88012, Las Cruces, NM

Las Cruces, NM is located in the southern region of the state and has a population of approximately 120,000 people. The median household income in Las Cruces is $41,000 which is lower than the statewide median household income of $51,046. Home prices in Las Cruces have increased significantly over the past few years and are now among some of the highest in the state. In March 2018, home prices in Las Cruces were estimated to be $269,500 which is up from $214,900 just five years earlier.

One reason for this increase in home prices may be due to low interest rates and increasing demand for housing stock. Another factor that may be contributing to increased home values is that Las Cruces has a relatively small number of homes available for sale compared to other areas of the state. Additionally, there are limited opportunities for new construction due to zoning restrictions and a lack of land available within city limits. As a result, buyers who want to purchase a home in Las Cruces must compete with others who are also interested in purchasing property here.

Despite these factors, there are still some homeowners who have seen their home equity decrease since 2016 due to rising interest rates and decreased values on their homes. Overall though, it appears that homeownership rates and home values continue to rise throughout much of southern New Mexico which could indicate an increasing trend across the state as a whole.