Belen, NM Real Estate Market
Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Date(s) & Update Frequency:
- Home Values, Rents: Reflects Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Belen, NM Housing Market Trends
With 7,414 people, 2,684 houses or apartments, and a median cost of homes of $310,009, Belen real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Belen, accounting for 68.01% of the city's housing units. Other types of housing that are prevalent in Belen include mobile homes or trailers ( 15.98%), large apartment complexes or high rise apartments ( 8.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.69%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Belen. Owner-occupied housing accounts for 69.73% of Belen's homes, and 58.63% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Belen built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Belen built between 1940-1969 ( 26.17%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.17%). There's also some housing in Belen built before 1939 ( 7.11%).
Vacant housing appears to be an issue in Belen. Fully 15.57% of the housing stock is classified as vacant. Left unchecked, vacant Belen homes and apartments can be a drag on the real estate market, holding Belen real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Belen Home Appreciation Rates
Appreciation rates for homes in Belen have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 99.30%, which ranks in the top 40% nationwide. This equates to an annual average Belen house appreciation rate of 7.14%.
Over the last year, Belen appreciation rates have trailed the rest of the nation. In the last twelve months, Belen's appreciation rate has been 4.39%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Belen were at 2.25%, which equates to an annual appreciation rate of 9.33%.
Relative to New Mexico, our data show that Belen's latest annual appreciation rate is lower than 80% of the other cities and towns in New Mexico.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Belen differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Belen - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Belen real estate investment or home purchase decisions.
Median Home Value
$310,009
High
for New mexico
Average
for nation
Number of Homes And Apartments:
2,684
NM
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,316 / per month