Families and couples come to Albuquerque for a variety of reasons, from school to employment to simply wanting a new and interesting place to live. For anyone exploring the possibility of moving to Albuquerque, looking at the current state of the real estate market may help a couple or family figure out whether Albuquerque will be the next step on the family’s journey.
A healthy real estate market can mean different things to different people. For example, in a town where it’s a “seller’s market” and home sellers usually experience bidding wars, the competitive nature of the market may increase the average cost of apartment rentals. Conversely, a “buyer’s market” may indicate that many people can afford home ownership and the rental market isn’t so competitive.
So, understanding the real estate market in Albuquerque can help you figure out whether it’s time to move to the city and buy a house or whether the city will continue to offer affordable rentals for families, couples, and individuals of all interests.
Positive Movement in Albuquerque’s Real Estate Market
According to articles from 2016 and 2017 on the subject, prices for homes in Albuquerque have been rising somewhat alongside the general increases in sales activity. In an article published by the Albuquerque Journal in 2016, the number of home sales increased that year versus a year prior and kept the available inventory of houses relatively low.
A year later, an article from U.S. News & World Report suggested that 2017 could break records for the housing market in New Mexico. Statewide, numbers released after the first quarter of 2017 showed:
“…that 19 counties across the state reported an increase in sales for the first quarter over the first three months of 2016.”
As with many other major cities across the United States, Albuquerque is experiencing a general increase in sales and activity each year. These increases have meant a slight decrease in the number of available apartment rentals; however, the gradual nature of the increases has ensured that apartment costs haven’t skyrocketed suddenly as they have in cities like Seattle and Los Angeles.
The Rental Market in Albuquerque
When moving to a new city, many families choose to rent a house, apartment, or condo before they jump into home ownership. Doing so can help a family enjoy a much less stressful house hunt on a local basis, rather than one conducted from across the country. Renting a house or apartment in a new city can also help the family decide whether it’s worth putting down roots and buying a home.
Alongside the gradual increases seen in the real estate market, Albuquerque has also seen gradual increases in its rental prices over the past three years. Fortunately, those slow increases have meant that renters haven’t had to worry about huge and unexpected rental increases. With rental rates ranging from about $575 for studios to $1,000 for three-bedroom apartments, the rates in Albuquerque have remained on the affordable side in recent years.
Live at Arroyo Villas in Albuquerque
Are you moving to Albuquerque soon? Do you want to relocate within the city? If you’re looking for the ideal new home, we’d love to welcome you on a tour of Arroyo Villas. Contact us today to arrange a tour of one of our elegant Albuquerque apartment homes.