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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 11,973, 4,285 total housing units (homes and apartments), and a median house value of $198,661, house prices in Portales are solidly below the national average.
Single-family detached homes are the single most common housing type in Portales, accounting for 70.77% of the city's housing units. Other types of housing that are prevalent in Portales include duplexes, homes converted to apartments or other small apartment buildings ( 13.45%), mobile homes or trailers ( 8.60%), and a few large apartment complexes or high rise apartments ( 6.01%).
The most prevalent building size and type in Portales are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.06% owning and 53.94% renting.
There is a lot of housing in Portales 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 Portales built between 1940-1969 ( 30.76%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.93%). There's also some housing in Portales built before 1939 ( 6.50%).
Vacant housing appears to be an issue in Portales. Fully 19.03% of the housing stock is classified as vacant. Left unchecked, vacant Portales homes and apartments can be a drag on the real estate market, holding Portales 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Portales, where house values have increased just 39.01%, which is annualized rate of 3.35%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Portales appreciation rates have trailed the rest of the nation. In the last twelve months, Portales's appreciation rate has been 4.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Portales were at 3.18%, which equates to an annual appreciation rate of 13.34%.
Importantly, this makes Portales one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New Mexico, our data show that Portales's latest annual appreciation rate is lower than 80% of the other cities and towns in New Mexico.
$198,661
for New mexico
for nation
4,285
$1,242 / per month