According to the Greater Albuquerque Association of Realtors data both Rio Rancho and Albuquerque real estate markets are experiencing unprecedented growth during the 4th quarter. Rio Rancho sales price for a single- family home was $332,977 which was almost a 17% increase. Albuquerque had an average sales price of $348,912 which was a sales price increase of almost 13%.
The number of houses sold in Rio Rancho during the 4th quarter has fallen from 670 in 2020 to 589 in 2021. This is driven by a decrease in new listings from 619 in 2020 to 531 in 2021.
During the same period, Albuquerque had 2120 homes sold in 2021 and 2380 in 2020. New home listings also fell to 1816 in 2020 after having 2158 a year earlier.
Overall Rio Rancho has again led the Albuquerque metro area in new home building, final results for 2021 are still pending at press time. The metro area is expected to continue to see a hot real estate market, even as the Federal Reserve has recently announced interest rate hikes will begin in March and continue through the summer months. Experts are expecting the hot market to continue even with slight increases in mortgage interest rates.