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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 20,932, 7,086 total housing units (homes and apartments), and a median house value of $206,544, house prices in Gallup are solidly below the national average.
Single-family detached homes are the single most common housing type in Gallup, accounting for 60.51% of the city's housing units. Other types of housing that are prevalent in Gallup include mobile homes or trailers ( 15.86%), duplexes, homes converted to apartments or other small apartment buildings ( 12.80%), and a few large apartment complexes or high rise apartments ( 10.19%).
The most prevalent building size and type in Gallup are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.09% owning and 46.91% renting.
There is a lot of housing in Gallup 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 Gallup built between 1940-1969 ( 33.21%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.77%). There's also some housing in Gallup built before 1939 ( 5.35%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Gallup, where house values have increased just 51.65%, which is annualized rate of 4.25%. 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, Gallup's appreciation rate, at 6.00%, has been at or slightly above the national average. In the latest quarter, Gallup's appreciation rate has been 3.18%, which annualizes to a rate of 13.34%.
Importantly, this makes Gallup 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 Gallup's latest annual appreciation rate is higher than 50% 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 Gallup differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gallup - 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 Gallup real estate investment or home purchase decisions.
$206,544
for New mexico
for nation
7,086
$1,348 / per month