Despite Albuquerque’s housing market booming with activity this year, it landed at the bottom of a new list of top places for real estate agents.
Out of nearly 180 U.S. cities, Albuquerque and Las Cruces ranked No. 167 and 173, respectively, on WalletHub’s list of 2018’s Best Places to Be a Real Estate Agent.
For its study, WalletHub took the 150 most populated U.S. cities along with two of the most populated cities in each state, comparing a total of 179 cities. The cities were ranked based on a variety of factors under two categories: Job Opportunity & Competition and Real-Estate Market Health.
Job opportunity was evaluated using 10 metrics, including median home price, monthly average starting salary for real-estate agents and the Google search index for real estate agents in a particular area.
Market health was evaluated using eight metrics, including the Zillow Home Value Forecast, home turnover rate, building-permit activity and WalletHub’s own list of fastest growing cities.
Each metric was graded on a 100-point scale, with 100 representing most favorable for a real-estate agent.
Albuquerque scored 33.21 percent, while Las Cruces scored 31.31 percent.
Despite the overall low ranking, Las Cruces did rank No. 4 on the report’s mini-list of cities Most Attractive for Real-Estate Employment.
Topping the list at No. 1 for the best U.S. city for real estate agents is San Francisco with a 63.88 percent score, followed by Seattle and San Jose, Calif.
WalletHub used data collected by the U.S. Census Bureau, Bureau of Labor Statistics, Projections Central and ATTOM Data Solutions. WalletHub also used popular real-estate site Zillow, job-search website Indeed and data from its own past research.
Albuquerque’s housing market grew to $292 billion in 2017, a 12 percent increase from 2016, according to 2018 GAAR president Danny Vigil.
The average sales price for detached homes so far in 2018 is $230,337 in Albuquerque’s metro area, a 3.2 increase from the year before.
Another recent study by WalletHub ranked New Mexico as the worst state for millennials, based on 30 metrics from share of millennials to millennial unemployment.