bedroom, two-bath houses. If you’re a first-time buyer still debating whether to buy or wait, there are many options now, so don’t miss out.
We’re seeing homes priced between $750,000 and $800,000 getting multiple offers.
Affordability. People are saying houses are incredibly expensive right now. While it’s true that prices can vary, I believe that $325,000 is a reasonable price point for a starter home in this market.
Keep in mind the dynamics change depending on the price range and location. For instance, if you’re eyeing homes in the $2 million range, that’s an entirely different ball game compared to those in the $800,000 to $1 million range. We’re even seeing homes priced between $750,000 and $800,000 getting multiple offers if they’re in good condition.
On the flip side, homes in Rio Rancho priced around $500,000 to $600,000 aren’t moving as quickly. Each price point has unique market conditions, but overall, we’re seeing positive signs that the market is stabilizing.
As I mentioned earlier, we have 120 options for three-bedroom, two-bath houses under $325,000, so if you’re looking to buy your first home, you now have choices. In the past, you might have felt rushed to decide—like when a house just hit the market, and you had to act fast. Now, there’s more breathing room. You can take your time to think things over and even negotiate seller concessions!
If you have any questions or are interested in buying and want to know more about current rates, let’s connect. Give me a call at (505) 620-2549 or send an email to nmhomedeals@gmail.com. There are a lot of factors to consider when buying a home and trying to time the market, and I’m here to help you through it all.