• Median Albuquerque home prices rose 4.3% in April
  • New listings in Albuquerque also rose by 4.8%
  • Closed sales fell a hair, 1.3% to 787 homes sold
  • Pending sales rose 11.3% to 833 homes in escrow
  • Affordability is an abysmal 82
  • Total inventory rose to 1,418 available homes

Are Albuquerque Home Prices on the Decline?

National news is starting to talk about home prices on the decline. That is certainly true in some parts of the country, but not everywhere and not quite here in central New Mexico. The median sale price of a Metro area home in April was $365,000. That’s a solid, 4.3% rise over April 2024’s $350,000 median.

In fact, for the first four months of 2025 the median selling price of a home rose 5.5% from $346,122 in 2024 to that $365,000. So it’s not quite accurate to say prices have declined. Why not “quite?” Indeed, we’re off the high price point over the last 12 months. In July of 2024 the median home price was just north of $$370,000 and just this past March we saw a median sale price of $374,500.

Albuquerque home prices do tend to peak in the summer months, so we’ll have to wait a bit to see how things shape up this summer. And that March spike is an oddity, almost one-off. Typically sale prices are lower in the spring than they are in the summer and the only time in the last 5 years we saw spring prices higher than summer prices was in 2022.

You can read or download the full April report here.

Are We Seeing a Buyer Market Develop in Albuquerque?

Maybe a complicated question, with a lot of factors to consider. Investopedia gives a nice explanation in this article]. But on the face of it, looks like we’re trending that way at this point. While we’re still historically low in inventory, we’re seeing new listings coming on at a higher rate than closings and home going pending.

We’re also seeing more price reductions and the sell price to list price reduce slightly. Anecdotally, we’re seeing more seller concessions with pending sales, though that’s not an easily trackable stat and is more a word on the street kind of thing.

The average time for an Albuquerque home to stay on the market before a deal is inked has indeed climbed. The average days on market (DOM) in April was 39. That’s a 25.8% increase over the 31 days we saw in April 2024. Year to date the average DOM is sitting around 45, a 28.6% rise over the first four months of 2024.

Considering that prices are holding high, a little bit of a buyer’s market is a good thing. It should entice more buyers into the market. More buyers means more sales, of course. Good for everybody, even if sellers have to adjust price more often or give a few more concessions. We’re coming out off a goofy, unhealthy period in Real Estate and a little normalcy is not a bad thing.

I’m writing this late in May and I’m already seeing indications that May will continue the move to buyer market conditions. I’m looking forward to seeing the full May statistics and where that puts us.

– Joe LaMastra, RealABQ Real Estate, May 25, 2025