Clovis appreciation rates and housing market information

Clovis housing market information

With a population of 32,540, 14,295 total housing units (homes and apartments), and a median house value of $120,662, house prices in Clovis are solidly below the national average.

single-family detached homes are the single most common housing type in Clovis, accounting for 76.18% of the city's housing units. Other types of housing that are prevalent in Clovis include mobile homes or trailers (8.09%), duplexes, homes converted to apartments, or other small apartment buildings (7.75%), large apartment complexes or high rise apartments (5.53%), and a few row houses and other attached homes (2.39%).

The most prevalent building size and type in Clovis are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 54.19% owning, and 32.98% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Clovis's housing was primarily built during this period, from the '40s through the '60s. A full 48.49% of the city's housing hails from this era. Other housing ages represented in Clovis include homes built between 1970-1994 (40.48%), and housing constructed from 1939 and earlier (6.76%). There's also some housing in Clovis built between 1995 and later (4.27%).

Vacant housing appears to be an issue in Clovis. Fully 12.83% of the housing stock is classified as vacant. Left unchecked, vacant Clovis homes and apartments can be a drag on the real estate market, holding Clovis real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Clovis home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Clovis, where house values have increased just 35.37%, which is an average annual increase of 3.53%. NeighborhoodScout's data show that in the latest quarter, Clovis house values appreciated -1.42%, which is an annualized rate of -5.68%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Clovis appreciation rates have trailed the rest of the nation. In the last twelve months, Clovis's appreciation rate has been -4.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Clovis were at -1.42%, which equates to an annual appreciation rate of -5.68%.

Notably, Clovis's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Mexico, our data show that Clovis's latest annual appreciation rate is higher than 6% of the other cities and towns in New Mexico.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Clovis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Clovis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Clovis real estate investment or home purchase decisions.