Clovis, New Mexico Housing Market Prices
Clovis Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 14% below the New Mexico median$174,609
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Median rent 12% below the New Mexico median$943
Housing Market Overview
| Metric | Clovis | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $174,609 | $204,122 | $248,835 |
| Price Trend (Annual %) | 2.1% | 3.1% | 7.5% |
| Median Gross Rent | $943 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 2.6% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clovis is about 14% lower than in New Mexico. Rent is about 12% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Clovis, up about 2.1% and 2.6% a year respectively. Rent is changing faster.
Median rent in Clovis rose about 25.4% between 2015 and 2024, from $752 to $943. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Clovis.
Buying the median-priced home in Clovis costs roughly 15.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Clovis. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Clovis | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $174,609 | $204,122 | $248,835 |
| Median Household Income | $54,249 | $64,523 | $80,455 |
| Price-to-Income Ratio | 3.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Clovis fell about 5.7%, while median household income rose about 39.3% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Clovis | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.0% | 61.3% | 58.5% |
| Rental Rate | 31.3% | 26.2% | 31.2% |
| Vacancy Rate | 12.7% | 12.5% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Clovis has a homeownership rate of 56.0%, lower than the New Mexico average of 61.3%. Its housing vacancy rate is 12.7%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Clovis | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1973 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Clovis was built around 1973. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clovis, New Mexico.
What is the median home price in Clovis, New Mexico?
The median home price in Clovis, New Mexico is $174,609, lower than the New Mexico average of $204,122.
What is the average home price in Clovis, New Mexico?
The typical home price in Clovis, New Mexico, reported as the median sale price, is $174,609. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Clovis, New Mexico?
The median gross rent in Clovis, New Mexico is $943 per month, lower than the New Mexico average of $1,067.
What was the median gross rent in Clovis in 2020?
In 2020, the median gross rent in Clovis, New Mexico was $810 per month.
What is the price-to-rent ratio in Clovis, New Mexico?
The price-to-rent ratio in Clovis, New Mexico is about 15.4, meaning it would take roughly 15.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Clovis.
Are home prices or rent rising faster in Clovis, New Mexico?
Both home prices and rent are rising in Clovis, up about 2.1% and 2.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Clovis, New Mexico?
56.0% of households in Clovis, New Mexico own their home, lower than the New Mexico average of 61.3%.
What is the vacancy rate in Clovis, New Mexico?
The housing vacancy rate in Clovis, New Mexico is 12.7%, higher than the New Mexico average of 12.5%.
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