New Mexico
Housing Market
The housing market in New Mexico constantly evolves with shifting home prices and demand. Houzeo’s housing market report tracks these changes in supply and demand across the Land of Enchantment. Our data offers real-time insights to help you make informed decisions.
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MigrationNew Mexico Housing Market Overview
New Mexico housing prices show a 0.16% YoY dip as of January 2025. Currently, the New Mexico median home price is $344,900. In contrast, the number of homes sold has increased by 13.8% YoY.
You can check the market competitiveness through median days on the market. Homes in New Mexico now spend as long as 77 days on the market before going under contract. Together, these metrics give an idea of the pace, affordability and other housing trends in New Mexico.
What Does It Mean for Home Buyers and Sellers?
You can check the market competitiveness through median days on the market. Homes in New Mexico now spend as long as 77 days on the market before going under contract. Together, these metrics give an idea of the pace, affordability and other housing trends in New Mexico.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The good news is that you get more negotiation power due to the extended median days on the market. The current mortgage rates of 6.71% make housing in New Mexico relatively affordable. So, whether you’re looking for a condo in Albuquerque or a single-family home in Rio Rancho, homes in New Mexico are now within your reach.
- If You're a Seller: It will be difficult for you to make profits because the average home price in New Mexico is on the decline. With homes spending more days on the market, you should be prepared to offer concessions to buyers.
Median Sale Price
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New Mexico Housing Supply
The number of New Mexico homes for sale saw a staggering 19.7% growth YoY in January 2025. The number of newly listed homes saw a 2.9% YoY. Currently, there are 4,122 available homes in New Mexico. With 5 months of supply, the New Mexico real estate market currently favors buyers.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You have an advantage due to the increasing number of houses for sale in New Mexico. This growth in inventory can potentially reduce New Mexico’s median home price. The market will then tilt even more in favor of buyers. A decrease in mortgage rates will further benefit you.
- If You're a Seller: This isn’t the right time to sell your home. The new supply that’s hitting the New Mexico housing market will extend the median days a home spends on the market. The decreased demand will hamper your profits, and you might have to sell your home with a price drop.
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New Mexico
New Mexico Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. A decline suggests more supply.
Only 2.5% of homes in New Mexico sold above the list price in January 2025. Moreover, this number has reduced by 1.7 points year over year. On the other hand, 22.5% of homes sold with price drops, a number that has increased by 2.5 points since last year. The 95.6% sale-to-list price ratio promises more price flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
Only 2.5% of homes in New Mexico sold above the list price in January 2025. Moreover, this number has reduced by 1.7 points year over year. On the other hand, 22.5% of homes sold with price drops, a number that has increased by 2.5 points since last year. The 95.6% sale-to-list price ratio promises more price flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The New Mexico housing market is currently in your favor. With 22.5% of homes selling for lower than their listing price, buying a house in New Mexico will surely be an affordable affair. The 95.6% sale-to-list price ratio means you have more room to negotiate.
- If You're a Seller: Home price trends in NM aren’t in your favor at the moment. High profits are not possible with only 2.5% homes selling above the list price. You may have to wait till spring and summer when housing demand increases. Right now, buyers have more negotiation power in the New Mexico housing market.
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Buyer’s Market
Seller’s Market
Buyer: Supply exceeds demand, and homes stay listed on the market for longer, pushing sellers to offer concessions.
Is it a Buyer’s or Seller’s Market?
As of January 2025, the New Mexico housing market leans towards home buyers due to increased inventory and extended days on the market. The New Mexico real estate market offers more leverage to buyers, since the number of homes for sale has increased by 19.7% YoY. Moreover, the median home sale price has decreased by 0.16% YoY.
The extended number of days on market and 95.6% sale-to-list price ratio further reaffirms that the New Mexico market supports buyers. The current mortgage rates (6.25%-6.75%) work for most home buyers in NM. The state’s real estate trends can vary by region, but, in general, the market is leaning towards buyers.
New Mexico Housing Market Insights
The New Mexico real estate market hasn’t seen significant shifts in recent years. The average home price in New Mexico has stayed more or less stable, with almost negligible fluctuations. Currently, low demand and increasing inventory further have further ensured that the market tilts towards buyers. Nevertheless, the months of spring and summer tend to favor home sellers.
The Albuquerque housing market currently has more demand, with the median price increasing and homes spending 43 days on the market. On the contrary, the Santa Fe housing market has cooled. The median home sale price there has decreased by 1.3%YoY and homes spend 90 days on the market. Overall, New Mexico’s housing market favors home buyers. If you’re buying a property in New Mexico, check for moving expenses and HOA fees as well. For the time being, New Mexico housing market predictions for 2025 suggest a continued advantage for buyers.
The Albuquerque housing market currently has more demand, with the median price increasing and homes spending 43 days on the market. On the contrary, the Santa Fe housing market has cooled. The median home sale price there has decreased by 1.3%YoY and homes spend 90 days on the market. Overall, New Mexico’s housing market favors home buyers. If you’re buying a property in New Mexico, check for moving expenses and HOA fees as well. For the time being, New Mexico housing market predictions for 2025 suggest a continued advantage for buyers.
Nationwide Migration Trends
The average cost of living in New Mexico is lower than the national average. NM’s cost of living index is 94.2. Nevertheless, New Mexico witnesses outbound migration due to other reasons. In general, search for better jobs, educational opportunities, and improved infrastructure lead people out of New Mexico.
In general, New Mexico is known for its lower home prices, affordable property taxes and low cost of living. Cities like Portales, Deming, and Roswell are some of the cheapest places to live in New Mexico. The median home sale price in Portales is $219,000 and that in Deming is $230,000.
In general, New Mexico is known for its lower home prices, affordable property taxes and low cost of living. Cities like Portales, Deming, and Roswell are some of the cheapest places to live in New Mexico. The median home sale price in Portales is $219,000 and that in Deming is $230,000.
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Frequently Asked Questions
Will the real estate market crash again in New Mexico?
According to New Mexico real estate market forecasts, the market shouldn’t crash in 2025. Nevertheless, prices are projected to remain under control and home inventory is expected to keep increasing.
Is the average home price in New Mexico dropping?
Yes, the prices of homes for sale in New Mexico are dropping. Due to rising inventory, the number of days a house spends on the market before going under contract has increased. This low demand is leading to homes selling with price drops. However, some markets like Albuquerque saw significant gains.
In which city can I buy cheap homes in New Mexico?
Roswell, Portales and Deming are some of the cheapest places to live in New Mexico. Of these, Roswell has the lowest median home sale price of $184,500.
Should I wait for some time before buying a house in New Mexico?
As a buyer, this is the best time to buy a house in New Mexico. You can get a fair deal with stable prices and a growing inventory of homes. The New Mexico median home price is currently $344,900. If you’re buying a house in New Mexico, you should first get pre-approved for a mortgage. Later, you can make a competitive offer and close the deal.
How can I list my home for sale in New Mexico?
You can list your home for sale with a Flat Fee MLS New Mexico listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in New Mexico?
The average mortgage rate for buyers in the New Mexico real estate market fluctuates between 6.24% and 6.73%. Whenever you apply for a mortgage, remember to check your credit score and the current interest rates with lenders.
How does the New Mexico housing market compare to the national market?
New Mexico’s housing market is currently slower and less competitive than the national market. The price decrease can be attributed to factors like relocation to other states and increased housing inventory. The cost of living in New Mexico is 5.8% lower than the US average.
Is now a good time to sell or buy a house in New Mexico?
Now is the best time to buy a house in NM. The extended number of days on market and rising inventory ensures that demand remains low. However, in the spring-summer season, demand generally spikes. When that happens, it will be the best time to sell a house in New Mexico.
How have home prices changed in New Mexico over the past years?
The New Mexico median home prices have reduced marginally since the past year. Nevertheless, some regions like Albuquerque have witnessed a price growth. You can check your home’s fair market value with our free home value estimator.
What are the New Mexico housing market predictions for 2025?
The housing market in New Mexico is expected to remain in buyers’ favor in 2025. Experts predict slow price growth and low mortgage rates. Housing inventory is also projected to be on the rise.
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