6%, as high-interest rates deterred many potential home buyers. On top of that, some sellers have been forced to reduce their prices due to homes taking longer than in the previous few years to sell which is a sign that the market may be waning. Taking these factors into consideration, those considering purchasing should take their time and review all available options before making any decisions related to this volatile housing market.
2022 Albuquerque Average Home Prices
The average price of homes for sale in Albuquerque has seen extraordinary growth this year from its average of $330,420 to now $371,791, a remarkable 12.5% increase. 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.