Is Socorro County, NM a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Socorro County has remained a Seller's Market.
Key Takeaway
Socorro County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Socorro County, NM
How much do homes in Socorro County, NM cost?
Median Sold Price
$215,000
$130/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Socorro County have sold for 17.8% more than they did a year ago.
Summary: The median home sold price in Socorro County was $215,000 in March 2024, up 17.8% from last year, and the median price per square foot was $130.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $235K | $155K | -34.0% |
| 2 Bedrooms | $149K | $133K | -10.7% |
| 3 Bedrooms | $199K | $257K | +29.1% |
| 4 Bedrooms | $230K | $222.5K | -3.3% |
| 5+ Bedrooms | $200K | $270K | +35.0% |
Summary: Socorro County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34%, 2 bedroom homes decreased by 10.7%, 3 bedroom homes increased by 29.1%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes increased by 35%.
Median Sold Price Compared To Nearby Counties
| Torrance County | $186K | $233K | +25.3% |
| Socorro County | $182.5K | $215K | +17.8% |
| Catron County | $250K | $260K | +4.0% |
| Valencia County | $284.1K | $295K | +3.8% |
Housing Supply in Socorro County, NM
How many homes are available in Socorro County, NM?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 36 | 30 | -16.7% |
Summary: The Socorro County real estate market had 30 homes for sale in March 2024, a 16.7% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 21 | 16 | -23.8% |
| 4 Bedrooms | 7 | 5 | -28.6% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Socorro County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes decreased by 23.8%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 6 | +200.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Socorro County, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Socorro County in March 2024, up by 200.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Socorro County, NM
How long does it take to sell a home in Socorro County, NM?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 75 Days | 54 Days | -28.6% |
Summary: Homes in Socorro County had an average of 54 days on market in Mar 2024, down by 28.6% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Socorro County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 6 homes were sold in Socorro County; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% 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.