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.

Can you sell property in New Mexico without a Realtor? Yes, you can sell your house without a Realtor in New Mexico. You can list your home on For Sale By Owner websites that attract millions of buyers every month. Or, you can work with Flat Fee MLS companies that will get you on the MLS for a small flat fee.

There are currently 7,462 homes for sale in New Mexico. The median list price in New Mexico is $405,000 and the average price per square foot is $218.

New Mexico lags 30 years behind in housing production, resulting in a growing demand-supply gap. Studies say New Mexico is short 30,000 residential units**.

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.

1. Santa Fe, NM. A historic, outdoor haven nestled within the massive Sangre de Cristo mountains, Santa Fe tops our list as the best place to live in New Mexico.

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

Buying a home this year, particularly in early 2024, might mean you're able to beat the rush, as the market could get more crowded if or when rates drop further. Waiting, however, could give you more options to choose from as supply improves, along with the potential for increased mortgage affordability.

The closing cost in New Mexico for buyers are approximately 2%–5% of the home's agreement value. While the sellers are expected to pay around 6–10% of the home's purchase price.

Do you pay taxes when you sell a house in New Mexico? ›

The amount of capital gains taxes you need to pay after the sale of your New Mexico home is dependent on cost basis. This is the total amount you paid for a capital asset--the purchase price, and yes, this includes the renovation costs.

No, you are not required to be a licensed real estate broker to sell, rent, buy, or lease your own property.

In June 2024, 6.6% of homes in New-Mexico sold above list price, down 1.5 points year. There were only 24.3% of homes that had price drops, up from 23.0% of homes in June last year. There was a 99.4% sale-to-list price, up 0.8 points year over year. … Homes that sold above list price likely received multiple offers.

However, if you want to move to New Mexico, you can find affordable housing in cities like Deming, Roswell, and Gallup. Cities like Portales and Clovis have a slightly expensive cost of living but provide better job opportunities.

Minimum down payment in New Mexico: The minimum down payment a borrower may put down on a home in New Mexico depends on the loan. The down payment can be as low as 0% (USDA and VA loans), 3% (Conventional loans), or 3.5% (FHA loans).

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.

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.

Price Projections

Sources like Realtor.com highlight that the median listing home price per square foot could rise to $206, indicative of a persistently robust housing sector. Expert analysis hints at an average home price appreciation of around 2.5% during 2024.