Housing and Realtors

Housing

The housing market in Gallup ranges from a conservative selection of moderately priced homes to those priced near $400,000. An entry level, single family home will be priced slightly below the national average, and there is a developing market in executive housing in the $250 thousand range. In hard numbers, housing costs will range from roughly $60,000 to $400,000. The real estate market presently is balanced with an equal amount of buyers and sellers. The resale cycle ranges from about 40 homes as a low to a high at around 110 homes. The average priced home for 1998 was $114,000. New construction is in various price ranges. As with many real estate markets, activity is highest between spring and fall.

Mortgage interest rates are competitive and will follow the trend of the money market. Most customer interest is centered on conventional loan instruments, but there are other lending mechanisms such as VA loans, FHA and ARMS. The apartment and home rental business can be particularly tight. The rental market might be characterized as very limited, and the short term rental market almost nonexistent. A one bedroom apartment rents for about $300 to $400 and a two bedroom rents for $350 to $500 monthly. Single family homes with two and three bedrooms rent from $550 to $1200. Customers familiar with the market on the east of west coast will perceive a less expensive market, whereas those form the Midwest will find housing costs a bit higher. If you would like further information on housing in Gallup, please call the Gallup-McKinley County Chamber of Commerce for a listing of member realtors.