Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Eddy County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $245,838 | $197,886 | $242,182 |
| Price Trend (Annual %) | 7.0% | 3.1% | 8.2% |
| Median Gross Rent | $1,182 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Eddy County is about 24% higher than in New Mexico. Rent is about 16% higher than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Eddy County, up about 7.0% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Eddy County rose about 54.9% between 2015 and 2023, from $763 to $1,182. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Eddy County.
Buying the median-priced home in Eddy County costs roughly 17.3 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 Eddy County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Eddy County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $245,838 | $197,886 | $242,182 |
| Median Household Income | $80,884 | $62,378 | $78,145 |
| Price-to-Income Ratio | 3.0 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Eddy County rose about 56.6%, while median household income rose about 81.8% between 2009 and 2023 — 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 | Eddy County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.2% | 60.2% | 58.2% |
| Rental Rate | 22.1% | 26.6% | 31.3% |
| Vacancy Rate | 12.7% | 13.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Eddy County has a homeownership rate of 65.2%, higher than the New Mexico average of 60.2%. Its housing vacancy rate is 12.7%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Eddy County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1977 | 1983 | 1978 |
| Median Number of Rooms | 5.7 | 5.3 | 5.5 |
The typical housing unit in Eddy County was built around 1977. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Eddy County, New Mexico.
What is the median home price in Eddy County, New Mexico?
The median home price in Eddy County, New Mexico is $245,838, higher than the New Mexico average of $197,886.
What is the average home price in Eddy County, New Mexico?
The typical home price in %s, reported as the median sale price, is %s. 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 Eddy County, New Mexico?
The median gross rent in Eddy County, New Mexico is $1,182 per month, higher than the New Mexico average of $1,020.
What was the median gross rent in Eddy County in 2020?
In 2020, the median gross rent in Eddy County, New Mexico was $969 per month.
What is the price-to-rent ratio in Eddy County, New Mexico?
The price-to-rent ratio in Eddy County, New Mexico is about 17.3, meaning it would take roughly 17.3 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 Eddy County.
Are home prices or rent rising faster in Eddy County, New Mexico?
Both home prices and rent are rising in Eddy County, up about 7.0% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Eddy County, New Mexico?
65.2% of households in Eddy County, New Mexico own their home, higher than the New Mexico average of 60.2%.
What is the vacancy rate in Eddy County, New Mexico?
The housing vacancy rate in Eddy County, New Mexico is 12.7%, lower than the New Mexico average of 13.1%.