How has Albuquerque’s housing market changed over the years? 

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ALBUQUERQUE, N.M. (KRQE) – Many factors play into the housing market, but extraordinary circumstances, like the coronavirus pandemic, may trigger market changes that can take years to bounce back from. So, how has Albuquerque’s housing market changed recently, and what was it like in years prior?

Below is a look into some of Albuquerque’s housing market data, information courtesy of the Greater Albuquerque Association of Realtors and the Southwest Multiple Listing Service.

Home prices continue to rise

Compared to February 2024, both the median and average home prices in Albuquerque increased year-over-year, continuing their trends from 2023. This report discusses the median rather than the average because the average can be skewed upward by the high sales prices of select homes.

From February 2023 to February 2024, the median price of detached homes in Albuquerque increased 4.8%, rising from $325,000 to $340,458. That amount increased even more from February 2024 to February 2025, growing 5.6% to $359,500.

Although those numbers provide just a snapshot into one part of each year, they reflect the continuing upward trend seen for both detached and attached homes in the Duke City.

Over the last five years, the median sales price of homes in Albuquerque rose from $240,000 in 2020 to $350,000 in 2024, a total of more than $100,000 and an increase of 45.83%. That change more than doubled the 22.07% rise of the five-year period before it, 2015 to 2019, when the median price went from $176,950 to $216,000.

As expected with inflation, housing prices have been on an overall upward trend since the year 2000. However, the bar chart below shows how the slow curve of median home prices turned into a steep incline around the year 2019.

Here is a closer look at how those median numbers have increased in recent years:

Inventory on a slow comeback

During the COVID-19 pandemic, Albuquerque’s inventory of homes for sale took a strong hit, dropping from 1,901 homes for sale in December 2019 to just 639 home listings on the market in December 2021. The median price of homes increased as the inventory dipped, but after, even as the inventory crept back to a near-normal level, home prices have continued to climb.

So far in 2025, that trend is continuing upward, with inventory rising and prices rising as well. In January 2025, there was a year-over-year increase in the number of homes listed for sale; 1,174 houses on the market marked a 31.8% increase from January 2024. In February, there were 1,348 homes on the market, a 38% increase compared to February last year.

Although numerous factors can cause changes in the market, those numbers are expected to continue to increase as peak real estate season approaches. Based on general housing trends, inventory tends to be the highest, but so does demand, in late spring and early summer. Listing prices tend to rise following demand, so Albuquerque’s median home price can reasonably be expected to continue its upward trend in the coming months as the peak season nears.