The New Mexico Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in New Mexico

💡 Key New Mexico housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $302,871[1]#30 of 50 states17.4% lower
Median Listing Price $385,000[2]#29 of 50 states12% lower
Median Sale Price $340,700[3]#32 of 50 states16.5% lower
30 Year Mortgage Rate 7.01%[4]#26 of 50 states0.5% higher
Median Days on Market 61[5]#44 of 50 states22.2% longer
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🗺️ Buying a house in the New Mexico real estate market

New Mexico has an affordability score of 6.6, meaning it takes 6.6 years of the median household income ($51,243) to afford New Mexico's median home sale price ($340,700). Because of this, we rank New Mexico as the 19th least affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $340,700[6]#32 of 50 states16.5% lower
30 Year Mortgage Rate 7.01%[7]#26 of 50 states0.5% higher
Median Household Income $51,243[8]#46 of 50 states20.6% lower
Affordability Ratio 6.6#32 of 50 states6.4% higher
Buyers Agent Commission 2.90%[9]#41 of 50 states8.4% higher
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Resources for New Mexico home buyers

🗺️ Selling a house in the New Mexico real estate market

According to our detailed survey of New Mexico real estate agents, listing agents (those representing the seller) charge an average commission in New Mexico of 3%, which is the 14th highest in the United States. Buyers' agents charge an average commission of 2.9%, which is the 10th highest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $385,000[10]#29 of 50 states12% lower
Median Sale Price $340,700[11]#32 of 50 states16.5% lower
Median Days on Market 61[12]#44 of 50 states22.2% longer
Buyer's Agent Commission 2.90%[13]#41 of 50 states8.4% higher
Listing Agent Commission 3.00%[14]#37 of 50 states5% higher
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Resources for New Mexico home sellers

Moving to New Mexico

According to our recent moving trends survey[15], 8% of Americans indicated that they would choose to move to New Mexico if money were no object. Likewise, 12% of survey respondents indicated that they would move to Albuquerque among a choice of America's medium-sized cities.

Here's how New Mexico cities rank in a number of our research studies.

StudyBest New Mexico cityRank
Best Pizza Cities[16]No ranking New Mexico citiesNo ranking New Mexico cities
Best Coffee Cities[17]No ranking New Mexico citiesNo ranking New Mexico cities
Best LGBTQ Cities[18]No ranking New Mexico citiesNo ranking New Mexico cities
Best Bike Cities[19]No ranking New Mexico citiesNo ranking New Mexico cities
Best Commuter Cities[20]No ranking New Mexico citiesNo ranking New Mexico cities
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated April 30, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[3] Redfin – "Redfin Data Center". Updated March 2024.
[4] Bankrate – "Bankrate". Updated May 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[6] Redfin – "Redfin Data Center". Updated March 2024.
[7] Bankrate – "Bankrate". Updated May 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[11] Redfin – "Redfin Data Center". Updated March 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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