This analysis of home prices focuses on the cost of residental homes during the year 2002. We have evaluated the number of homes sold in each price range and the price per square foot of those home. In addition, we looked at the median price of homes adn the price per square foot of homes by area of the city.

In Las Cruces in 2002 55% of all the homes sold were under $124,999. 70% sold for less than $149,999. But, 2001 and 2002 saw an expansion of the upper end market with 11% of homes selling for over $250,000.

The second factor noted in this study was the fact that as homes increased in price the price per square foot increased at the same time. This is explained by the costs added by increased amenities and increased cost of the lot. Between $75,000 and $225,000 each $25,000 increase in price approximately $6.00/Square Foot. At $225,000 the price/SF increasted by almost $10/SF but remained stable at around $105-$112/SF. Then increased another $9/SF to $120/SF in the $350-450,000 range, and then increased dramatically ($15/SF) to $135/SF in the over $450,000 homes.

Las Cruces homes sold in a great number of neighborhoods. This list represents the most frequently sold areas.

The first thing we notice is something we would expect: the price of a house varies dramatically by neighborhood with median prices varying from $82,500 at $57.64/Sf in the Alameda area to $241,000 at $118/sf in the Sonoma Ranch area.

Some neighborhoods, like Elks Club, the median price of of home is $121,700 and the price/sf is 73.75. This is in-line with this price range of home. However, in the Alameda area where the median price of homes is $82,500 has a price/sf $57.64. This is well below the average $65.00 price/sf in that price range. In 4-hills the homes sell in the same price range ($75 -100,000), but the price/sf is $81/sf- wll above the $65/sf average. Similarly Mesilla homes hold their value and are in line with the average price per sf for $200,000 homes.

These facts must be carefully weighed when you are evaluating a home to buy.