New Mexico Housing Market Trends
Real-time market data powered by Zillow Research. Last updated: 2026-03-03
Is Now a Good Time to Buy in New Mexico?
The New Mexico housing market is showing balanced conditions.
home values have grown a moderate 0.9% year-over-year. there are currently 378 homes on the market.
Median Home Value
$307,971
Zillow Home Value Index
Year-over-Year
+0.9%
Home value change
5-Year Change
+37.6%
Since 2021
Median Rent
$1,524/mo
Zillow Observed Rent Index
Active Listings
378
Homes for sale
Home Value Trends
5-year Zillow Home Value Index (ZHVI) for New Mexico vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.
Rent Trends
Average rent in New Mexico: $1,524/mo (+2.8% YoY)
Rent vs. Buy Analysis
With a median home value of $307,971 and average rent of $1,524/mo, the price-to-rent ratio in New Mexico is 16.8. A ratio of 15-21 means it could go either way — run the numbers.
Run Full Rent vs. Buy CalculatorTop Markets in New Mexico
Explore housing data for 12 metro areas in New Mexico. Click any market for detailed trends and analysis.
Los Alamos, NM
$568,540
Avg rent: $2,758/mo
Santa Fe, NM
$541,186
Avg rent: $1,962/mo
Taos, NM
$424,864
Avg rent: $1,988/mo
Albuquerque, NM
$339,931
Avg rent: $1,523/mo
Espa-¦ola, NM
$323,164
Las Cruces, NM
$281,989
Avg rent: $1,381/mo
Farmington, NM
$260,435
Avg rent: $1,119/mo
Las Vegas, NM
$238,609
Carlsbad, NM
$229,150
Avg rent: $1,739/mo
Alamogordo, NM
$224,747
Avg rent: $1,476/mo
Gallup, NM
$216,053
Hobbs, NM
$190,883
Avg rent: $1,280/mo
Continue Learning About New Mexico
Market data provided by Zillow Research. Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) are trademarks of Zillow, Inc.