New Mexico Housing Market – 2018 Real Estate Predictions

House

New Mexico is one of those states that, unless you’re from there, you probably don’t know much about it. In fact, many people think that this Southwestern state is a small one, but, in actuality, it’s quite large.

In fact, it is the 36th most populous state and boasts a population of around two million. Surrounding states include Utah, Arizona, and Colorado.

The capital of the state is Santa Fe, though the largest city is Albuquerque. Throughout the state, you can find everything from small, rural towns to large, bustling cities, proving that there is something for everyone in New Mexico. Given that fact, it should come as no surprise that the New Mexico housing market is a bustling one.

Compare and Contrast this Information to the 2015 New Mexico Real Estate Market Here

A house with big lawn

As is to be expected, the New Mexico housing market is one that changes with time. You can look at some of the major changes in recent years by clicking the link above.

As of right now, however, the median home value in New Mexico is around $178,2018. This is an increase of 3.3% from the previous year, and the values are expected to continue rising.

Homes listed in the state tend to be listed at even more than the average home value. In fact, most homes are listed at around $219,000. However, it is important to keep in mind that pricing may vary depending on where in the state you go. Not all parts of New Mexico are expensive.



Influencing Factors for the 2018 New Mexico Real Estate Market 

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Currently, many factors are having an influence on the state of the New Mexico housing market. These include the following facts:

  • Rents in the state are high, at around $1,200 per month, which prompts more people to consider buying instead of renting
  • New Mexico has a delinquent mortgage rate of 2.4%, higher than the national average

These trends show that, while New Mexico may be a desirable place to live and in which to buy property, many people cannot keep up with the financial demands of living in the state. With that said, there is a good chance that more homes will become available in New Mexico in the coming years for those who can afford them.



Best Places to Live in New Mexico

cars parked in town

Now that you understand a bit more about the New Mexico housing market, you may have decided it is a good living option for you. If that’s the case, you’re probably wondering where, exactly, in New Mexico you should live. That truly boils down to what you’re looking for.

If you’re in the market for a town that is always growing and expanding and that is never content to simply stay stagnant, then Clayton is a good possible choice for you. Located in northeastern New Mexico, the city has grown a lot and has an unprecedented growth rate of 18.1%. Given this fact, it makes sense that the city is constantly adding new entertainment opportunities and more, making it a great place to live for anyone who wants to be part of a new and exciting time in the history of a city.

If safety is what you are after, then you will want to consider Sunland Park. That cheery name isn’t just for show. This city has one of the lowest violent crime rates in the state. And, while its property crime rates are slightly higher, it is, overall, a great, safe place to call home.

Another great place to consider living is the much-loved Santa Fe. A well-known city, Santa Fe boasts a very low unemployment rate, making it a very easy place to find work. It also has a higher than average income, meaning most of the people are well-off, which also correlates to a lower crime rate. Plus, there is quite the bustling nightlife in Santa Fe, so if you don’t like being bored, then it is a great place for you to live.

If you would like to be close to Santa Fe but not quite in the thick of things, then consider Los Alamos. Only about 45 minutes away from Santa Fe, Los Alamos boasts opportunities for skiing, swimming, golfing, and so much more. If you like being surrounded by the beauty of nature while still having plenty of opportunities for entertainment and enrichment, then you are sure to love Los Alamos and all that it has to offer.

As you can see, there are plenty of excellent places to live in the state of New Mexico. Now, it’s up to you to do your research and to find the right living locale to meet your needs. The only hard part will be choosing which city is the best.