Is 87031, NM a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 87031 has remained a Seller's Market.
Key Takeaway
87031 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 87031, NM
How much do homes in 87031, NM cost?
Median Sold Price
$304,998
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 87031 have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in 87031 was $304,998 in April 2024, up 1.7% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $172K | $295K | +71.5% |
| 2 Bedrooms | $256.4K | $270K | +5.3% |
| 3 Bedrooms | $284.3K | $297.3K | +4.6% |
| 4 Bedrooms | $350K | $342.4K | -2.1% |
| 5+ Bedrooms | $402K | $372K | -7.5% |
Summary: 87031 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 71.5%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 4.6%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes decreased by 7.5%.
Median Sold Price Compared To Nearby Zip Codes
| 87042 | $373K | $481K | +29.0% |
| 87002 | $230K | $265.3K | +15.3% |
| 87031 | $299.9K | $304.9K | +1.7% |
Housing Supply in 87031, NM
How many homes are available in 87031, NM?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 191 | 176 | -7.9% |
Summary: The 87031 real estate market had 176 homes for sale in April 2024, a 7.9% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 22 | 24 | +9.1% |
| 3 Bedrooms | 116 | 105 | -9.5% |
| 4 Bedrooms | 42 | 36 | -14.3% |
| 5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The 87031 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 9.1%, 3 bedroom homes decreased by 9.5%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 44 | 48 | +9.1% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 87031, you may be able to get a good deal. 47.9% of homes here sold below asking price last month.
Summary: A total of 48 homes were sold or pending in 87031 in April 2024, up by 9.1% month-over-month. Of the 48 sold homes, 48% were sold under asking, 33% were sold at asking, and 19% were sold over asking.
Days on Market for 87031, NM
How long does it take to sell a home in 87031, NM?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 40 Days | 44 Days | +9.8% |
Summary: Homes in 87031 had an average of 44 days on market in Apr 2024, up by 9.8% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 87031 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 48 homes were sold in 87031; 58% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Southwest Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. 
The data relating to real estate for sale in this web site comes in part from the Internet Data exchange (“IDX”) program of Santa Fe Association of REALTORS® MLS, Inc. Real estate listings held by brokers other than this broker are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.