City:

Milan, NM

Milan is a city in the state of new-mexico with a population of roughly 3,421. It is in Cibola County, New Mexico the Grants, NM core-based statistical areas (CBSA), and the Albuquerque-Santa Fe-Las Vegas, NM combined statistical area (CSA).Its Zip codes include 87021 .

The Changing Face of Home Prices in Milan, NM

Milan, New Mexico is located in the southwestern corner of the state and is bordered by Las Cruces to the north, Albuquerque to the east, and Socorro to the south. The city has a population of just over 10,000 people and is home to several small businesses as well as a few large corporations. Milan was founded in 1892 and became a city in 1909. The economy of Milan is based largely on agriculture, with crops such as cotton, wheat, and alfalfa being grown in the area. However, Milan also has a number of businesses that are related to real estate.

The real estate market in Milan is generally healthy. There are many homes for sale as well as apartments available for rent. The median price for homes sold in Milan was $183,500 in 2016 according to data from Zillow. This is below the statewide median price of $236,500 but above the national median price of $179,000. The average size of homes sold in Milan was 2 bedrooms and 1 bathroom which was slightly larger than the statewide average size of 1 bedroom and 1 bathroom but smaller than the national average size of 2 bedrooms and 2 bathrooms.

The most popular type of home that is being sold in Milan is single-family detached homes. These types of homes accounted for 54% of all home sales during 2016 according to data from Zillow. This percentage was slightly higher than the statewide percentage (51%) but lower than the national percentage (63%). The second most popular type of home that was being sold in Milan during 2016 was townhomes/condos (15%). These types of homes accounted for 9%of all home sales during 2016 according to data from Zillow which was lower than both statewide (19%)and national percentages (20%).

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