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 | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,835 | $197,886 | $242,182 |
| Price Trend (Annual %) | -2.1% | 3.1% | 8.2% |
| Median Gross Rent | $694 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sierra County is about 26% lower than in New Mexico. Rent is about 32% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Sierra County: home prices fell about 2.1% a year while rent rose about 2.9% a year. That is an unusual pattern worth watching.
Median rent in Sierra County rose about 20.8% between 2015 and 2023, from $575 to $694. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Sierra County.
Buying the median-priced home in Sierra County costs roughly 17.5 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 Sierra County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,835 | $197,886 | $242,182 |
| Median Household Income | $37,489 | $62,378 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sierra County rose about 3.9%, while median household income rose about 45.7% 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 | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.8% | 60.2% | 58.2% |
| Rental Rate | 19.8% | 26.6% | 31.3% |
| Vacancy Rate | 33.4% | 13.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Sierra County has a homeownership rate of 46.8%, lower than the New Mexico average of 60.2%. Its housing vacancy rate is 33.4%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Sierra County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1982 | 1983 | 1978 |
| Median Number of Rooms | 4.9 | 5.3 | 5.5 |
The typical housing unit in Sierra County was built around 1982. On average, 2.1 people live in a home with about 4.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sierra County, New Mexico.
What is the median home price in Sierra County, New Mexico?
The median home price in Sierra County, New Mexico is $145,835, lower than the New Mexico average of $197,886.
What is the average home price in Sierra 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 Sierra County, New Mexico?
The median gross rent in Sierra County, New Mexico is $694 per month, lower than the New Mexico average of $1,020.
What was the median gross rent in Sierra County in 2020?
In 2020, the median gross rent in Sierra County, New Mexico was $561 per month.
What is the price-to-rent ratio in Sierra County, New Mexico?
The price-to-rent ratio in Sierra County, New Mexico is about 17.5, meaning it would take roughly 17.5 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 Sierra County.
Are home prices or rent rising faster in Sierra County, New Mexico?
Home prices and rent are moving in opposite directions in Sierra County: home prices fell about 2.1% a year while rent rose about 2.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Sierra County, New Mexico?
46.8% of households in Sierra County, New Mexico own their home, lower than the New Mexico average of 60.2%.
What is the vacancy rate in Sierra County, New Mexico?
The housing vacancy rate in Sierra County, New Mexico is 33.4%, higher than the New Mexico average of 13.1%.