87583, Villanueva, NM

Home Equity and Home Prices in the 87583 Zip Code of Villanueva, NM

There is no question that home equity is one of the most important assets a person can have. It gives people the ability to borrow money against their homes, pay down debt, and invest in other assets. In addition, home prices are an important factor when it comes to buying a home. They are one of the most important factors in determining whether or not someone can afford a particular property.

According to data from Zillow, the median home value in the 87583 zip code of Villanueva, NM was $171,000 as of September 2017. This is a decrease from $179,000 as of September 2016. However, this still puts this area among some of the more expensive zip codes in New Mexico. The median price for all housing units within this zip code was $149,000 as of September 2017 which is also higher than the statewide median price for all housing units ($135,500).

When looking at specific types of housing units within this zip code there appears to be a wide range in prices. Single family homes were generally more expensive than townhomes or condos but there was also a significant range in prices for each type of unit. Additionally, while single family homes tended to be located closer to town than condos or townhomes they were also generally larger and had more features (like garages) than either type of unit would typically have.

While it’s impossible to say for certain what caused these changes in home values over time it’s likely that both market conditions and individual homeowner decisions played a role. For example, if there has been an increase in demand for properties within this zip code then prices will likely go up regardless of whether or not any new development has occurred nearby (this happened recently with regard to areas near San Francisco). Conversely if there has been an increase in supply then prices will likely go down even if no new development occurs nearby (this happened recently with regard to areas near Seattle).