Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$315,812+1.7% YoY · prices are rising
Market right nowBalanced marketMore homes for sale than last year, 18% have cut their price
Income needed to buy, per year$68,461About 1.0× the local median income ($67,838): a stretch for a typical household
Days on market84 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+2.2%Zillow expects prices to rise slightly
The typical home in New Mexico is worth $315,812, up 1.7% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $306,124, so the area is 3.2% overvalued. It is a balanced market: homes take about 84 days to sell, listings are up 9% from a year ago, 18% of listings have had a price cut. Zillow expects prices to rise about 2.2% over the next year. A household needs about $68,461 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $67,838. In the latest IRS figures, 1,671 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$315,812
Change in 1 year
+1.7%
Overvalued %
+3.2%
Show 7 more
Fair home value
$306,124
Change in 5 years
+25.1%
Zillow forecast, next 12 months
+2.2%
Home value to income
4.7×
Monthly mortgage payment (20% down)
$1,712
Income needed to afford it
$68,461
Property tax rate
0.70%
Rent and investing
HUD Fair Market Rent, 2 bedrooms
$1,282
Market activity
Listings vs a year ago
+8.6%
Days on market
84
Listings with a price cut
18.5%
Show 3 more
Homes for sale
7,390
Pending sales per 100 listings
30
Asking price per sq ft
$215
People and jobs
Median household income
$67,838
Population change (1 year)
−0.1%
Unemployment rate
6.0%
Show 4 more
Population
2,125,498
Income adjusted for cost of living
$73,577
Net moves in (IRS)
−1,671
Cost of living (US = 100)
92.2
Schools, risk and environment
FEMA hazard risk score (0 to 100)
84.3
Unhealthy air days a year
16
Flood risk score
88.3
Show 3 more
Wildfire risk score
92.1
Walkability (1 to 20)
8.7
Road, rail and air noise
54 dB
Questions people ask
Is New Mexico overvalued?
Home prices in New Mexico are slightly above what local incomes have historically supported: fair value is about $306,124, so the area is 3.2% overvalued.
Is New Mexico a buyer's or seller's market?
New Mexico is a balanced market: homes take about 84 days to sell, listings are up 9% from a year ago, 18% of listings have had a price cut.
Are home prices going down in New Mexico?
Home values in New Mexico are up 1.7% over the last year. Zillow's forecast for the next 12 months is +2.2%.
How much do you need to earn to buy a home in New Mexico?
A household needs about $68,461 a year to afford the typical home in New Mexico at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $67,838.