Gallup, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Gallup, NM Real Estate Data


Gallup Housing Market Information

With 23,240 people, 6,072 houses or apartments, and a median cost of homes of $111,529, house prices in Gallup are solidly below the national average.

Single-family detached homes are the single most common housing type in Gallup, accounting for 60.14% of the city's housing units. Other types of housing that are prevalent in Gallup include mobile homes or trailers ( 18.77%), duplexes, homes converted to apartments or other small apartment buildings ( 9.91%), and a few large apartment complexes or high rise apartments ( 9.65%).

The most prevalent building size and type in Gallup are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.62% owning and 39.38% renting.

There is a lot of housing in Gallup 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 Gallup built between 1940-1969 ( 26.98%). A lesser amount of the housing stock also hails from before 1939 ( 8.64%). There's also some housing in Gallup built between 2000 and later ( 7.80%).

Vacant housing appears to be an issue in Gallup. Fully 21.57% of the housing stock is classified as vacant. Left unchecked, vacant Gallup homes and apartments can be a drag on the real estate market, holding Gallup 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.

Gallup Home Appreciation Rates

Gallup's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Gallup during the period has been just -0.83%, which is lower than 70% of US communities.

Over the last year, Gallup appreciation rates have trailed the rest of the nation. In the last twelve months, Gallup's appreciation rate has been 0.39%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gallup were at 1.69%, which equates to an annual appreciation rate of 6.93%.

Relative to New Mexico, our data show that Gallup's latest annual appreciation rate is lower than 90% 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 Gallup differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gallup - 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 Gallup real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$111,529

Gallup, NM HOME PRICES

Value Range
> $1,006,000 2.7
$755,001 - $1,006,000 0.1
$504,001 - $755,000 0.9
$403,001 - $504,000 1.0
$302,001 - $403,000 2.6
$201,001 - $302,000 11.0
$100,001 - $201,000 34.2
$50,001 - $100,000 22.8
$0 - $50,000 24.8

Average for NM
Low for Nation

Value Relative to Nation Value Relative to State
71.4469754640745 55.1724137931034

Number Of Homes And Apartments:
6,072

Rent & Ownership

 

Average Market Rent:
$1,119 / per month

Homeownership Rate

Homeownership
Owners 60.62
Renters 39.38
Vacant 21.57

Housing Market Details

 

Age of Homes

AGE OF Gallup HOMES
2000 or Newer 7.8
1970 - 1999 56.6
1940 - 1969 27.0
1939 or Older 8.6

Types of Homes

TYPE OF Gallup HOMES
Single-Family 60.1
Townhomes 1.5
Small Apt. Buildings 9.9
Apt. Complexes 9.6
Mobile Homes 18.8
Other 0.0

Home Size

SIZE OF Gallup HOMES
No Bedroom 7.89
1 Bedroom 7.72
2 Bedrooms 19.30
3 Bedrooms 45.61
4 Bedrooms 16.77
5 or more bedrooms 2.71

Gallup 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
27.10% 1.42% 2 3
* 10 is highest