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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Espanola, NM Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Espanola, NM Housing Market Trends

With 10,446 people, 3,899 houses or apartments, and a median cost of homes of $227,362, house prices in Espanola are solidly below the national average.

Single-family detached homes are the single most common housing type in Espanola, accounting for 48.75% of the city's housing units. Other types of housing that are prevalent in Espanola include mobile homes or trailers ( 34.49%), large apartment complexes or high rise apartments ( 9.34%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.89%).

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 64.24% owning and 35.76% 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 ( 28.54%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.77%). There's also some housing in Espanola built before 1939 ( 4.08%).

Vacant housing appears to be an issue in Espanola. Fully 19.29% 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 Home Appreciation Rates

Real estate appreciation rates in Espanola's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.40% during the period.

NeighborhoodScout's data show that during the latest twelve months, Espanola's appreciation rate, at 6.13%, has been at or slightly above the national average. In the latest quarter, Espanola's appreciation rate has been 1.17%, which annualizes to a rate of 4.76%.

Relative to New Mexico, our data show that Espanola's latest annual appreciation rate is higher than 60% of the other cities and towns in New Mexico.

Average Home Values

Median Home Value

$227,362

Espanola, NM Home Prices
> $1,313,000
$984,001 - $1,313,000
$656,001 - $984,000
$525,001 - $656,000
$393,001 - $525,000
$263,001 - $393,000
$131,001 - $263,000
$66,001 - $131,000
$0 - $66,000
3.6%
3.6%
0.3%
0.3%
1.9%
1.9%
6.2%
6.2%
10.4%
10.4%
24.6%
24.6%
26.4%
26.4%
7.3%
7.3%
19.3%
19.3%
0% 100.0%
% of Homes
Average

for New mexico

Average

for nation

Number of Homes And Apartments:

3,899

Espanola Appreciation Rates

Rent & Ownership

Average Market Rent:

$965 / per month

Homeownership Rate

Owners
Renters
64.2%
64.2%
35.8%
35.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
19.3%
19.3%
80.7%
80.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.8%
12.8%
54.6%
54.6%
28.5%
28.5%
4.1%
4.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
48.7%
48.7%
3.5%
3.5%
3.9%
3.9%
9.3%
9.3%
34.5%
34.5%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.2%
1.2%
9.1%
9.1%
29.0%
29.0%
50.0%
50.0%
9.0%
9.0%
1.6%
1.6%
0% 100.0%
% of Homes