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31.2 Median Sales Price of Downtown Homes

This indicator measures the number, percentage, and median sales price of single family homes sold in downtown and in the greater Albuquerque area.

This indicator is part of Active, safe downtown.

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Indicator description:

This indicator measures the number, percentage, and median sales price of single family homes sold in downtown and in the greater Albuquerque area. The median price per square foot is also shown. Data are presented for downtown as defined by the realty industry, bounded on the north by I-40, the east by I-25, the south by Avenida Cesar Chavez, and the west by the Rio Grande River. Median prices are more representative of housing costs than other measures since exactly half of all sales prices are higher than the median and exactly half are lower. Although the data shown are for single family home sales, other low-cost housing options are available to residents.

Why is this indicator relevant?

A vital and active downtown area should have places to live as well as places to work, shop, and be entertained. Such housing, particularly single family homes, should be accessible to people of various income levels. The median sales price and the price per square foot are good indicators of how accessible downtown housing is to persons with different levels of income.


Data Source:
Greater Albuquerque Association of Realtors.

What can we tell from the data?

  • The price per square foot of a house in the greater Albuquerque area increased 106% between 1999 and 2011 versus a 80% increase in the downtown area in the same period.
  • In spite of rising prices, downtown houses sold has remained between 1.6% and 2.07% of all houses sold in the greater Albuquerque area.

 

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