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Hobbs, NM Real Estate Market

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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Hobbs, NM Housing Market Trends

With a population of 40,508, 12,627 total housing units (homes and apartments), and a median house value of $172,701, 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 66.51% of the city's housing units. Other types of housing that are prevalent in Hobbs include large apartment complexes or high rise apartments ( 14.63%), mobile homes or trailers ( 10.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.05%).

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 56.97% owning and 43.03% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Hobbs's housing was primarily built during this period, from the '40s through the '60s. A full 41.91% of the city's housing hails from this era. Other housing ages represented in Hobbs include homes built between 1970-1999 ( 37.07%) and housing constructed between 2000 and later ( 18.12%). There's also some housing in Hobbs built before 1939 ( 2.90%).

Vacant housing appears to be an issue in Hobbs. Fully 13.33% 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

Real estate appreciation rates in Hobbs's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 4.57% during the period.

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 11.85%, 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 1.96%, which equates to an annual appreciation rate of 8.06%.

Relative to New Mexico, our data show that Hobbs'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 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:
$172,701

Hobbs, NM HOME PRICES

> $1,303,000
$977,001 - $1,303,000
$652,001 - $977,000
$521,001 - $652,000
$391,001 - $521,000
$260,001 - $391,000
$130,001 - $260,000
$65,001 - $130,000
$0 - $65,000
0.0%
0.0%
0.1%
0.1%
3.2%
3.2%
0.4%
0.4%
3.2%
3.2%
15.2%
15.2%
42.3%
42.3%
24.3%
24.3%
11.3%
11.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for NM

Value Relative To Nation

Number Of Homes And Apartments:
12,627

Hobbs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
198.15% 4.98%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,373 / per month

Homeownership Rate

Owners
Renters
Vacant
57.0%
57.0%
43.0%
43.0%
13.3%
13.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.1%
18.1%
37.1%
37.1%
41.9%
41.9%
2.9%
2.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
66.5%
66.5%
3.0%
3.0%
5.0%
5.0%
14.6%
14.6%
10.7%
10.7%
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.3%
4.3%
6.4%
6.4%
26.5%
26.5%
47.6%
47.6%
13.8%
13.8%
1.3%
1.3%
0.0% 100.0%
% OF HOMES