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 | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $246,701 | $197,886 | $242,182 |
| Price Trend (Annual %) | 6.2% | 3.1% | 8.2% |
| Median Gross Rent | $1,407 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sandoval County is about 25% higher than in New Mexico. Rent is about 38% 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 Sandoval County, up about 6.2% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Sandoval County rose about 37.7% between 2015 and 2023, from $1,022 to $1,407. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Sandoval County.
Buying the median-priced home in Sandoval County costs roughly 14.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Sandoval County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $246,701 | $197,886 | $242,182 |
| Median Household Income | $83,271 | $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 Sandoval County rose about 35.9%, while median household income rose about 46.0% 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 | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 78.0% | 60.2% | 58.2% |
| Rental Rate | 15.3% | 26.6% | 31.3% |
| Vacancy Rate | 6.7% | 13.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Sandoval County has a homeownership rate of 78.0%, higher than the New Mexico average of 60.2%. Its housing vacancy rate is 6.7%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Sandoval County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1991 | 1983 | 1978 |
| Median Number of Rooms | 5.8 | 5.3 | 5.5 |
The typical housing unit in Sandoval County was built around 1991. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sandoval County, New Mexico.
What is the median home price in Sandoval County, New Mexico?
The median home price in Sandoval County, New Mexico is $246,701, higher than the New Mexico average of $197,886.
What is the average home price in Sandoval 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 Sandoval County, New Mexico?
The median gross rent in Sandoval County, New Mexico is $1,407 per month, higher than the New Mexico average of $1,020.
What was the median gross rent in Sandoval County in 2020?
In 2020, the median gross rent in Sandoval County, New Mexico was $1,114 per month.
What is the price-to-rent ratio in Sandoval County, New Mexico?
The price-to-rent ratio in Sandoval County, New Mexico is about 14.6, meaning it would take roughly 14.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Sandoval County.
Are home prices or rent rising faster in Sandoval County, New Mexico?
Both home prices and rent are rising in Sandoval County, up about 6.2% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sandoval County, New Mexico?
78.0% of households in Sandoval County, New Mexico own their home, higher than the New Mexico average of 60.2%.
What is the vacancy rate in Sandoval County, New Mexico?
The housing vacancy rate in Sandoval County, New Mexico is 6.7%, lower than the New Mexico average of 13.1%.