Metropolitan Statistical Area (MSA):
Deming, NM is a Metropolitan Statistical Area (MSA) comprising counties including Luna County.
There is no doubt that the housing market in the Deming, NM metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching an all-time high in 2006, home prices began to plummet in 2007 and 2008, leaving many homeowners "underwater" on their mortgages. The good news is that prices have begun to rebound in recent years, and the MSA is now considered a "hot" market for real estate investors.
The average home price in the MSA was $200,000 in 2006, but by 2008 it had dropped to just $160,000. Since then, prices have slowly climbed back up and are now hovering around $180,000. This is still below the pre-recession peak, but it is a significant improvement from where we were just a few years ago.
Investors are flocking to the MSA because they see potential for future growth. The area is still relatively affordable compared to other parts of the country, and there is a strong demand for rental properties. With interest rates remaining low, now is an ideal time to buy investment property in the MSA.
If you are thinking of buying a home in the MSA, you should act soon! Prices are expected to continue to rise as more people discover this hidden gem of a real estate market.