87558, Red River, NM

Red River is located in the southwestern corner of New Mexico, just north of the Texas border. The zip code 87558 has a population of around 6,000 and an average home price of $185,000. Home equity in this zip code is high, with over 60% of households having at least some equity in their homes. This high level of equity is likely due to the strong economy and low unemployment rate in Red River.

Home prices have been increasing steadily in Red River over the past few years. In 2013, the median home price was $166,500; by 2016 that had increased to $185,000. Over the same period, home equity increased from 53% to 60%. This trend appears to be continuing; as of October 2017, the median home price was $194,900 and home equity was at 63%.

One reason for this high level of equity may be that there are relatively few foreclosures or short sales in Red River. In fact, as of October 2017 only 2 out of every 10 homes were for sale (20%). This low level of foreclosure activity may be due to strong economic conditions and low unemployment rate; or it could be because many homeowners are able to maintain their homes by making small repairs and updates rather than selling outright.

Overall, it seems that homeownership rates are high in Red River and that there is a lot of equity available for people who want to buy a house here. While there may be some competition for houses due to increasing prices overall, this does not appear to be causing any major problems so far.