Market Intelligence · NM
New Mexico home prices and housing market.
Real market data across 6 cities and 30 ZIP markets in NM. The typical home is worth about $275K.
Updated September 2026Typical value$275K
The typical home value in New Mexico is $275K as of September 2026, up 4.2% from a year ago, based on the Zillow Home Value Index. In the typical New Mexico ZIP code, the median list price is $381K and homes spend a median of 93 days on market as of September 2026 (Realtor.com).
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Prices over time
New Mexico home prices over time
Typical home values in New Mexico are up 4.2% over the past year, from $265K in September 2025 to $276K in September 2026.
| Month | Typical value | 1-yr change |
|---|---|---|
| September 2026 | $276,177 | +4.2% |
| September 2025 | $265,144 | No prior year |
Typical value is the median Zillow Home Value Index across New Mexico ZIP codes, taken in September of each year so every row compares the same month.
Market balance
Is New Mexico a buyer's or seller's market?
New Mexico leans toward a buyer's market.
Homes are taking longer to sell and homes for sale are building up relative to new listings, which gives buyers more room to negotiate.
Based on a median of 93 days on market and 0% of listings with a price cut in the typical New Mexico ZIP code, and 1,880 new listings against 7,379 active listings across New Mexico, as of September 2026 (Realtor.com).
The outlook
New Mexico housing market forecast 2027
+1.0%
Weighted average of Zillow's ZIP forecasts, 12 months to September 2027
A weighted average of Zillow's ZIP forecasts, across 132 New Mexico ZIP codes, points to typical home values rising 1.0% by September 2027.
Over the 12 months through September 2026, typical home values in New Mexico rose 3.8%, per the Zillow Home Value Index.
Will home prices drop in New Mexico?
The forecasts do not call for a drop: a weighted average of Zillow's ZIP forecasts for New Mexico shows typical home values rising 1.0% by September 2027, after a 3.8% rise over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.
How this is calculated: each ZIP code's 12-month Zillow forecast is weighted by its typical home value (Zillow Home Value Index, September 2026). 132 New Mexico ZIP codes have both figures.
Forecast: a weighted average of Zillow's ZIP forecasts (Zillow Home Value Forecast, published October 2026), calculated by Home Value Pros. A forecast, not a guarantee.
Market board
Which New Mexico markets have the highest home values?
As of September 2026
- 1Santa Fe, NM$643,401Up1.0%5 ZIP markets; open the Santa Fe, NM market page
- 2White Rock, NM$591,521Flat0.0%1 ZIP market; open the White Rock, NM market page
- 3Rio Rancho, NM$360,743Up0.7%2 ZIP markets; open the Rio Rancho, NM market page
- 4Albuquerque, NM$352,568Up1.8%16 ZIP markets; open the Albuquerque, NM market page
- 5Las Cruces, NM$291,821Down1.2%5 ZIP markets; open the Las Cruces, NM market page
- 6Hobbs, NM$242,173Up5.4%1 ZIP market; open the Hobbs, NM market page
Typical value is the median Zillow home value (ZHVI) across each city's ZIP codes, as of September 2026. 1-yr change compares that median to the same ZIPs a year earlier. More NM markets publish as their data clears editorial QA.
Zillow ZHVI, September 2026
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Common questions
Questions about New Mexico home prices.
What is the typical home price in New Mexico?
The typical home price in New Mexico is about $275K as of September 2026, based on the Zillow Home Value Index (the median of the index across New Mexico ZIP codes). In the typical New Mexico ZIP code, the median list price is $381K as of September 2026 (Realtor.com), which reflects what sellers are asking rather than what homes sell for.
Are home prices going up or down in New Mexico?
Typical home values in New Mexico are up 4.2% over the past year, based on the Zillow Home Value Index as of September 2026.
Is New Mexico a buyer's or seller's market?
New Mexico leans toward a buyer's market. Homes are taking longer to sell and homes for sale are building up relative to new listings, which gives buyers more room to negotiate. Based on a median of 93 days on market and 0% of listings with a price cut in the typical New Mexico ZIP code, and 1,880 new listings against 7,379 active listings across New Mexico, as of September 2026 (Realtor.com).
How long do homes take to sell in New Mexico?
In the typical New Mexico ZIP code, homes spend a median of 93 days on market as of September 2026, based on Realtor.com listing data. Pricing and condition decide how fast any one home sells, so treat the median as a benchmark rather than a promise.
The market is moving