Market Intelligence · NM / Hobbs

Hobbs, NM 88240 Housing Market

The typical home in Hobbs, NM 88240 is worth $195,988, up 4.1% over the past year as of September 2026. Sellers are asking a median list price of $317,250, and homes are spending a median of 46 days on the market.

Updated September 2026Median value$196K

The median home value in Hobbs, NM 88240 is $196K as of September 2026, up 4.1% year over year, according to Zillow ZHVI. Get your own home's value and a real cash offer in about two minutes, with sources shown and no obligation.

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Typical 88240 range

$180K to $212K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

+4.1% over 12 months

Sep 2025$188K

Low $188KHigh $196K

Sep 2026$196K

The numbers

What is the 88240 housing market like?

As of September 2026

Typical home value

$196K

4.1%YoY

Median list price

$317K

8.7%MoM

Days on market

11.5%MoM

Homes for sale

10.3%MoM

Price cuts

9.5%

25.0%MoM

New listings

5.6%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

88240 housing market forecast 2027

-1.2%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 88240 to fall 1.2% by September 2027.

Over the 12 months through September 2026, typical home values in 88240 rose 4.1%, per the Zillow Home Value Index.

Will home prices drop in 88240?

Zillow's forecast says they may: it expects typical home values in 88240 to fall 1.2% by September 2027, after a 4.1% rise over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 88240 home prices compare?

88240$195,988
Hobbs$242,173
New Mexico$276,177
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Hobbs: 2 ZIPs; New Mexico: 153 ZIPs; United States: 26,262 ZIPs).

Context

The Hobbs 88240 market showed 43 homes for sale in September 2026, with 38 new listings arriving during the same period. The median list price sits at $317,250, while the typical home value is $195,988, up 4.1% over the past year. Homes are moving in a median of 46 days. Only 9.5% of listings have taken a price cut, so most sellers are holding close to their asking price. For a homeowner thinking about selling, values are rising and inventory is moderate, so a well-priced home should find a buyer without deep discounts.

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Down payment20% · $39,198

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Common questions

What people ask us.

How much is a home in 88240 worth?

The typical home value in Hobbs, NM 88240 is $195,988 as of September 2026, up 4.1% over the past year.

How long does it take to sell a home in 88240?

Homes in 88240 spend a median of 46 days on the market as of September 2026.

Are sellers in 88240 cutting their prices?

As of September 2026, 9.5% of listings in 88240 had a price cut, and the median list price was $317,250.

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