501 E Palace Ave, Hobbs, NM, 88240
About This Home
This charming 2-bedroom, 1-bath home in Hobbs, NM has been completely updated throughout the interior, including a brand-new roof for added peace of mind. Step inside to find a fresh, modern interior with updated finishes, a bright and inviting living space, and a functional layout perfect for everyday living. The renovated kitchen and bathroom add style and convenience, making this home ideal for first-time buyers, downsizers, or investors. Don’t miss this turnkey opportunity!
Getting Around
Car-Dependent
Very Limited Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1960
Materials
- Construction materials: Stucco
Type & Style
- Home type: SingleFamily
- Property subType: Single Family Residence
Interior
Bedrooms & Bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 1
Features
- Fireplace features: Electric
Heating & Cooling
- Heating features: Forced Air
- Cooling features: Electric,Central Air
Interior Area
- Total structure area: 998
- Total interior livable area: 998 sqft
Property
Details
- Parcel number: 4000106920001
Features
- Levels: One
- Stories: 1
Lot
- Features: Irregular Lot
Parking
- Parking features: No Garage
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Lightning
- Cold Wave
- Hail
- Strong Wind
- Winter Weather
- Heat Wave
- Inland Flooding
- Wildfire
How This Home’s Risks Compare
FEMA Declared Disasters in Lea County and New Mexico
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $869 | $10,428 |
| Home Insurance * | $176 | $2,112 |
| Property Taxes | $74 | $888 |
| Electricity | $148 | $1,780 |
| Total | $1,267 | $15,204 |
Income You'd Need if You Spent...
New Mexico FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
No zestimate history available
Price History
| Date | Event | Price |
|---|---|---|
| 2026-05-12 | Price change | $172,000 |
| 2026-03-27 | Listed for sale | $180,000 |
View on Zillow