This is the third post in my series of posts examining home sales totals in 2013 by zip code.
Just like there have been some surprises in the previous two posts, I think there are some surprises here too. Keep in mind that the zip code areas are not drawn up with real estate values in mind, and some of the zip codes in this report contain a wide variety of neighborhoods, some affordable and some not.
That being said, here are 2013’s top 5 most affordable zip codes for homes in Albuquerque ranked by average sales price.
Albuquerque’s Most Affordable Zip Codes
- 87121 comes in first place with an average sales price of $111,884. Known as the SW Heights, the 87121 zip code has many of the newest homes in Albuquerque, many of which were built after the year 2000. The abundance of overbuilding and the subsequent housing crash has led to a high number of short sales and foreclosures which have held home prices down.
- 87105 comes in second place with an average sales price of $122,647. Albuquerque’s south valley area lies in the 87105 zip code. The homes are older and the area has a rural feel to it. There are horse properties with acreage and smaller homes along the Rio Grande.
- Home sales in the 87102 zip code averaged $139,774 in 2013. This zip code covers the downtown area south to Rio Bravo. There are some great older homes in the area immediately south of downtown, many of which have gone under renovation. There are also some cool lofts available in the zip.
- The 87110 zip code comes in fourth place at $172,546. One of Albuquerque’s top selling zip codes, 87110 has the distinction of being one of the most affordable too. 87110 covers parts of the northeast heights including Albuquerque Uptown, a terrific neighborhood near shopping and dining at Uptown Mall and more.
- 87108 zip code covers the area from Lomas south to Gibson between Carlisle and Wyoming. 87108 includes some great older neighborhoods including the UNM, Nob Hill and Ridgecrest areas. In spite of containing some very desirable areas with higher sales prices, this zip code averages only $173,934, good for 5th place.
Inexpensive Real Estate
Inexpensive doesn’t have to mean cheap. Some inexpensive homes are diamonds in the rough just waiting to be restored to their former glory. Some great examples in Albuquerque are the homes near downtown in the EDO and Barelas neighborhoods, as well as some of the old Mossman homes in the northeast heights.
Townhomes and condos can be some great choices for inexpensive real estate too, unless of course they come with high homeowners association fees.
by Albuquerque real estate agent Rich Cederberg, eXp Realty (505) 803-5012.
Please check back in a few days for the next in my series of zip code posts, Albuquerque Zip Codes with the Most Short Sales and Foreclosures. In the meantime, in case you missed them here are the first two posts:
These real estate statistics were compiled from the Greater Albuquerque Association of REALTORS® data on 01/04/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
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