The median sale price of a detached single-family home in Metro Albuquerque was $292,900 in October, up nearly 11% year-over-year, according to a housing report from the Greater Albuquerque Association of Realtors.
The mean sale price last month stood at $337,732, up 9.5% year-over-year, according to the report.
For the year, Albuquerque home prices are up 17% from 2020, driven by low inventory and strong demand connected to low interest rates. The number of pending sales increased by 1.7% year-over-year, even as new listings declined 13.7%, the report said.
The average period of time a home spent on the market dropped from 21 days last October to 14 days 12 months later, according to the report.
The median sale price for single-family attached homes, which includes townhomes and condominiums, stood at $218,000 in October, up 24.4% from last October, the report said.