Espanola, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Espanola, 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

Espanola Housing Market Information

With a population of 10,066, 3,739 total housing units (homes and apartments), and a median house value of $138,607, 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 48.47% of the city's housing units. Other types of housing that are prevalent in Espanola include mobile homes or trailers ( 37.94%), large apartment complexes or high rise apartments ( 5.58%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.42%).

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 63.88% owning and 36.12% 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 ( 24.50%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.47%). There's also some housing in Espanola built before 1939 ( 4.62%).

Vacant housing appears to be an issue in Espanola. Fully 16.56% 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

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 -1.47%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Espanola's appreciation rate, at 5.37%, has been at or slightly above the national average. In the latest quarter, Espanola's appreciation rate has been -0.01%, which annualizes to a rate of -0.03%.

Relative to New Mexico, our data show that Espanola's latest annual appreciation rate is higher than 50% 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.

Average Home Values

 

Median Home Value:
$138,607

Espanola, NM HOME PRICES

Value Range
> $1,019,000 2.0
$764,001 - $1,019,000 0.4
$510,001 - $764,000 1.5
$407,001 - $510,000 2.6
$306,001 - $407,000 7.3
$204,001 - $306,000 18.8
$102,001 - $204,000 32.1
$51,001 - $102,000 14.0
$0 - $51,000 21.1

High for NM
Average for Nation

Value Relative to Nation Value Relative to State
55.4670104300949 37.0689655172414

Number Of Homes And Apartments:
3,739

Espanola 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
19.65% 1.05% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$882 / per month

Homeownership Rate

Homeownership
Owners 63.88
Renters 36.12
Vacant 16.56

Housing Market Details

 

Age of Homes

AGE OF Espanola HOMES
2000 or Newer 10.5
1970 - 1999 60.4
1940 - 1969 24.5
1939 or Older 4.6

Types of Homes

TYPE OF Espanola HOMES
Single-Family 48.5
Townhomes 2.6
Small Apt. Buildings 5.4
Apt. Complexes 5.6
Mobile Homes 37.9
Other 0.0

Home Size

SIZE OF Espanola HOMES
No Bedroom 1.99
1 Bedroom 6.72
2 Bedrooms 28.34
3 Bedrooms 53.18
4 Bedrooms 8.84
5 or more bedrooms 0.94