Hobbs, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Hobbs, NM Real Estate Data


Hobbs Housing Market Information

With 38,416 people, 11,128 houses or apartments, and a median cost of homes of $127,307, house prices in Hobbs are solidly below the national average.

Single-family detached homes are the single most common housing type in Hobbs, accounting for 69.20% of the city's housing units. Other types of housing that are prevalent in Hobbs include large apartment complexes or high rise apartments ( 12.31%), mobile homes or trailers ( 11.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.10%).

The most prevalent building size and type in Hobbs are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.07% owning and 35.93% renting.

There is a lot of housing in Hobbs 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 Hobbs built between 1940-1969 ( 41.37%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.04%). There's also some housing in Hobbs built before 1939 ( 4.26%).

Vacant housing appears to be an issue in Hobbs. Fully 13.40% of the housing stock is classified as vacant. Left unchecked, vacant Hobbs homes and apartments can be a drag on the real estate market, holding Hobbs 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.

Hobbs Home Appreciation Rates

In the last 10 years, Hobbs has experienced some of the highest home appreciation rates of any community in the nation. Hobbs real estate appreciated 37.76% over the last ten years, which is an average annual home appreciation rate of 3.26%, putting Hobbs in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Hobbs definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Hobbs appreciation rates have trailed the rest of the nation. In the last twelve months, Hobbs's appreciation rate has been 4.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hobbs were at 1.69%, which equates to an annual appreciation rate of 6.93%.

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

Average Home Values

 

Median Home Value:
$127,307

Hobbs, NM HOME PRICES

Value Range
> $1,149,000 0.6
$861,001 - $1,149,000 0.0
$575,001 - $861,000 0.7
$459,001 - $575,000 0.9
$345,001 - $459,000 3.6
$230,001 - $345,000 10.5
$115,001 - $230,000 31.2
$57,001 - $115,000 30.9
$0 - $57,000 21.6

Average for NM
Low for Nation

Value Relative to Nation Value Relative to State
62.4202143233589 43.9655172413793

Number Of Homes And Apartments:
11,128

Rent & Ownership

 

Average Market Rent:
$878 / per month

Homeownership Rate

Homeownership
Owners 64.07
Renters 35.93
Vacant 13.40

Housing Market Details

 

Age of Homes

AGE OF Hobbs HOMES
2000 or Newer 9.0
1970 - 1999 45.3
1940 - 1969 41.4
1939 or Older 4.3

Types of Homes

TYPE OF Hobbs HOMES
Single-Family 69.2
Townhomes 2.8
Small Apt. Buildings 4.1
Apt. Complexes 12.3
Mobile Homes 11.2
Other 0.5

Home Size

SIZE OF Hobbs HOMES
No Bedroom 5.74
1 Bedroom 4.65
2 Bedrooms 27.11
3 Bedrooms 51.42
4 Bedrooms 10.54
5 or more bedrooms 0.54

Hobbs 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
133.63% 5.12% 10 10
* 10 is highest