Home values are on the rebound as Las Cruces saw a small increase in January that is projected to rise even higher in lieu of the upcoming spring buyer season.
While an anticipated drop in interest rates is a factor for many buyers looking to enter the market, existing inventory is also increasing, causing lower list prices in our market. While seller activity was significantly lower compared to the previous month, closings were still at an encouraging list-to-sale price ratio for the month.
New home sales are also making a strong contribution to our market values with higher inventory and lower prices for a new build. Also, incentives from new home builders give new buyers some great opportunities to get into a new home at a minimal cost, sometimes even a zero closing cost.
January's report is showing the start of what will be a busy spring buyer season, giving great news for both buyers and sellers. It’s a great time to be a Las Cruces homeowner in 2024.