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Albuquerque real estate market overview
- Average Monthly Rent: $1,281
- Home Price/Value Percentage Change: 5.20%
- Median Home Value: $310,836
- Best Time To Sell a Home: April
- Affordability Index: Moderate
- Days To Sell a House: 55
- Job Market: Fair
- Public School Ranking: 50
Location and weather
Albuquerque is 64 miles southeast of Santa Fe. It lies in the Chihuahuan Desert, in a broad valley that stretches about 30 miles east-west. It's a part of The Sandia Mountains that run along the eastern side of Albuquerque. The Rio Grande flows north to south through its center, while the West Mesa and Petroglyph make up the western part of the city.
Albuquerque has one of the highest elevations of any major city in the US, ranging from 4,900 feet above sea level near the Rio Grande to over 6,700 feet in the foothill areas of Sandia Heights and Glenwood Hills. The Sandia Peak Tramway, Indian Pueblo Cultural Center, Petroglyph National Monument, Albuquerque Old Town and the annual Albuquerque International Balloon Festival are some of the many places and activities of the city.
Albuquerque summers are hot, while the winters are short and cold. Summer temperatures are in the 90's, with lows in the high 60's. The winter temperatures are the low 50's, with lows in the 20's.
Population, job market and cost of living
Albuquerque's population in early 2023 was 570,172, with a growth rate of 0.33%.
The job growth has decreased by -5.12% over the last year and in ten years, is predicted to have increased by 34.51%. The major industries are in healthcare, social assistance, educational services and retail trade. The largest employers are SunBridge Healthcare Corp, Presbyterian, Khi Llc, Sandia National Labs and The University of New Mexico.
The cost of living is moderate, due to the Albuquerque real estate market and moderate cost of available housing.
Albuquerque real estate market details
- North Valley
- Ventana Ranch
- Downtown
- Nob Hill
- North Albuquerque Acres
The average monthly rent in Albuquerque is $1,281 for an average apartment size of 814 sq. feet.
There has been a 5.2% increase in median home value over the last year. As of 2023, the median home value is $310,836.
On average, homes in Albuquerque sell after 55 days on the market.
The best time to sell a home for the highest valued sale is during April. For the quickest sale, homeowners should sell in June.
The affordability index in Albuquerque is 91. This number indicates moderate affordability in this city.
The top ranked public schools are Albuquerque Institute of Math & Science, Eldorado High School, Cottonwood Classical Prep, La Cueva High School and Sandia High School. This information is based on data measuring academic performance and equity.