Real Estate
Since its settlement in 1706, Albuquerque, New Mexico, has grown into a metropolis of over 700,000 people. The Sandia Mountains tower over one side of Albuquerque, while the Rio Grande Valley stretches out from the opposite side. The history and Southwestern culture of New Mexico add flair and flavor to the industry and economic progress of the city.
Homes for sale by owner in Albuquerque are popular because of New Mexico’s stable economy and real estate market. They are also a wise investment because the area is showing signs of great future development.
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| Population 448,607 | Median Age 34.9 yrs | Household Size: 2.40 |
| Avg Commute: 20.4 min | Avg Income $38,272 | Avg Home Value: $127,600 |
| July High: 91.5°F | January Low: 22.2°F | |
For Sale by Owner in Albuquerque
Bordering the Rio Grande, Albuquerque is the largest city in New Mexico with a population of 464,000 that’s growing by 8 percent each year. It falls in Bernalillo County, which is known for its excellent education system, from where 86 percent of students graduate from high school and 32 percent go on to get a bachelor’s degree or higher.
Why Families Choose Albuquerque
With the recent 3 percent job growth and a prediction of 16 percent job growth in the near future, the economy here is fairly stable. The unemployment rate is at level with the nationwide percentage, which is about 4 percent in August of 2005. The median household income rate has grown at the same rate as the nationwide percentage and is currently at $38,000. Many high-tech companies and government institutions are also stationed here, making up the New Mexico Technology Corridor. Some of these include: Kirtland Air Force Base, Sandia National Laboratories and Intel.
Albuquerque is a favorable place to live climate-wise as well; the weather is usually sunny and dry and precipitation normally ranges from 10-12 inches a year. Most people take New Mexico to be all desert, but the terrain is actually gorgeous with the Sandia Mountains on one side of the city and the Rio Grande River on the other. Albuquerque is also the site of the Petroglyph National Monument and home to the University of New Mexico.
Homes in Albuquerque
Homes for sale by owner in Albuquerque are usually priced a little lower than other homes on the market, which is favorable to buyers. The average home costs about $116,000 and prices are appreciating at a current rate of 9 percent. Earlier this year, New Mexico ranked as 25th in the nation for home price appreciation. Although home prices are rapidly appreciating, they are still keeping up with income growth. Between 1994 and 2004, home prices increased by 54.2 percent and personal income followed closely by an increase of 54.7 percent. The median house value in Albuquerque is $128,000. The property tax rate in the state is 11 percent, which is lower than the national 16 percent.
There have been several new housing developments in the area due to the job growth. Some of the newer neighborhoods are located on Coal Ave/5th Street, Gold Street/1st Street and at Old Albuquerque High School.
After reviewing the above statistics, you might wonder where you can begin looking for a home or property in Albuquerque to invest in. There are plenty of homes for sale by owner in Albuquerque for you to choose from. A local agent can help you find your dream home through general knowledge of up and coming neighborhoods and by using the local multiple listing service.
By: Naureen Kamdar
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®