ALBUQUERQUE, N.M. (KRQE) – There are usually only a handful of multi-million dollar homes for sale at any given time in Albuquerque. One of them just sold in less than 24 hours on the market.

A team of realtors sold a sprawling home in the booming North Albuquerque Acres neighborhood near Paseo and Eubank. The property has a pool, a basketball court, views, and not to mention a home theatre, guest house, and a four-car garage. The realtors used social media to advertise the home before it was officially listed. 

Steve Radolinski with NM Home Deals explained, “The way we connected with the buyers’ agent was actually through social media.”

Within 12 hours, a contract was written up and ready to go for the home with a $2.1 million price tag.

The 7,118-square-foot home was built in 2015. According to local realtors, Albuquerque’s supply of mansions isn’t meeting demand.

Radolinski continued, “There is a lot of pent-up demand right now. I mean, we had several people reach out to us that were interested in the property.”

According to the Greater Albuquerque Association of Realtors, prices are going up as fewer homes are on the market. This puts buyers in a tough spot.

Sahar Saidi explained, “Our strategy right now is still to price homes at market value, but we’re already seeing things you know be put on the market, and then they’re getting outbid, and we’re seeing multiple offers again, we’re seeing a lot of cash buyers, and so I mean it’s happening.”

Right now, realtors are unsure when the market could pick up again and share why sellers are uncertain to list their homes.

“With the interest rates much higher than they were even just over a year ago, a lot of people are hesitant to sell because of that,” said Radolinski. 

The average sales price for a home in Albuquerque is $391,000. That’s double what it was a decade ago. On average sellers are getting 100% of their asking price.