New Mexico Real Estate Market: Forecasts + Trends

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By Clever Real Estate Updated February 20, 2023

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New Mexico real estate trends

Real estate trends in New Mexico | Sellers | Buyers | Investors | The best and worst of New Mexico | New Mexico resources

With more than 1,400 hiking trails, New Mexico's mountains, forests, sand dunes, and prairies are both accessible and stunning in the diversity of their natural beauty. Its climate spans arid deserts and high peaks with an alpine climate.

Notable cities include Albuquerque, Santa Fe, and Roswell — but the majority of the state's counties are considered rural areas.

Nicknamed the Land of Enchantment, the state has a rich indigenous history and an active art scene that contribute to its unique culture.

If you're thinking of buying or selling in New Mexico, these New Mexico housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1.5% or $3K in listing fees. Eligible buyers get cash back after closing. Find out how much you can save with Clever today!

Selling a home in New Mexico

New Mexico real estate market forecast for sellers
⏰ Homes are selling 19 days slower than the annual average 💰 Homes are selling for $2,825 more than the annual average
💸 Average listing commission: 3.00% 💸 Average buyer's commission: 2.90%
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How to sell a home in New Mexico

Cost to sell a home in New Mexico

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Buying a home in New Mexico

How much home you can buy with $300,000 in...
🏠 Albuquerque: 1,415 sq ft 🏡 Santa Fe: 767 sq ft
🏡 Las Cruces: 1,648 sq ft 🏠 Farmington: 1,765 sq ft
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Investing in New Mexico real estate

Best of New Mexico

Each month, we compare locations in New Mexico based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in New Mexico
1. Los Alamos County
2. Bernalillo County
3. Harding County
4. Eddy County
5. Santa Fe County
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Ready to buy a home in New Mexico? Eligible buyers get cash back with Clever!

Worst of New Mexico

Each month, we compare locations in New Mexico based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in New Mexico
1. Luna County
2. McKinley County
3. Cibola County
4. Quay County
5. San Miguel County
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New Mexico resources

👋 Next Steps: Talk to an expert

If you're weighing your options for buying or selling a house, Clever can help!

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This service is free, and there’s never any obligation to move forward with us.

Frequently asked questions about New Mexico real estate

Is it a buyer's or seller's market in New Mexico?

It is currently a seller’s market in New Mexico. The demand for real estate is high, driving prices up and forcing buyers to make quick offers on the market. Although that’s the general situation across the state, each city and town is different, so it’s best to consult with a local real estate agent to understand your area’s trends.

Is New Mexico a good state to invest in real estate?

Investing in New Mexico real estate is a good choice, especially in a city with a high population like Albuquerque, where people are always looking for housing. But if you really want to get the most out of your investment, then you’ll need to know where the best neighborhoods are and create a thorough business plan. Read our guide to real estate investing to learn more.

Is it a good time to buy a house in New Mexico?

For most people, it might not be the best time to buy a house in New Mexico. Listing prices are higher than normal, and inventory is limited. However, mortgage rates here are lower than in other states, meaning that you could save money in the long run with a locked-in low rate. To understand all your options, you should work with one of the top real estate agents in the state.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

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