New Mexico Real Estate Summary

The New Mexico real estate market is holding steady after a period of rapid growth and decline.  The market is naturally correcting itself, while still having moderate activity.  Statewide, unemployment is low and the economy is strong.  New jobs in Santa Fe have made New Mexico relocation a smart choice. 

Santa Fe real estate is strong.  The houses are in limited supply in certain price ranges, even though the market is balanced between buyers and sellers.  The average sale price is $360,000 for a single-family unit.   That price is consistent with a year ago, and sellers are getting close to 95% of the asking price.  Houses are on the market between 60 to 90 days before selling.

Albuquerque real estate is in a slow decline.   The average sale price for houses is up between 5 and 10%, but they are on the market for 90 to 120 days.  The average sale price is $175,000.  Sellers are getting 90 to 95% of the original asking price.  The market is starting to become heavy with sellers as families are trying to move up into bigger homes by taking advantage of low interest rates.