New Mexico Housing Market
Cold MarketHousing market data and trends for New Mexico. Track median prices, inventory, days on market, and competition metrics for real estate investors.
Data period: January 2026
Median Sale Price
$346K
↑ 0.6% YoY
Days on Market
81 days
↑ 5.2% YoY
Active Inventory
3,692
↑ 0.9% YoY
Homes Sold
628
↓ 14.0% YoY
Cold Market
Inventory is high and homes are sitting longer — a buyer's market.
New Mexico Market Summary
The New Mexico housing market is cooling down. As of January 2026, the median home sale price is $346K, up 0.6% year-over-year. Homes are spending a median of 81 days on the market, 5.2% longer than a year ago.
There are 3,692 homes for sale — 0.9% more than last year. With 5.9 months of supply, this is a balanced market. 931 new listings were added during this period, down 3.3% year-over-year.
Homes are selling for 98.2% of their list price on average, suggesting room for negotiation. 2.4% of homes sell above their asking price. 19.5% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
73
Contributing Factors
How This Market Compares
vs. National Median
Investor Takeaway
The cooling market may present buying opportunities with less competition and more negotiating leverage. High inventory relative to sales pace means buyers have options and sellers may be flexible on price. Prices are 18% below the national median, which could indicate stronger cash flow potential.
New Mexico Market Trends
Median Sale Price
Median Days on Market
Active Inventory
Homes Sold
Sale-to-List Ratio
Listings with Price Drops
Detailed Market Metrics
Median List Price
$388K
Price per Sq Ft
$209
Sale-to-List Ratio
98.2%
Months of Supply
5.9
Sold Above List
2.4%
Price Drops
19.5%
New Listings
931
↓ 3.3% YoY
Pending Sales
915
Metro Areas in New Mexico
Santa Fe, NM metro area
$550K median
96 days
on market
Las Cruces, NM metro area
$313K median
80 days
on market
Alamogordo, NM metro area
$300K median
57 days
on market
Farmington, NM metro area
$285K median
41 days
on market
Roswell, NM metro area
$235K median
45 days
on market
Clovis, NM metro area
$235K median
75 days
on market
Hobbs, NM metro area
$270K median
17 days
on market
Carlsbad, NM metro area
$293K median
51 days
on market
Ruidoso, NM metro area
$327K median
170 days
on market
Taos, NM metro area
$447K median
85 days
on market
Los Alamos, NM metro area
$450K median
77 days
on market
Deming, NM metro area
$215K median
120 days
on market
Silver City, NM metro area
$272K median
92 days
on market
Española, NM metro area
$333K median
172 days
on market
Portales, NM metro area
$210K median
61 days
on market
Grants, NM metro area
$152K median
135 days
on market
Gallup, NM metro area
$265K median
119 days
on market
Las Vegas, NM metro area
$295K median
83 days
on market
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Try It FreeHousing market data provided by Redfin, a national real estate brokerage. Not financial advice. Always consult a qualified professional before making investment decisions.