Bloomfield, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Bloomfield, NM Real Estate Data


Bloomfield Housing Market Information

With 7,314 people, 2,419 houses or apartments, and a median cost of homes of $132,027, house prices in Bloomfield are solidly below the national average.

Mobile homes or trailers are the single most common housing type in Bloomfield, accounting for 44.17% of the city's housing units. Other types of housing that are prevalent in Bloomfield include single-family detached homes ( 41.61%), large apartment complexes or high rise apartments ( 5.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.86%).

The most prevalent building size and type in Bloomfield are three and four bedroom dwellings, chiefly found in mobile homes or trailers. The city has a mixture of owners and renters, with 60.10% owning and 39.90% renting.

There is a lot of housing in Bloomfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Bloomfield built between 1940-1969 ( 19.38%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.15%).

Vacant housing appears to be an issue in Bloomfield. Fully 15.06% of the housing stock is classified as vacant. Left unchecked, vacant Bloomfield homes and apartments can be a drag on the real estate market, holding Bloomfield 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.

Bloomfield Home Appreciation Rates

Appreciation rates for homes in Bloomfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.06%, which ranks in the top 50% nationwide. This equates to an annual average Bloomfield house appreciation rate of 0.59%.

Appreciation rates are so strong in Bloomfield that despite a nationwide downturn in the housing market, Bloomfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bloomfield appreciation rates continue to be some of the highest in America, at 6.67%, which is higher than appreciation rates in 81.73% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bloomfield. Bloomfield appreciation rates in the latest quarter were at 1.72%, which equates to an annual appreciation rate of 7.07%.

Relative to New Mexico, our data show that Bloomfield's latest annual appreciation rate is higher than 90% 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 Bloomfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomfield - 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 2000, to assist you in making the best Bloomfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$132,027

Bloomfield, NM HOME PRICES

Value Range
> $1,054,000 0.0
$790,001 - $1,054,000 1.9
$527,001 - $790,000 0.1
$422,001 - $527,000 1.5
$316,001 - $422,000 1.8
$211,001 - $316,000 11.3
$106,001 - $211,000 48.3
$53,001 - $106,000 14.5
$0 - $53,000 20.6

Average for NM
Average for Nation

Value Relative to Nation Value Relative to State
59.6826140422791 42.2413793103448

Number Of Homes And Apartments:
2,419

Rent & Ownership

 

Average Market Rent:
$679 / per month

Homeownership Rate

Homeownership
Owners 60.10
Renters 39.90
Vacant 15.06

Housing Market Details

 

Age of Homes

AGE OF Bloomfield HOMES
2000 or Newer 14.2
1970 - 1999 66.5
1940 - 1969 19.4
1939 or Older 0.0

Types of Homes

TYPE OF Bloomfield HOMES
Single-Family 41.6
Townhomes 2.4
Small Apt. Buildings 5.9
Apt. Complexes 6.0
Mobile Homes 44.2
Other 0.0

Home Size

SIZE OF Bloomfield HOMES
No Bedroom 4.07
1 Bedroom 6.25
2 Bedrooms 21.88
3 Bedrooms 58.64
4 Bedrooms 8.39
5 or more bedrooms 0.77

Bloomfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
59.36% 2.78% 6 7
* 10 is highest

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Zip Codes in Bloomfield, NM