Socorro, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Socorro Neighborhoods Since 2000




Socorro, 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

Socorro Housing Market Information

With a population of 8,722, 2,311 total housing units (homes and apartments), and a median house value of $106,287, house prices in Socorro are solidly below the national average.

Single-family detached homes are the single most common housing type in Socorro, accounting for 48.47% of the city's housing units. Other types of housing that are prevalent in Socorro include mobile homes or trailers ( 35.02%), large apartment complexes or high rise apartments ( 7.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.77%).

The most prevalent building size and type in Socorro are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.67% owning and 43.33% renting.

There is a lot of housing in Socorro 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 Socorro built between 1940-1969 ( 23.52%). A lesser amount of the housing stock also hails from before 1939 ( 6.19%). There's also some housing in Socorro built between 2000 and later ( 5.22%).

Vacant housing appears to be an issue in Socorro. Fully 29.86% of the housing stock is classified as vacant. Left unchecked, vacant Socorro homes and apartments can be a drag on the real estate market, holding Socorro 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.

Socorro Home Appreciation Rates

Appreciation rates for homes in Socorro have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.02%, which ranks in the top 50% nationwide. This equates to an annual average Socorro house appreciation rate of 0.10%.

Appreciation rates are so strong in Socorro that despite a nationwide downturn in the housing market, Socorro real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Socorro appreciation rates continue to be some of the highest in America, at 8.02%, which is higher than appreciation rates in 86.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Socorro. Socorro 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 Socorro's latest annual appreciation rate is higher than 90% of the other cities and towns in New Mexico.

Average Home Values

 

Median Home Value:
$106,287

Socorro, NM HOME PRICES

Value Range
> $1,052,000 0.6
$789,001 - $1,052,000 0.0
$525,001 - $789,000 0.0
$421,001 - $525,000 1.1
$315,001 - $421,000 1.9
$210,001 - $315,000 14.6
$105,001 - $210,000 35.6
$52,001 - $105,000 27.5
$0 - $52,000 18.7

Average for NM
Low for Nation

Value Relative to Nation Value Relative to State
73.4940818000703 60.3448275862069

Number Of Homes And Apartments:
2,311

Socorro 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
44.42% 2.15% 4 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$740 / per month

Homeownership Rate

Homeownership
Owners 56.67
Renters 43.33
Vacant 29.86

Housing Market Details

 

Age of Homes

AGE OF Socorro HOMES
2000 or Newer 5.2
1970 - 1999 65.1
1940 - 1969 23.5
1939 or Older 6.2

Types of Homes

TYPE OF Socorro HOMES
Single-Family 48.5
Townhomes 1.7
Small Apt. Buildings 6.8
Apt. Complexes 7.8
Mobile Homes 35.0
Other 0.2

Home Size

SIZE OF Socorro HOMES
No Bedroom 0.73
1 Bedroom 9.77
2 Bedrooms 37.66
3 Bedrooms 46.46
4 Bedrooms 4.22
5 or more bedrooms 1.15

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Zip Codes in Socorro, NM