By Jayme Sileo – Data Reporter, Albuquerque Business First (Feb 1, 2024)

Although the number of home sales decreased in New Mexico in 2023, sale prices saw a jump, according to the newest annual report released by the Greater Albuquerque Association of Realtors.

The median price for a detached, single-family home increased from $330,000 in 2022 to $345,000 in 2023, or an increase of 4.55%.

Over the past decade, the median price for a detached house nearly doubled from $174,900 in 2013 to $345,000 in 2023, an increase of 97.26%.

Between 2022 and 2023 home sales decreased by 17.84%, from 11,596 total houses sold in 2022 down to 9,606 in 2023.

While prices were up and the number of sales were down, the listing inventory — meaning the total number of homes on the market — did see an uptick compared to recent years. In 2023, the total number of listings for both detached and attached housing hit 14,421. In 2022, that figure was 12,785 listings and in 2021 it was 10,119.

As a five-year comparison, though, the total number of listings in 2023 was more than 24,000 less than the 38,797 listings that were recorded in 2018.

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Source: "Median home prices in New Mexico nearly double in 10 years"