Zillow New Mexico Homes For Sale (2024)

FAQs

Are home prices dropping in New Mexico? ›

The New Mexico housing market isn't that competitive. The median home sales price in July 2024 has increased in the past 3 months to $372,700. That's up 9.4% and $32,100 higher than July 2023 of last year.

New Mexico Housing Market Forecast

Until then, prices will likely remain higher, although New Mexico homes are considerably cheaper than other states' due to the large percentage of federally owned land.

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%.

This area is great for first-time homeowners or people looking to live frugally because median property values are lower than the national average. Moreover, the deal is even sweeter because New Mexico has some of the lowest property taxes in the nation.

The average price per acre of land across New Mexico is approximately $1,420. However, prices vary greatly by county and local market factors. In rural areas, prices range from $500 - $3,000 per acre typically. Near major cities, prices can reach over $100,000 per acre.

You would need around 6,598.5$ in Orlando, FL to maintain the same standard of life that you can have with 5,700.0$ in Albuquerque, NM (assuming you rent in both cities). This calculation uses our Cost of Living Plus Rent Index to compare the cost of living and assume net earnings (after income tax).

$29,100 is the 25th percentile. Salaries below this are outliers. $39,700 is the 75th percentile.

Based on average construction costs in New Mexico, building a 2,000 square foot home can range from $400,000 to $800,000, depending on the factors mentioned earlier. However, it's important to note that these figures are just estimates and can vary depending on several factors.

New Mexico has some of the lowest property tax rates in the U.S. The state's average effective property tax rate is 0.73%.

Where are housing prices dropping the most? ›

Want to live and work in a place with a rich history, where the cost of living and home prices are low, the culture is unique, and the landscape is extremely scenic? If you have answered YES to these questions, then you can consider moving to New Mexico.

Some forecasts predict that over the next 5 years that Mexico will have an inflation rate of 16.7%. This figure translates to an average yearly increase of 3.3%. This data indicates that Mexico is expected to experience inflation, meaning that now is likely to be a good time to consider buying property.

The months from March to June are the best time to buy a house in New Mexico. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.