How competitive is the Albuquerque housing market?

The Albuquerque housing market shows some signs of cooling down right now, but prices have remained largely stable over the past year. Buyers might find a bit more breathing room than before. Right now, the median listing price for a home in Albuquerque is $410,750. This price actually dipped slightly by 1.7% from the previous month, though it's still up a tiny bit, 0.3%, compared to last year. There are more homes to choose from than there were a year ago, with 2,313 active listings, which is a 4.8% increase. However, fewer new homes are coming onto the market compared to last year. Homes are also staying on the market longer. The typical home is listed for 67 days before going under contract. That's about two days longer than this time last year, suggesting less urgency from buyers. Almost a quarter of homes, 25.6%, have had a price reduction, which shows sellers are needing to adjust their expectations. This means buyers might have more opportunities to negotiate. If you're looking to buy, you might have a bit more selection and time to make a decision compared to previous periods. If you're selling, pricing your home well from the start is more important now.