Albuquerque Realtor: New Mexico Housing Market Remains Stable Despite Recent Stock Selloff

Ruben Gabaldon, a realtor with Coldwell Banker in Albuquerque, says he has fielded a surge of anxious calls from clients in recent weeks. Many are questioning whether they should buy a home now or if they are stuck in a frozen market. Gabaldon argues that the New Mexico real estate sector is stable and that current fears are largely overblown.

“We’re doing good in the market. I don’t think that we’re frozen or stumbling at all,” Gabaldon told KOB 4. He notes that while every city and individual property presents a unique situation, the overall picture does not indicate a collapse. His assessment stands in contrast to the anxiety caused by recent volatility in other financial sectors.

Data from Redfin shows that the median sale price in New Mexico decreased by 0.15% between September 2025 and September 2026. This slight dip has left sellers worried that their investments will not pay off and buyers hesitant to enter the market. The hesitation is compounded by mortgage rates, which hovered around 7.18% for 30-year fixed loans as of Thursday, according to Freddie Mac.

Conditions vary by region. Santa Fe, the state capital, saw a 6.9% increase in the median sale price year-over-year, a trend that benefits sellers in that market. Gabaldon suggests that the high prices seen during the pandemic have skewed public perception of what a typical market looks like. He recalls one neighbor who sold a home for $50,000 above expectation and immediately convinced the next house on the block to raise its price by the same amount, a pattern he says does not reflect market reality.

“One person goes and sells a house for $50,000 higher, goes and starts telling people. Then the neighbor wants to list their house at $50,000 higher. That’s not the truth of the way it works,” he said. Redfin data indicates that 11.8% of homes in New Mexico are still selling above list price. This figure is down from a high of 33.1% recorded in March 2022, suggesting the market is cooling from its pandemic-era peak.

The housing sector faces a different backdrop than the stock market, which saw a sharp decline on Thursday. The Dow Jones Industrial Average lost more than 1,800 points, a 3.34% drop, while the Nasdaq fell 5.52% in a single session. Gabaldon says such drops should not dissuade long-term real estate investors. He believes that comparisons to the 2008-2009 financial crisis are exaggerated and that a return to those conditions is unlikely.

“I don’t think that we’re gonna go back to a market like that,” he said. “Like I said, we can’t predict what’s gonna happen in the future, but I just don’t see that happening.” One remaining concern for clients is the time properties spend on the market. In Albuquerque, the average home now stays listed for 38 days before going pending. Other New Mexico cities remain more competitive, with Farmington seeing a typical house accepted after just 17 days on the market.