Zillow New Mexico Homes For Sale (2025)

FAQs

Are home prices dropping in New Mexico? ›

The median sale price for a home in New Mexico is $358,800, up 5.1% since last year according to Redfin's monthly housing data from April 2024. However, prices vary across the state depending on whether you're looking at rural areas or more dense urban markets.

Is it a buyer's or seller's market in New Mexico? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7.2%, making the average house payment $2,432, which is $1.5K higher than a year before.

The current New Mexico real estate market statistics reflect the national trend of high demand and low supply. Despite the strong housing demand, home sales tanked. The property prices in New Mexico have increased regardless.

There are currently 7,615 homes for sale in New Mexico. The median list price in New Mexico is $400,000 and the average price per square foot is $216.

However, if you want to move to New Mexico, you can find affordable housing in cities like Deming, Roswell, and Gallup. Cities like Portales and Clovis have a slightly expensive cost of living but provide better job opportunities.

In New Mexico, the richest city is Santa Fe: Median household income, 2022: $72,544 – the highest of the 4 state metro areas. Statewide median household income, 2022: $59,726 – #43 highest of 50 states.

The Land of Enchantment stands out as an attractive destination for those seeking a lower cost of living. With a median home sale price of $358,800 well below the national average of $439,716, the state offers budget-friendly housing options. Moreover, New Mexico's cities further reinforce its low-cost appeal.

No, you are not required to be a licensed real estate broker to sell, rent, buy, or lease your own property.

Is it cheap to retire in New Mexico? ›

Cost of living: New Mexico's cost of living is generally lower than the national average, which could be an advantage for retirees on a fixed income. However, housing and healthcare costs can be higher than in some other states.

Minimum down payment in New Mexico: The minimum down payment a borrower may put down on a home in New Mexico depends on the loan. The down payment can be as low as 0% (USDA and VA loans), 3% (Conventional loans), or 3.5% (FHA loans).

This data indicates that Mexico is expected to experience inflation, meaning that now is likely to be a good time to consider buying property. In general, buying real estate in Mexico is a low risk and highly profitable investment that offers both recurring and passive income.

Median Sold Price

Homes in Albuquerque have sold for 6.3% more than they did a year ago. Summary: The median home sold price in Albuquerque was $334,877 in February 2024, up 6.3% from last year, and the median price per square foot was $199.

Lower Taxes

New Mexico has lower property taxes compared to most other states, so owning land here means reduced carrying costs. Property taxes vary across counties but may be as low as 0.35% of assessed home value. There is also a cap on how much your assessed property value can increase each year.