• Mar 06, 2023 Las Cruces median home price soars to another record high
    Gary Sandler
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    Published 6 March 2023

    The median price of the 117 new and existing single-family homes sold during the month of February hit an all-time record of $305,000, according to a March 2 report from the Las Cruces Association of Realtors. The previous record high of $300,000 was set in October of 2022. The median is where half sold for more and half sold for less.

    The median price began 2022 at $275,000 before stair stepping its way to $297,500 in June. By the time the third quarter of the year ended in September, values had fallen to just over $275,000. The median price then climbed to the previous record of $300,000 in October before plummeting to $270,245 in November. Between November and February, values rose to the new record high of $305,000. That’s an increase of $34,755, or 12.9 percent over the three month period.

    Of the 118 single-family homes sold in February, 99 were previously owned and carried a median sales price of $300,000. The typical used home contained an average of 1,858 square feet and sold for an average of $162.12 per square foot. On average, it took sellers 55-days to find a buyer and close escrow.

    New homes accounted for the remaining 19 single-family home sales in February. The group produced a median sales price of $350,495 with an average price per square foot of $192.68. The typical new home took just over 3.5 months to sell and sold for 98 percent of the asking price.

    Las Cruces-area median sales prices for single-family homes.

    Rounding out the February sales are condos and townhomes. While no townhomes closed escrow in February, 10 are currently under contract and awaiting closing. The four condo sales booked in February carried a median price of $250,000 with an average price-per-square-foot of $172.56. The typical unit contained 1,336 square feet and took slightly over a month to sell.

    See you at closing!

     

    Gary Sandler is a full-time Realtor and owner of Gary Sandler Inc., Realtors in Las Cruces. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySandler.com.

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      Gary Sandler