2022 Albuquerque Real Estate Market Statistics

This exciting development in the Albuquerque housing market had been described as one of the fastest-growing increases in over 20 years. Yet, as interest rates rise, there are signs that the market is starting to slow down. From May 2022 to December 2022, average home prices have noticeably declined by 7.5%, confirming that indeed the market has been affected and has seen a decrease since its peak. As we look towards 2023, it will be interesting to observe whether average home prices continue to decline or return to their earlier levels of success.
2022 Albuquerque Days On Markethttps://psychologista.fr/
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Despite the annual 6.7% increase in days on market to sell a home in Albuquerque, the real story begins to emerge when we look at December of 2022 – that month having 66.7% longer days on market than December 2021! This paints a very different picture, as it’s no longer feasible to expect multiple offers for your house within mere hours after putting it up for sale. Instead, an expectation of 30 days or less on the market may be more realistic and this adjustment back to normality doesn’t happen overnight; markets need time to balance out and recover from an extreme seller’s market, just as is the case here due to the Coronavirus pandemic.