FARMINGTON, N.M. (Stacker) — It goes without saying that the coronavirus pandemic has sparked a wave of uncertainty across myriad industries, and not other market has quite felt its impact like that of real estate.
The pandemic has become a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that has prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket.
The ability to work remotely played a role in the vacation home demand in mid-2020, as affluent Americans opted to ride out the pandemic with more amenities and space outside dense urban areas.Stacker compiled a list of cities with the fastest-growing home prices in Farmington, NM metro area using data from Zillow.
Cities are ranked by 1-year price change as of August 2022. The typical home value in the United States increased over the last year by +14.1% to $356,054. All 8 cities and towns with data available were included in the list.
8. Bloomfield, New Mexico
- 1-year price change: +$31,297 (+19.7%)
- 5-year price change: +$76,264 (+67.1%)
- Typical home value: $189,895 (#8 most expensive city in metro)
7. Farmington, New Mexico
- 1-year price change: +$36,519 (+19.6%)
- 5-year price change: +$79,246 (+55.1%)
- Typical home value: $223,117 (#4 most expensive city in metro)
6. Aztec, New Mexico
- 1-year price change: +$37,534 (+20.9%)
- 5-year price change: +$83,010 (+62.0%)
- Typical home value: $216,901 (#6 most expensive city in metro)
5. Kirtland, New Mexico
- 1-year price change: +$38,826 (+23.5%)
- 5-year price change: +$95,474 (+88.0%)
- Typical home value: $204,025 (#7 most expensive city in metro)
4. Fruitland, New Mexico
- 1-year price change: +$39,176 (+20.6%)
- 5-year price change: +$95,672 (+71.5%)
- Typical home value: $229,532 (#3 most expensive city in metro)
Story continues below:
- Albuquerque: Isotopes celebrate 11-millionth fan to attend baseball game
- Local Sports: 8th grader wins 4th consecutive high school cross country meet
- Crime: Man charged after San Juan County deputy-involved shooting
- New Mexico: Hobbs baby box saves its first newborn
3. Flora Vista, New Mexico
- 1-year price change: +$42,339 (+21.8%)
- 5-year price change: +$105,811 (+81.1%)
- Typical home value: $236,202 (#2 most expensive city in metro)
2. Waterflow, New Mexico
- 1-year price change: +$46,121 (+26.7%)
- 5-year price change: +$82,237 (+60.2%)
- Typical home value: $218,815 (#5 most expensive city in metro)
1. La Plata, New Mexico
- 1-year price change: +$58,646 (+29.5%)
- 5-year price change: +$109,621 (+74.2%)
- Typical home value: $257,340 (#1 most expensive city in metro)
