Espanola, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Espanola, NM Real Estate Data


Espanola Housing Market Information

With 10,066 people, 3,936 houses or apartments, and a median cost of homes of $143,757, 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 48.90% of the city's housing units. Other types of housing that are prevalent in Espanola include mobile homes or trailers ( 37.00%), large apartment complexes or high rise apartments ( 6.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.23%).

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 62.45% owning and 37.55% 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 ( 25.19%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.73%). There's also some housing in Espanola built before 1939 ( 5.52%).

Vacant housing appears to be an issue in Espanola. Fully 14.53% 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 -0.93%, which is lower than 70% of US communities.

Over the last year, Espanola appreciation rates have trailed the rest of the nation. In the last twelve months, Espanola's appreciation rate has been 2.09%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Espanola were at 1.80%, which equates to an annual appreciation rate of 7.38%.

Relative to New Mexico, our data show that Espanola's latest annual appreciation rate is lower than 80% 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:
$143,757

Espanola, NM HOME PRICES

Value Range
> $1,018,000 1.2
$764,001 - $1,018,000 0.1
$509,001 - $764,000 1.6
$407,001 - $509,000 3.3
$306,001 - $407,000 8.2
$203,001 - $306,000 17.9
$102,001 - $203,000 29.8
$51,001 - $102,000 15.3
$0 - $51,000 22.5

High for NM
Average for Nation

Value Relative to Nation Value Relative to State
53.7272354629033 32.7586206896552

Number Of Homes And Apartments:
3,936

Rent & Ownership

 

Average Market Rent:
$839 / per month

Homeownership Rate

Homeownership
Owners 62.45
Renters 37.55
Vacant 14.53

Housing Market Details

 

Age of Homes

AGE OF Espanola HOMES
2000 or Newer 9.7
1970 - 1999 59.6
1940 - 1969 25.2
1939 or Older 5.5

Types of Homes

TYPE OF Espanola HOMES
Single-Family 48.9
Townhomes 2.7
Small Apt. Buildings 5.2
Apt. Complexes 6.1
Mobile Homes 37.0
Other 0.0

Home Size

SIZE OF Espanola HOMES
No Bedroom 1.87
1 Bedroom 6.28
2 Bedrooms 29.14
3 Bedrooms 54.44
4 Bedrooms 7.38
5 or more bedrooms 0.89

Espanola 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
23.92% 1.27% 1 2
* 10 is highest