Appreciation rates for homes in Alamogordo have risen over 30% since the year 2000 indicating that this a healthy housing market in Alamogordo, NM. There are also more homeowners than renters in the area creating thriving neighborhoods throughout the area. But, what can you expect to pay for a home in Alamogordo and is it even a good time to buy or sell?
The answer is a resounding yes but you should still learn as much as possible about the area before you make a final decision.
If you’re interested in learning more about Alamogordo, NM, then you’re in the right place. In this article, we’re discussing some of the most recent market trends affecting the area and how it can all affect you. Keep reading to learn more.
Everything You Need to Know About the Housing Market in Alamogordo, NM
The Alamogordo, NM real estate market has been steady over the past year and is projected to remain so moving into 2019. And, while home appreciation has been down over the past ten years, it has been a particularly excellent market for home buyers.
One of the most admired characteristics of living in Alamogordo is the average commute time of only 13 minutes. This compares to the national average of 26 minutes. Beyond that, there are a few other reasons to consider living here.
Home appreciation is down by 0.2% over the past year. It’s important to take this into consideration when listing your home for sale so that you can get the most out of your sale. Buyers will be privy to this scenario making them more likely to counter offer your listing price.
Average Listing Price
The average listing price for homes in Alamogordo, NM is just below $170,000 with many homes selling for around $135,000. There are about 250 homes for sale in the area. The median list price per square foot in Alamogordo is only $97 in comparison to Alamogordo Metro average of $104 per square foot.
It’s difficult to say how long it will take to sell your home. There are no solid statistics available to indicate the length of time most houses remain on the market.
No matter where you plan to buy, it’s important to know about the trends in your prospective neighborhoods so that you can make a sound decision. You want your future home to be safe from crime. You also want to know who your neighbors are so that you can feel comfortable living there.
Here are some trending market statistics for Alamogordo, NM.
Knowing more about crime in your prospective neighborhood will help you determine whether the home you’re considering is actually the right fit. Crime activity is most beneficial in comparing two or more locations to understand the relative safety of these areas.
The city of Alamogordo, NM has a low crime risk with only one reported incident of assault in the last several months.
Getting to know your neighbors can help you decide where to buy your next home. You don’t want to live in a neighborhood where all of the residents are single if you’re married with children. Likewise, you probably don’t want to mingle in a neighborhood that has an average annual income that is much higher than your own.
With that said, 68% of those living in Alamogordo, NM are homeowners with a median age around 40. Only 32% of residents are single and 25% are college educated. The median household income is just under $40k per year.
There are a total of 26 schools in Alamogordo including elementary, middle, and high school.
The schools with the highest ratings include Buena Vista Elementary, Heights Elementary, Sierra Elementary, and North Elementary. The average class size is about 17 students per teacher.
Schools in Alamagordo spend less than the national average per student at approximately $9,500 in comparison to $12,000.
Moving to a new area can wreak havoc on your finances if you’re not prepared for what the economy has to offer. It’s important to be aware of job growth and the unemployment rate. You should also understand the tax rate compared to your income.
The unemployment rate in Alamogordo is just above the national average at 5.6% but recent job growth is positive with an increase of 0.5% in the past year. Future job growth in Alamogordo is projected to be 34.5% which is just lower than the national average of 38%.
The sales tax rate in Alamogordo is 8.0% and the income tax rate is 4.9%
Cost of Living
The cost of living in Alamogordo, NM is well below the national average with an overall score of 84 compared to the national score of 100. Housing is the biggest factor in the difference.
You can expect to spend less on transportation, miscellaneous expenses, and health services. Groceries receive a score of 96 compared to the national score of 100 and utilities scored 102 compared to the national score of 100. Alamogordo receives these scores also in comparison to the rest of the state which receives an overall score of 96.
The population of Alamogordo New Mexico is approximately 31,000 people. There has been an increase in the growth rate of 11.44% since the year 2000. This equates to about 1435 people per square mile.
The average number of people per household is 2.5 compared to the national average of 2.6 and races in Alamogordo somewhat diverse with over 55% claiming their heritage as white.
Final Thoughts About The Housing Market In Alamogordo, NM
Buying or selling a home in Alamogordo, NM doesn’t have to be overwhelming or confusing. Just keep these market trends in mind when you prepare to list your home or start shopping for one.
Whether you’re buying or selling a home in Alamogordo, it’s never a bad idea to enlist the services of a licensed and reputable real estate agent. Your agent can help you sift through the logistics of everything listed here, not to mention negotiating fair prices.
If you have questions about the real estate market in Alamogordo, or you’re interested in buying or selling here, feel free to contact us! We have an extensive network of resources ready to serve you.