Real-Time Real Estate Market Report
Belen, NM 87002
Single-Family Homes
Have the Market Insight Before You Buy or Sell
Belen, NM 87002
Thu Dec 26 2024
This week the median list price for Belen, NM 87002 is $297,900 with the market action index hovering around 34. This is an increase over last month's market action index of 33. Inventory has decreased to 49.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $297,900 | |
| Median Price of New Listings | $270,000 | |
| Per Square Foot | $184 | |
| Average Days on Market | 145 | |
| Median Days on Market | 133 | |
| Price Decreased | 31% | |
| Price Increased | 20% | |
| Relisted | 4% | |
| Inventory | 49 | |
| Median Rent | ||
| Market Action | 34 | |
| Slight Seller's Advantage | ||
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $612,450 | 2,628 | 2.5 - 5 acres | 3 | 3 | 38 | 0 | 0 | 171 |
| $333,900 | 1,841 | 0.25 - 0.5 acre | 3 | 2 | 11 | 0 | 2 | 175 |
| $284,950 | 1,399 | 4,500 - 6,500 sqft | 3 | 2 | 1 | 1 | 0 | 140 |
| $229,900 | 1,482 | 8,000 - 10,000 sqft | 3 | 2 | 51 | 1 | 3 | 63 |