Building Costs Per Square Foot in the City of Albuquerque (NM), USA

Residential Construction Market Analysis in the City of Albuquerque (NM), USA

Newly Built House in Albuquerque on 9328 Oakland Avenue NE, NM87122 – 6 Bedroom and 6 Baths with 4 Attached Garages on Gross Floor Area 6,116 sqft – Built in 2022 – Price $2,800,000

Building costs are -3% below the national average in the City of Albuquerque in New Mexico. There is nothing more beautiful than the feeling of sitting on the couch in the living room, and knowing that the property you are on is yours. Having your own house gives you the security that no matter what happens, you will always have a place to live and spend the night.

The dream of owning your own home may seem hard to sell, but there are always some cities that make this more possible. One of them is Albuquerque, New Mexico. There you will have a wide variety of properties to choose from, with different prices and neighborhoods of all kinds.

Continue reading this article to learn everything you need to know about the Albuquerque real estate market, its construction outlook, its current values, and projections for the coming years.

Albuquerque (NM) Construction Outlook

Albuquerque’s construction outlook is exactly what you would expect of a city that sits in the desert, and has a rich history of indigenous people. His constructions are a modern take on those typical constructions of the indigenous peoples who used to inhabit Albuquerque, with properties made of cement in a 1900’s style, avoiding pointed edges, and opting for wavy shapes on their different edges.

Also, Albuquerque doesn’t have many buildings. It only has a few large ones that are characteristic of the center, and they are not only tall but also very wide, so they can be easily distinguished from its skyline. Its buildings in the center of the city have a style of the 80s or 70s, with a lot of presence of red brick, brown, and gray colors.

The old town of Albuquerque remains practically intact since 1950, so if you want to live in a place with a small-town spirit and feel that you travel in time, we recommend that you choose that area of ​​the city.

If you are looking for something more modern, then the area near the Albuquerque University campus has the newest construction, with a more current style to attract students who come from other states or from within the state. If you want youth, that is the area to choose from Albuquerque.

Albuquerque (NM) Housing Market Analysis and Forecast

The real estate market in Albuquerque, New Mexico is one of the most prosperous in the state, surpassing in some places that of Santa Fe, which is the state capital. Much of the success of this market is because more and more people from other states choose to live in Albuquerque, so thanks to these new moves its population is increasing.

Florida and California are the states where more people emigrate to settle in Albuquerque, in part thanks to its large Latino community and its lower taxes. All these out-of-state people are added to the people who are already from Albuquerque or New Mexico but choose to buy another property.

Because of all these factors, properties sell very quickly in Albuquerque. The average time a property is listed in this city is 18 days, which is 4 days less if you compare it to the state average. Therefore, there is always demand, even when prices increase.

Residential property values ​​in Albuquerque are also on the rise. This increase is 13% compared to the same period last year and is expected to reach 15% per year. This increase shows no signs of slowing down, and experts affirm that it is a trend that will repeat itself during 2023, with an expected increase of at least 10%.

Albuquerque (NM) Average House Price (Median Home Price)

The median home price in Albuquerque is $315,000. This makes it the highest average value in all of New Mexico, including Santa Fe. As we mentioned earlier in the article, Albuquerque is a hot city that is becoming a pole of attraction for buyers and investors, so the increase in their values ​​is due to the increase in demand.

Homes that are in better condition and in the most sought-after neighborhoods can sell for up to 5% above the listed price and in less than a week, that figure alone goes to show how the real estate market is in Albuquerque.

In any case, there are cheaper neighborhoods that will help make your dream of living or investing in Albuquerque come true. For example, Near North Valley is the cheapest neighborhood in Albuquerque with a median value of around $190,000. The most expensive neighborhood is High Desert, reaching values ​​of $600,000.

Approximately 900 residential properties are sold per month in Albuquerque, the majority being condo/co-op properties. The prices of these properties vary the most in Albuquerque, ranging from $190,000 to $310,000.

Proposed Residential Building Projects in Albuquerque (NM)

Most of the projects coming up in Albuquerque are multi-family homes, condo/co-op properties, and just a few single-family homes well outside of town. In Near North Valley you will find the cheapest houses, so the current real estate projects are prefabricated houses that do not exceed $170,000 in the sale price and have between 3 and 4 bedrooms.

If you are looking for luxury home projects in Albuquerque then you will find them at High Desert. These luxury houses that will be built in the next year have a similar style to those already found, mixing a typical architectural style of the desert with other more modern and current elements.

Around the university campus of the University of New Mexico in Albuquerque, there are projects of buildings and condominiums. In the case of buildings, they are quite small, barely exceeding 10 floors. They are buildings designed for college students, the same as condominiums. All real estate projects of apartments and houses in that area are designed for rent.

Albuquerque also stands out for some real estate projects related to tourism. From villas, cabins, and elegant hotels, you can find all those projects that are expected to be ready before the summer of 2023. These projects seek to be an oasis in the desert of New Mexico, with large and cool pools for its visitors.

Newly Built House in Albuquerque on 5205 La Bajada Road, NW NM87105 – 3 Bedroom and 3 Baths with 3 Attached Garages on Gross Floor Area 1,966 sqft – Built in 2022 – Price $550,000

Building Costs Per Square Foot for Single Family Homes in the City of Albuquerque (NM), USA

Building costs are -3% below the national average in the City of Albuquerque in New Mexico.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Albuquerque City ranges from $334.54 per sqft to $512.84 per sqft, with the average being $394.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Albuquerque City ranges from $203.32 per sqft to $311.66 per sqft, with the average being $239.94 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Albuquerque City ranges from $131.44 per sqft to $199.64 per sqft, with the average being $153.88 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Albuquerque City ranges from $95.92 per sqft to $147.10 per sqft, with the average being $113.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Albuquerque City ranges from $77.86 per sqft to $119.24 per sqft, with the average being $91.81 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Albuquerque City ranges from $61.41 per sqft to $94.13 per sqft, with the average being $72.44 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.