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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 10,050, 3,646 total housing units (homes and apartments), and a median house value of $182,967, Espanola real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Espanola, accounting for 49.87% of the city's housing units. Other types of housing that are prevalent in Espanola include mobile homes or trailers ( 34.35%), duplexes, homes converted to apartments or other small apartment buildings ( 8.14%), and a few large apartment complexes or high rise apartments ( 5.81%).
The most prevalent building size and type in Espanola are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.10% owning and 44.90% renting.
There is a lot of housing in Espanola 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 Espanola built between 1940-1969 ( 25.37%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.10%). There's also some housing in Espanola built before 1939 ( 3.87%).
Vacant housing appears to be an issue in Espanola. Fully 19.76% of the housing stock is classified as vacant. Left unchecked, vacant Espanola homes and apartments can be a drag on the real estate market, holding Espanola 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.
Espanola's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Espanola during the period has been just 0.28%, which is lower than 80% of US communities.
Appreciation rates are so strong in Espanola that despite a nationwide downturn in the housing market, Espanola real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Espanola appreciation rates continue to be some of the highest in America, at 5.90%, which is higher than appreciation rates in 81.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Espanola. Espanola appreciation rates in the latest quarter were at 3.31%, which equates to an annual appreciation rate of 13.90%.
Importantly, this makes Espanola one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New Mexico, our data show that Espanola'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 Espanola differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Espanola - 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 Espanola real estate investment or home purchase decisions.
|$852,001 - $1,136,000||0.7|
|$568,001 - $852,000||1.0|
|$455,001 - $568,000||2.8|
|$341,001 - $455,000||7.4|
|$227,001 - $341,000||18.3|
|$114,001 - $227,000||36.6|
|$57,001 - $114,000||13.0|
|$0 - $57,000||17.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
2000 Q1 - 2019 Q3
|* 10 is highest|
|AGE OF Espanola HOMES|
|2000 or Newer||10.1|
|1970 - 1999||60.7|
|1940 - 1969||25.4|
|1939 or Older||3.9|
|TYPE OF Espanola HOMES|
|Small Apt. Buildings||8.1|
|SIZE OF Espanola HOMES|
|5 or more bedrooms||0.88|