New Mexico Housing Market Status
New Mexico Real Estate is showing recovery after the recession that saw many residents leaving New Mexico. This had a small impact on the New Mexico housing market as homes began to lie vacant. However, since 2012 New Mexico has seen an upsurge in property rates and it will not be long before speculative investment in housing in New Mexico will fetch good prices. There has already been an almost 3.7% increase in the number of homes being sold in the past two years and the trend is likely to continue. Property in New Mexico is seeing an upsurge in prices as well and the average home in New Mexico is selling for closer to a median price of $350,000 in Santa Fe. While the high end homes are demanding upward of $600,000.
Santa Fe is a popular New Mexico Real Estate market because newcomers get drawn to its culture of music and art. Besides even during the economic downturn its economy was more stable. Besides being attractive to newcomers from all cultures, this is also where retirees come for homes because they wish to have a home in a clean environment that is also beautiful and relaxing. The capital of New Mexico did not really fare all that badly when other parts of the country were going through a housing bust so prices of property in New Mexico have been a lot steadier and likely to see a rise.
The rental market for apartments in New Mexico has also been steady and the beginning of this year there has been a slight increase in rentals. However, since construction for rentals has not really been happening there could be a shortage of housing inventory. New Mexico real estate construction companies are looking to invest in housing as migration continues into this area because of new employment avenues. Also New Mexico has become an attractive ‘go to’ place especially for those who are interested in visual and performing arts. Demand for rental housing is likely to increase and companies are already looking to invest in property in New Mexico.
A number of companies are now shifting base to New Mexico and outsourcing seems to be slowing down which spells well for the economy of New Mexico. Several industries are coming up especially those that want to be close to the US border to reduce transportation costs. Company offices and industrial warehousing needs are all indications that New Mexico Real Estate is going to be a market that will now begin to attract some serious investments. Besides commercial property, residential property in New Mexico is also seeing new construction coming up.
Whether it is single family residences, townhomes or condominiums, sales have begun to climb and rentals will also likely see an increase particularly in Santa Fe which is a wondrous place to live in. These are some of the valid reasons that have kept real estate prices on a high for New Mexico housing as compared to the rest of the region.