Las Cruces, 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Las Cruces, NM Housing Market Trends

With 103,432 people, 39,925 houses or apartments, and a median cost of homes of $171,227, house prices in Las Cruces are solidly below the national average.

Single-family detached homes are the single most common housing type in Las Cruces, accounting for 57.85% of the city's housing units. Other types of housing that are prevalent in Las Cruces include large apartment complexes or high rise apartments ( 17.37%), mobile homes or trailers ( 10.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.07%).

The most prevalent building size and type in Las Cruces are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.80% owning and 47.20% renting.

There is a lot of housing in Las Cruces 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 Las Cruces built between 2000 and later ( 31.68%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.47%). There's also some housing in Las Cruces built before 1939 ( 2.66%).

Vacant housing appears to be an issue in Las Cruces. Fully 10.74% of the housing stock is classified as vacant. Left unchecked, vacant Las Cruces homes and apartments can be a drag on the real estate market, holding Las Cruces 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.

Las Cruces Home Appreciation Rates

Las Cruces's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Las Cruces during the period has been just 2.08%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Las Cruces's appreciation rate, at 9.98%, has been at or slightly above the national average. In the latest quarter, Las Cruces's appreciation rate has been 4.34%, which annualizes to a rate of 18.52%.

Importantly, this makes Las Cruces one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to New Mexico, our data show that Las Cruces's latest annual appreciation rate is higher than 60% 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 Las Cruces differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Las Cruces - 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 Las Cruces real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$171,227

Las Cruces, NM HOME PRICES

> $1,264,000
0.1%
0.1%
$948,001 - $1,264,000
0.6%
0.6%
$632,001 - $948,000
0.8%
0.8%
$506,001 - $632,000
2.3%
2.3%
$379,001 - $506,000
5.1%
5.1%
$253,001 - $379,000
16.3%
16.3%
$126,001 - $253,000
48.9%
48.9%
$63,001 - $126,000
16.6%
16.6%
$0 - $63,000
9.3%
9.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for NM

Value Relative To Nation

Number Of Homes And Apartments:
39,925

Las Cruces Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
68.99% 2.47%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,074 / per month

Homeownership Rate

Owners
52.8%
52.8%
Renters
47.2%
47.2%
Vacant
10.7%
10.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
31.7%
31.7%
1970 - 1999
46.2%
46.2%
1940 - 1969
19.5%
19.5%
1939 or Older
2.7%
2.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
57.8%
57.8%
Townhomes
4.5%
4.5%
Small Apt. Buildings
10.1%
10.1%
Apt. Complexes
17.4%
17.4%
Mobile Homes
10.2%
10.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.5%
2.5%
1 Bedroom
10.4%
10.4%
2 Bedrooms
25.4%
25.4%
3 Bedrooms
47.4%
47.4%
4 Bedrooms
12.1%
12.1%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES