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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 21,493 people, 7,294 houses or apartments, and a median cost of homes of $140,556, 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 61.94% of the city's housing units. Other types of housing that are prevalent in Gallup include duplexes, homes converted to apartments or other small apartment buildings ( 14.64%), mobile homes or trailers ( 11.86%), and a few large apartment complexes or high rise apartments ( 10.10%).

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 55.82% owning and 44.18% 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 ( 31.22%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.81%). There's also some housing in Gallup built before 1939 ( 8.29%).

Vacant housing appears to be an issue in Gallup. Fully 12.09% of the housing stock is classified as vacant. Left unchecked, vacant Gallup homes and apartments can be a drag on the real estate market, holding Gallup 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.

Gallup Home Appreciation Rates

Gallup's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Gallup during the period has been just 2.41%, which is lower than 80% of US communities.

Appreciation rates are so strong in Gallup that despite a nationwide downturn in the housing market, Gallup real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Gallup appreciation rates continue to be some of the highest in America, at 10.54%, which is higher than appreciation rates in 71.72% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Gallup. Gallup appreciation rates in the latest quarter were at 2.00%, which equates to an annual appreciation rate of 8.22%.

Relative to New Mexico, our data show that Gallup'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 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:
$140,556

Gallup, NM HOME PRICES

> $1,255,000
0.0%
0.0%
$941,001 - $1,255,000
0.8%
0.8%
$628,001 - $941,000
1.3%
1.3%
$502,001 - $628,000
1.1%
1.1%
$377,001 - $502,000
4.6%
4.6%
$251,001 - $377,000
14.0%
14.0%
$126,001 - $251,000
37.5%
37.5%
$63,001 - $126,000
19.5%
19.5%
$0 - $63,000
21.2%
21.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for NM

Value Relative To Nation

Number Of Homes And Apartments:
7,294

Gallup Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
58.23% 2.16%
2
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,176 / per month

Homeownership Rate

Owners
55.8%
55.8%
Renters
44.2%
44.2%
Vacant
12.1%
12.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.8%
13.8%
1970 - 1999
46.7%
46.7%
1940 - 1969
31.2%
31.2%
1939 or Older
8.3%
8.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
61.9%
61.9%
Townhomes
1.5%
1.5%
Small Apt. Buildings
14.6%
14.6%
Apt. Complexes
10.1%
10.1%
Mobile Homes
11.9%
11.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.6%
4.6%
1 Bedroom
5.3%
5.3%
2 Bedrooms
31.9%
31.9%
3 Bedrooms
46.2%
46.2%
4 Bedrooms
11.1%
11.1%
5 or more bedrooms
1.0%
1.0%
0.0% 100.0%
% OF HOMES