Zillow New Mexico Homes For Sale (2024)

FAQs

Are home prices dropping in NM? ›

Are New Mexico home prices dropping or rising? Home prices in New Mexico are rising overall. Median home prices are up 5.1% since May 2023 and up 10.6% in the past 3 years.

Lovington

Lovington offers budget-friendly living with a median rent which is $1,000 lower than the national median. With monthly utilities costs being 13.6% lower than the state average, the city stands out as one of the most inexpensive places to live in New Mexico.

Kelly O'Donnell, a longtime New Mexico economist who now works with Homewise as its chief research and policy officer, said the high home prices “speaks entirely to the supply crunch that Santa Fe is experiencing.”

Although the number of home sales decreased in New Mexico in 2023, sale prices saw a jump, according to the newest annual report released by the Greater Albuquerque Association of Realtors. The median price for a detached, single-family home increased from $330,000 in 2022 to $345,000 in 2023, or an increase of 4.55%.

March to June are the best months to buy a house in New Mexico. During these months, low competition and competitive prices can get you a good deal on your future home.

Rio Rancho is the 3rd largest city in New Mexico, the fastest growing community in the state, and one of the fastest growing in the southwest. Rio Rancho has been recognized as one of “America's 50 Best Cities to Live” citing exceptional public schools and well below national average crime rates (24/7 Wall Street).

Is it smart to buy land in New Mexico? ›

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.

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.

Mexico Housing Market Trends

In April 2024, Mexico home prices were down 5.3% compared to last year, selling for a median price of $120K.

ALBUQUERQUE, N.M. —

Affordable housing is still a problem in Albuquerque. At a city council meeting, residents voiced their frustrations about the housing crisis. Just last year, the city launched "Housing Forward ABQ" and set a goal of 5,000 units in five years.

The Albuquerque housing market is somewhat competitive. Homes in Albuquerque receive 2 offers on average and sell in around. The median sale price of a home in Albuquerque was $353K last month, up 5.4% since last year. The median sale price per square foot in Albuquerque is $204, up 4.1% since last year.…

Albuquerque, New Mexico's largest city, stands out as the best place to buy rental property. The city offers a diverse job market, numerous cultural attractions, and a growing population, resulting in strong and consistent demand for both short-term and long-term rentals.