The story of this market
The typical home in ZIP 87701 sells for about $208,000, or $169 per square foot.
Prices are down 9.61% from a year ago, which gives buyers more room to negotiate. Homes take about 44 days to sell. HUD's fair market rent for a two-bedroom is $1,150 a month.
ZIP 87701 — Las Vegas
The housing market in 87701 is currently experiencing a period of price correction, with median prices down year-over-year. Inventory remains tight, and the market is characterized by a mix of historic properties and rural land listings. Figures for specific metrics like price-cut percentages are estimated based on available portal data.
This ZIP code is well-suited for budget-conscious family buyers, retirees seeking historic charm, and individuals looking for a slower-paced lifestyle in a scenic mountain setting.
Median prices moved down 9.6% year over year.
Homes spend a median of 44 days on market with 6.2 months of supply — a balanced-paced market.
13% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.5% · poverty 22.0% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 2.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 87701, San Miguel County NM
Crime rates in Las Vegas, NM are generally higher than the national average, with property crime being the most frequently reported issue in the area.
Schools in the area are primarily served by the Las Vegas City Schools district, which faces challenges with funding and academic performance metrics compared to state averages.
The area faces moderate wildfire risk due to its location in the Sangre de Cristo Mountains and is subject to standard flood risk management protocols for high-desert terrain.
Economic momentum is driven by local government, education, and tourism sectors, with limited large-scale industrial development currently reported.
The effective property tax rate of 0.95% includes the San Miguel County base levy combined with local school district and special assessment district levies.
Commuting is primarily car-dependent, with residents traveling along I-25 toward Santa Fe or local employment hubs within the city.
The area offers access to the historic Old Town Plaza, nearby hiking trails in the Sangre de Cristo Mountains, and various local parks and community centers.
The rental market is characterized by limited inventory and steady demand, with a mix of long-term residential rentals and some short-term vacation properties catering to tourists.
The economy is anchored by public sector employment, including New Mexico Highlands University and the United World College, alongside tourism and local retail.
Transportation is primarily served by I-25, providing the main corridor for regional travel, with limited public transit options within the city limits.
Development is focused on small-scale infill projects and the preservation of historic structures rather than large-scale new construction.
Parcels are subject to San Miguel County property taxes and specific levies for the Las Vegas City Schools district.
Property insurance premiums are influenced by regional wildfire risk and the age of the housing stock in the historic district.
Data retrieved from data.census.gov ZCTA 87701 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
The heart of the historic district featuring Victorian architecture and local shops.
Popular destination for fishing, boating, and camping located just outside the city.
A significant area for bird watching and wildlife observation.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.