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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Gallup, NM Real Estate Market

Source & Methodology

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

Gallup, NM Housing Market Trends

With 20,932 people, 7,086 houses or apartments, and a median cost of homes 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%).

Gallup Home Appreciation Rates

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.

Average Home Values

Median Home Value

$206,544

Gallup, NM Home Prices
> $1,483,000
$1,113,001 - $1,483,000
$742,001 - $1,113,000
$593,001 - $742,000
$445,001 - $593,000
$296,001 - $445,000
$149,001 - $296,000
$74,001 - $149,000
$0 - $74,000
0.0%
0.0%
0.6%
0.6%
1.6%
1.6%
1.0%
1.0%
7.7%
7.7%
14.7%
14.7%
36.3%
36.3%
14.9%
14.9%
23.2%
23.2%
0% 100.0%
% of Homes
Average

for New mexico

Low

for nation

Number of Homes And Apartments:

7,086

Gallup Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,348 / per month

Homeownership Rate

Owners
Renters
53.1%
53.1%
46.9%
46.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.2%
6.2%
93.8%
93.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.8%
15.8%
45.7%
45.7%
33.2%
33.2%
5.3%
5.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.5%
60.5%
0.6%
0.6%
12.8%
12.8%
10.2%
10.2%
15.9%
15.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.7%
3.7%
9.9%
9.9%
27.0%
27.0%
44.0%
44.0%
14.7%
14.7%
0.7%
0.7%
0% 100.0%
% of Homes