The real estate market in Albuquerque, New Mexico has taken off in the past two years. But it's starting to cool down thanks to rising interest rates.
In fact, the median listing home price in the metro area has increased by more than 17 percent in the past year. High home prices show that it's a lucrative time for investors to make their next venture in Albuquerque real estate.
So, if you're thinking of investing in Albuquerque real estate, then keep reading to learn more about current market conditions in the area.
Albuquerque Is a Large City
If you want to invest in real estate, then Albuquerque's sheer size is a point in its favor. The city's real estate market is home to nearly one million people.
Yet, there's more demand for housing than supply. Luckily for investors, one factor that will keep home values from slowly appreciating is the geographic constraints on building expansion.
Fast-Growing Job Market
According to the latest statistics released by the U.S. Bureau of Labor Statistics, job growth rates are at a ten-year high in the city. The stable job sectors support growth in the area.
In fact, the largest employer in New Mexico is the US government. The federal government protects more than one-third of the land in the state. Agencies like the National Park Service employ many of Albuquerque's residents.
Next to the federal government, hospitals and the University of New Mexico are the two largest employers in the state. The university is nationally recognized as a Class 1 medical research institution and offers many high-paying research positions.
Also, many major companies have decided to take up shop in downtown Albuquerque. For example, Netflix has set up headquarters in the city which as a result has created more jobs and increased property values in the area.
Large and Attractive Renter’s Market
The city consists of 145 distinct neighborhoods, and Old Town, Nob Hill, Downtown, Uptown, and Airport are the most attractive to renters.
Each neighborhood consists of many entertainment options, parks, and restaurants. Also, there are close to 300 art galleries in the greater metropolitan area. Albuquerque's many attractions make the city's neighborhoods especially appealing to young professionals looking to rent.
As a real estate investor, you're likely to find a rental property that offers a high return on your investment in one of these five neighborhoods.
Try Real Estate Investing in Albuquerque, NM
Now is prime time to invest in Albuquerque real estate. The current high home prices in the city make the metro area an ideal place for real estate investing.
When you hire a rental property management company, they can help you to make sure that your real estate investment is successful. A property management company can manage your property and also protect it and raise its value.
Contact us to learn more about the properties and services we offer.