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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 38,416, 11,222 total housing units (homes and apartments), and a median house value of $126,348, 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 67.16% of the city's housing units. Other types of housing that are prevalent in Hobbs include large apartment complexes or high rise apartments ( 14.76%), mobile homes or trailers ( 11.13%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.85%).
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 63.04% owning and 36.96% 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 ( 42.40%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.69%). There's also some housing in Hobbs built before 1939 ( 4.77%).
Vacant housing appears to be an issue in Hobbs. Fully 14.51% 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.
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 23.05% over the last ten years, which is an average annual home appreciation rate of 2.10%, putting Hobbs in the top 20% 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.
NeighborhoodScout's data show that during the latest twelve months, Hobbs's appreciation rate, at 3.29%, has been at or slightly above the national average. In the latest quarter, Hobbs's appreciation rate has been 1.52%, which annualizes to a rate of 6.23%.
Relative to New Mexico, our data show that Hobbs's latest annual appreciation rate is lower 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.
|$825,001 - $1,100,000||0.0|
|$550,001 - $825,000||0.8|
|$440,001 - $550,000||1.0|
|$330,001 - $440,000||2.9|
|$220,001 - $330,000||12.3|
|$110,001 - $220,000||34.0|
|$55,001 - $110,000||30.6|
|$0 - $55,000||18.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Hobbs HOMES|
|2000 or Newer||8.7|
|1970 - 1999||44.1|
|1940 - 1969||42.4|
|1939 or Older||4.8|
|TYPE OF Hobbs HOMES|
|Small Apt. Buildings||3.9|
|SIZE OF Hobbs HOMES|
|5 or more bedrooms||0.64|