Clovis, 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
Clovis, NM Housing Market Trends
With a population of 37,902, 15,031 total housing units (homes and apartments), and a median house value of $164,335, house prices in Clovis are solidly below the national average.
Single-family detached homes are the single most common housing type in Clovis, accounting for 77.40% of the city's housing units. Other types of housing that are prevalent in Clovis include duplexes, homes converted to apartments or other small apartment buildings ( 8.33%), large apartment complexes or high rise apartments ( 7.07%), and a few mobile homes or trailers ( 4.95%).
The most prevalent building size and type in Clovis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.94% owning and 42.06% renting.
There is a lot of housing in Clovis 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 Clovis built between 1940-1969 ( 36.89%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.82%). There's also some housing in Clovis built before 1939 ( 5.81%).
Vacant housing appears to be an issue in Clovis. Fully 11.27% of the housing stock is classified as vacant. Left unchecked, vacant Clovis homes and apartments can be a drag on the real estate market, holding Clovis 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.
Clovis Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Clovis, where house values have increased just 43.42%, which is annualized rate of 3.67%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Clovis's appreciation rate, at 6.94%, has been at or slightly above the national average. In the latest quarter, Clovis's appreciation rate has been 3.18%, which annualizes to a rate of 13.34%.
Importantly, this makes Clovis one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New Mexico, our data show that Clovis's latest annual appreciation rate is higher than 70% 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 Clovis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Clovis - 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 Clovis real estate investment or home purchase decisions.
Median Home Value
$164,335
Low
for New mexico
Very Low
for nation
Number of Homes And Apartments:
15,031
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:
$1,443 / per month