Clovis, NM metro housing market

What this means

• Valuation. Prices are 11% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are up 1.2% over the past year (U.S.: +1.2%), but still 5% below their 2022-23 peak.
• Supply. Listings are 44% below the 2017-19 norm and falling (−25% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is moderate (49/100; U.S.: 54): homes sell for about 2.6% below their final list price (as of May 2024); 20% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 23% of the median household income (U.S.: 35%); it takes about $42k a year to keep the payment at 30% of gross pay. That includes about $1,922 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $146/mo less than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $238 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding. Flood isn't covered by standard homeowners insurance.
• Outlook. No clear direction: likely −7% to +8% over the next 12 months (65% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −6.8% to +8.1% (80% range; middle estimate +2.1%), chance of a rise 65%, of a 5%+ drop 14%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Counties in Clovis, NM metro