Hobbs appreciation rates and housing market information

Hobbs housing market information

With a population of 28,475, 11,999 total housing units (homes and apartments), and a median house value of $93,781,

single-family detached homes are the single most common housing type in Hobbs, accounting for 73.69% of the city's housing units. Other types of housing that are prevalent in Hobbs include mobile homes or trailers (10.92%), large apartment complexes or high rise apartments (6.73%), duplexes, homes converted to apartments, or other small apartment buildings (5.23%), and a few row houses and other attached homes (3.11%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Hobbs. Owner-occupied housing accounts for 57.35% of Hobbs's homes, and 54.62% have either three or four bedrooms, which is average sized relative to America.

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. Hobbs's housing was primarily built during this period, from the '40s through the '60s. A full 54.71% of the city's housing hails from this era. Other housing ages represented in Hobbs include homes built between 1970-1994 (38.61%), and housing constructed from 1939 and earlier (3.45%). There's also some housing in Hobbs built between 1995 and later (3.23%).

Vacant housing appears to be an issue in Hobbs. Fully 15.84% of the housing stock is classified as vacant. Left unchecked, vacant Hobbs homes and apartments can be a drag on the real estate market, holding Hobbs 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.

Hobbs home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Hobbs, where house values have increased just 33.38%, which is an average annual increase of 3.33%. NeighborhoodScout's data show that in the latest quarter, Hobbs house values appreciated -1.47%, which is an annualized rate of -5.88%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Hobbs appreciation rates have trailed the rest of the nation. In the last twelve months, Hobbs's appreciation rate has been -4.21%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hobbs were at -1.47%, which equates to an annual appreciation rate of -5.88%.

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

Relative to New Mexico, our data show that Hobbs's latest annual appreciation rate is higher than 4% 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 Hobbs differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hobbs - 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 Hobbs real estate investment or home purchase decisions.