Zillow New Mexico Homes For Sale (2024)

FAQs

Are home prices dropping in New Mexico? ›

Median Home Price

The median sale price for a home in New Mexico is $358,800, up 5.1% since last year according to Redfin's monthly housing data from April 2024. However, prices vary across the state depending on whether you're looking at rural areas or more dense urban markets.

Is it a buyer's or seller's market in New Mexico? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7.2%, making the average house payment $2,432, which is $1.5K higher than a year before.

There are currently 7,767 homes for sale in New Mexico. The median list price in New Mexico is $400,000 and the average price per square foot is $216.

New Mexico is also home to a significant amount of public land. In fact, over 48% of New Mexico is owned by the federal government. This means that there is a large supply of land that is available for purchase at relatively low prices. The abundance of public land in New Mexico is another reason why land is so cheap.

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.

New Mexico offers affordable retirement options with beautiful natural landscapes and lower cost of living than national average. Towns like Ruidoso, Belen, and Aztec provide retirees with modern amenities, affordable healthcare, and rich cultural experiences.

Cost of Living

New Mexico and Texas are both affordable places to live compared to the national average. However, cost of living is 5% higher in Texas, where larger cities and more expensive houses contribute to higher prices in almost every category.

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

What credit score is needed to buy a house in New Mexico? ›

New Mexico has become a popular retirement destination, and it's easy to see why. The state has plenty of characteristics that attract retirees, including its low cost of living, warm climate, rich culture, and many amenities. If you're considering retiring to New Mexico, we can help.

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.

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.

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.

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.

Home prices in Mexico fell by 57.8% over the previous year, with a median price of USD 128,000 in December 2023.

The cost of living in New Mexico is 5% lower than the national average.