Is Southwest, 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, Southwest has remained a Seller's Market.
Housing Prices in Southwest, NM
How much do homes in Southwest, NM cost?
Median Sold Price
$468,000
$309/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Southwest was $468,000 in April 2024, up 4% from last year, and the median price per square foot was $309.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $203.5K | $210K | +3.2% |
2 Bedrooms | $342.8K | $383.5K | +11.9% |
3 Bedrooms | $485K | $486.5K | 0.3% |
4 Bedrooms | $611.2K | $545K | -10.8% |
5+ Bedrooms | $705K | $700K | -0.7% |
Summary: Southwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 10.8%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in Southwest, NM
How many homes are available in Southwest, NM?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
95 | 90 | -5.3% |
Summary: The Southwest real estate market had 90 homes for sale in April 2024, a 5.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 8 | +60.0% |
2 Bedrooms | 23 | 20 | -13.0% |
3 Bedrooms | 53 | 50 | -5.7% |
4 Bedrooms | 12 | 11 | -8.3% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Southwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes decreased by 13%, 3 bedroom homes decreased by 5.7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
32 | 27 | -15.6% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Southwest in April 2024, down by 15.6% month-over-month. Of the 27 sold homes, 26% were sold under asking, 48% were sold at asking, and 26% were sold over asking.
Days on Market for Southwest, NM
How long does it take to sell a home in Southwest, NM?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
38 Days | 22 Days | -40.2% |
Summary: Homes in Southwest had an average of 22 days on market in Apr 2024, down by 40.2% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 27 homes were sold in Southwest; 74% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.