Clovis, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Clovis, NM Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Clovis Housing Market Information

With a population of 39,480, 14,410 total housing units (homes and apartments), and a median house value of $106,430, 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 76.33% of the city's housing units. Other types of housing that are prevalent in Clovis include duplexes, homes converted to apartments or other small apartment buildings ( 8.39%), large apartment complexes or high rise apartments ( 6.82%), and a few mobile homes or trailers ( 5.85%).

The most prevalent building size and type in Clovis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.32% owning and 41.68% renting.

There is a lot of housing in Clovis 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 Clovis built between 1940-1969 ( 39.36%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.83%). There's also some housing in Clovis built before 1939 ( 5.95%).

Vacant housing appears to be an issue in Clovis. Fully 11.26% 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

Appreciation rates for homes in Clovis have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.95%, which ranks in the top 40% nationwide. This equates to an annual average Clovis house appreciation rate of 0.86%.

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 2.92%, 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 1.52%, which equates to an annual appreciation rate of 6.23%.

Relative to New Mexico, our data show that Clovis's latest annual appreciation rate is lower than 70% 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 2000, to assist you in making the best Clovis real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$106,430

Clovis, NM HOME PRICES

Value Range
> $1,030,000 0.2
$772,001 - $1,030,000 0.0
$515,001 - $772,000 0.9
$412,001 - $515,000 0.6
$309,001 - $412,000 3.1
$206,001 - $309,000 12.9
$103,001 - $206,000 35.9
$52,001 - $103,000 31.2
$0 - $52,000 15.2

Average for NM
Low for Nation

Value Relative to Nation Value Relative to State
73.409117543654 59.4827586206897

Number Of Homes And Apartments:
14,410

Clovis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
80.04% 3.47% 8 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,056 / per month

Homeownership Rate

Homeownership
Owners 58.32
Renters 41.68
Vacant 11.26

Housing Market Details

 

Age of Homes

AGE OF Clovis HOMES
2000 or Newer 12.8
1970 - 1999 41.9
1940 - 1969 39.4
1939 or Older 5.9

Types of Homes

TYPE OF Clovis HOMES
Single-Family 76.3
Townhomes 2.1
Small Apt. Buildings 8.4
Apt. Complexes 6.8
Mobile Homes 5.9
Other 0.6

Home Size

SIZE OF Clovis HOMES
No Bedroom 0.93
1 Bedroom 8.49
2 Bedrooms 27.00
3 Bedrooms 47.65
4 Bedrooms 14.50
5 or more bedrooms 1.43