Portales, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Portales, 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

Portales Housing Market Information

With 11,995 people, 4,395 houses or apartments, and a median cost of homes of $135,191, house prices in Portales are solidly below the national average.

Single-family detached homes are the single most common housing type in Portales, accounting for 69.65% of the city's housing units. Other types of housing that are prevalent in Portales include duplexes, homes converted to apartments or other small apartment buildings ( 16.16%), mobile homes or trailers ( 7.77%), and a few large apartment complexes or high rise apartments ( 5.00%).

The most prevalent building size and type in Portales are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.85% owning and 53.15% renting.

There is a lot of housing in Portales 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 Portales built between 1940-1969 ( 37.83%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.38%). There's also some housing in Portales built before 1939 ( 5.43%).

Vacant housing appears to be an issue in Portales. Fully 10.65% of the housing stock is classified as vacant. Left unchecked, vacant Portales homes and apartments can be a drag on the real estate market, holding Portales 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.

Portales Home Appreciation Rates

Appreciation rates for homes in Portales have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 12.55%, which ranks in the top 30% nationwide. This equates to an annual average Portales house appreciation rate of 1.19%.

Appreciation rates are so strong in Portales that despite a nationwide downturn in the housing market, Portales real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Portales appreciation rates continue to be some of the highest in America, at 5.82%, which is higher than appreciation rates in 72.51% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Portales. Portales appreciation rates in the latest quarter were at 1.52%, which equates to an annual appreciation rate of 6.23%.

Relative to New Mexico, our data show that Portales's latest annual appreciation rate is higher than 50% 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 Portales differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Portales - 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 Portales real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$135,191

Portales, NM HOME PRICES

Value Range
> $1,130,000 1.0
$848,001 - $1,130,000 0.7
$565,001 - $848,000 0.1
$452,001 - $565,000 0.0
$339,001 - $452,000 2.6
$226,001 - $339,000 10.4
$113,001 - $226,000 43.6
$57,001 - $113,000 24.9
$0 - $57,000 16.7

Average for NM
Average for Nation

Value Relative to Nation Value Relative to State
57.0842611039494 41.3793103448276

Number Of Homes And Apartments:
4,395

Portales 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
79.97% 3.47% 8 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$880 / per month

Homeownership Rate

Homeownership
Owners 46.85
Renters 53.15
Vacant 10.65

Housing Market Details

 

Age of Homes

AGE OF Portales HOMES
2000 or Newer 7.4
1970 - 1999 49.4
1940 - 1969 37.8
1939 or Older 5.4

Types of Homes

TYPE OF Portales HOMES
Single-Family 69.6
Townhomes 0.7
Small Apt. Buildings 16.2
Apt. Complexes 5.0
Mobile Homes 7.8
Other 0.7

Home Size

SIZE OF Portales HOMES
No Bedroom 1.87
1 Bedroom 12.38
2 Bedrooms 28.56
3 Bedrooms 46.51
4 Bedrooms 10.04
5 or more bedrooms 0.63

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Zip Codes in Portales, NM