Lovington, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lovington, NM Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lovington Housing Market Information

With a population of 11,800, 3,402 total housing units (homes and apartments), and a median house value of $92,874, house prices in Lovington are solidly below the national average.

Single-family detached homes are the single most common housing type in Lovington, accounting for 74.42% of the city's housing units. Other types of housing that are prevalent in Lovington include mobile homes or trailers ( 14.09%), duplexes, homes converted to apartments or other small apartment buildings ( 4.74%), and a few large apartment complexes or high rise apartments ( 3.39%).

The most prevalent building size and type in Lovington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.20% owning and 35.80% 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. Lovington's housing was primarily built during this period, from the '40s through the '60s. A full 52.99% of the city's housing hails from this era. Other housing ages represented in Lovington include homes built between 1970-1999 ( 38.32%) and housing constructed between 2000 and later ( 5.43%). There's also some housing in Lovington built before 1939 ( 3.26%).

Vacant housing appears to be an issue in Lovington. Fully 13.32% of the housing stock is classified as vacant. Left unchecked, vacant Lovington homes and apartments can be a drag on the real estate market, holding Lovington 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.

Lovington Home Appreciation Rates

In the last 10 years, Lovington has experienced some of the highest home appreciation rates of any community in the nation. Lovington real estate appreciated 45.50% over the last ten years, which is an average annual home appreciation rate of 3.82%, putting Lovington in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lovington 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, Lovington appreciation rates have trailed the rest of the nation. In the last twelve months, Lovington's appreciation rate has been -4.07%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lovington were at 1.52%, which equates to an annual appreciation rate of 6.23%.

Relative to New Mexico, our data show that Lovington's latest annual appreciation rate is lower than 90% of the other cities and towns in New Mexico.

Average Home Values

 

Median Home Value:
$92,874

Lovington, NM HOME PRICES

Value Range
> $1,108,000 0.1
$831,001 - $1,108,000 0.0
$554,001 - $831,000 0.0
$443,001 - $554,000 0.7
$332,001 - $443,000 0.1
$222,001 - $332,000 11.5
$111,001 - $222,000 30.9
$55,001 - $111,000 39.7
$0 - $55,000 16.9

Low for NM
Very Low for Nation

Value Relative to Nation Value Relative to State
82.1282081331302 75.0

Number Of Homes And Apartments:
3,402

Lovington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
142.88% 5.28% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$817 / per month

Homeownership Rate

Homeownership
Owners 64.20
Renters 35.80
Vacant 13.32

Housing Market Details

 

Age of Homes

AGE OF Lovington HOMES
2000 or Newer 5.4
1970 - 1999 38.3
1940 - 1969 53.0
1939 or Older 3.3

Types of Homes

TYPE OF Lovington HOMES
Single-Family 74.4
Townhomes 1.7
Small Apt. Buildings 4.7
Apt. Complexes 3.4
Mobile Homes 14.1
Other 1.7

Home Size

SIZE OF Lovington HOMES
No Bedroom 5.83
1 Bedroom 9.48
2 Bedrooms 26.57
3 Bedrooms 48.00
4 Bedrooms 9.63
5 or more bedrooms 0.48

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Zip Codes in Lovington, NM