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 9,520 people, 3,724 houses or apartments, and a median cost of homes of $186,156, house prices in Silver City are solidly below the national average.
Single-family detached homes are the single most common housing type in Silver City, accounting for 61.19% of the town's housing units. Other types of housing that are prevalent in Silver City include mobile homes or trailers ( 15.16%), large apartment complexes or high rise apartments ( 13.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.04%).
People in Silver City primarily live in small (one, two or no bedroom) single-family detached homes. Silver City has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Silver City 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 Silver City built between 1940-1969 ( 35.71%). A lesser amount of the housing stock also hails from before 1939 ( 13.16%). There's also some housing in Silver City built between 2000 and later ( 7.18%).
Vacant housing appears to be an issue in Silver City. Fully 22.67% of the housing stock is classified as vacant. Left unchecked, vacant Silver City homes and apartments can be a drag on the real estate market, holding Silver City 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.
Silver City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Silver City during the period has been just 4.96%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Silver City's appreciation rate, at 11.22%, has been at or slightly above the national average. In the latest quarter, Silver City's appreciation rate has been 3.51%, which annualizes to a rate of 14.79%.
Relative to New Mexico, our data show that Silver City's latest annual appreciation rate is higher than 90% of the other cities and towns in New Mexico.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Silver City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Silver City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Silver City real estate investment or home purchase decisions.
$186,156
for New mexico
for nation
3,724
$1,313 / per month