New Mexico real estate trends (May 2022)
How is the real estate market in New Mexico?
🏠 Average home value: $286,443
📈 1.44% home value increase month over month
💰 Median sale price: $556,900
⏳ 56 days on the market
🔑 Homes on the market: 2,786
📆 1.0 months of housing inventory
🏦 30-year mortgage rate: 3.06%
💵 Average income: $82,545
State of the market: A-
Home values in New Mexico are on a gentle upswing, but listing prices are skyrocketing; the fact that listings average over a month on the market suggests sellers may be too ambitious, especially considering the moderate level of inventory.
*Data last updated May 2022
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% or $3K in listing fees. Eligible buyers get 0.5% 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 6 days faster than the annual average
💰 Homes are selling for $18,651 more than the annual average
💸 Average listing commission: 2.80%
💸 Average buyer's commission: 2.90%
How to sell a home in New Mexico
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in New Mexico (June 2021 Rankings)
- 8 Steps to Selling a House in New Mexico
- How to Sell a House By Owner in New Mexico (2021 Update)
- 5 Best New Mexico Flat-Fee MLS Companies | Clever Real Estate
- 5 New Mexico We Buy Houses for Cash Companies & Alternatives (2021 Rankings)
Cost to sell a home in New Mexico
- The Average New Mexico Real Estate Commission (2021)
- New Mexico Seller Closing Costs in 2021: How Much Will You Pay?
- The Ultimate Guide to New Mexico Real Estate Taxes
Buying a home in New Mexico
How much home you can buy with $300,000 in...
🏠 Albuquerque: 1,571 sq ft
🏡 Santa Fe: 739 sq ft
🏡 Las Cruces: 1,852 sq ft
🏠 Farmington: 2,027 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in New Mexico
- The Best Time to Buy a House in New Mexico
- Everything You Need to Know About Moving to New Mexico
Investing in New Mexico real estate
- Top 5 Best Real Estate Investment Markets in New Mexico
- The Ultimate Guide to Flipping Houses in New Mexico
- A Beginner's Guide to Buying an Apartment Building
Best of New Mexico
Each month, we compare cities in New Mexico based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in New Mexico
Worst of New Mexico
Each month, we compare cities in New Mexico based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in New Mexico
1. Santa Fe
4. Las Cruces
New Mexico resources
- New Mexico Regulation and Licencing Department
- New Mexico's real estate license verification
- New Mexico's real estate agent code of conduct
- New Mexico's disclosure forms
- Transfer taxes in New Mexico
- Home buying assistance programs in New Mexico
Frequently asked questions about New Mexico real estate
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.
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.
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.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, 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.