Silver City, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Silver City, NM Real Estate Data


Silver City Housing Market Information

With a population of 10,004, 4,112 total housing units (homes and apartments), and a median house value of $179,634, Silver City real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Silver City, accounting for 64.71% of the town's housing units. Other types of housing that are prevalent in Silver City include mobile homes or trailers ( 19.35%), duplexes, homes converted to apartments or other small apartment buildings ( 8.15%), and a few large apartment complexes or high rise apartments ( 6.37%).

The most prevalent building size and type in Silver City are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.68% owning and 37.32% renting.

There is a lot of housing in Silver City 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 Silver City built between 1940-1969 ( 34.61%). A lesser amount of the housing stock also hails from before 1939 ( 11.91%). There's also some housing in Silver City built between 2000 and later ( 10.28%).

Vacant housing appears to be an issue in Silver City. Fully 12.68% of the housing stock is classified as vacant. Left unchecked, vacant Silver City homes and apartments can be a drag on the real estate market, holding Silver City 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.

Silver City Home Appreciation Rates

Real estate appreciation rates in Silver City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.50% during the period.

Appreciation rates are so strong in Silver City that despite a nationwide downturn in the housing market, Silver City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Silver City appreciation rates continue to be some of the highest in America, at 6.33%, which is higher than appreciation rates in 75.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Silver City. Silver City appreciation rates in the latest quarter were at 3.43%, which equates to an annual appreciation rate of 14.44%.

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

Relative to New Mexico, our data show that Silver City's latest annual appreciation rate is higher than 80% of the other cities and towns in New Mexico.

Average Home Values

 

Median Home Value:
$179,634

Silver City, NM HOME PRICES

Value Range
> $1,090,000 0.0
$818,001 - $1,090,000 0.0
$546,001 - $818,000 0.1
$436,001 - $546,000 1.7
$327,001 - $436,000 7.6
$218,001 - $327,000 15.9
$109,001 - $218,000 41.7
$55,001 - $109,000 18.7
$0 - $55,000 13.8

High for NM
High for Nation

Value Relative to Nation Value Relative to State
38.0229696472518 24.1379310344828

Number Of Homes And Apartments:
4,112

Rent & Ownership

 

Average Market Rent:
$804 / per month

Homeownership Rate

Homeownership
Owners 62.68
Renters 37.32
Vacant 12.68

Housing Market Details

 

Age of Homes

AGE OF Silver City HOMES
2000 or Newer 10.3
1970 - 1999 43.2
1940 - 1969 34.6
1939 or Older 11.9

Types of Homes

TYPE OF Silver City HOMES
Single-Family 64.7
Townhomes 1.4
Small Apt. Buildings 8.2
Apt. Complexes 6.4
Mobile Homes 19.3
Other 0.0

Home Size

SIZE OF Silver City HOMES
No Bedroom 0.21
1 Bedroom 9.85
2 Bedrooms 27.50
3 Bedrooms 51.84
4 Bedrooms 8.73
5 or more bedrooms 1.87

Silver City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
53.43% 2.51% 6 7
* 10 is highest

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Zip Codes in Silver City, NM