Beginning in July the Red River, New Mexico housing market started showing signs of weakening as price drops were becoming more frequent. Compare this with the 2021 and 2022 market where many homes were selling above asking price.
The softening has continued into the Fall and early Winter. Currently there are 19 single family homes on the market of which 8 have experienced price drops and one outlier had a price increase of $90,000. Of the 8 homes that have experienced price drops, the drops have ranged from $11,500 to $110,000. Of the 19 homes currently on the market, the asking price per square foot currently ranges from $279 to $581 with one outlier priced at $797 per sq ft. The average asking price per sq ft for a single family home not counting the outlier is currently $405 per sq ft.
While I can't foresee the future, key indicators like falling interest rates and the expected stabilization of the economy point towards a more stable housing market as we move into spring and summer.
Is this the right time to buy? It's hard to say for certain. Currently, market trends favor buyers, but it's unclear how long this will last.
Looking ahead, I expect the number of buyers to increase in the coming months, especially as we head into the warmer seasons. This influx should help create a more balanced market.
If you're currently in the market for a new home, check out the listings and data in the attached graphic. You might just find the perfect house at the perfect price.
Stay tuned for a more in depth recap of the 2024 Red River housing market.
Questions? feel free to contact me at any time.
Rob Swan
575-613-4243
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