December Market Review
The real estate market in Las Cruces, NM has seen some significant changes in November 2022. According to recent data, the median sales price for the month was up 4.5% year over year at $277,320. This is a positive sign for homeowners in the area, as it indicates that the market is continuing to grow and appreciate in value.One notable trend in the Las Cruces real estate market is the increase in median days on market.
In November 2022, the median days on market was 25 days, which represents a 177.8% year-over-year increase. This could potentially indicate that it is taking longer for homes to sell in the area, though it is worth noting that 25 days is still a relatively short amount of time for a home to be on the market.
Another metric that has seen an increase in November 2022 is the median price per square foot, which was up 10.9% year over year at $169 per square foot. This suggests that buyers are willing to pay a premium for homes in Las Cruces, which is a positive sign for sellers.One area of concern for the Las Cruces real estate market is the increase in active inventory. In November 2022, active inventory was up 27.1% year over year. While this may be a welcome trend for buyers, it could potentially lead to a softer market for sellers going into 2023.