Home Values Rise in New Mexico

At a time of low mortgage rates, see if homes in the Land of Enchantment are a good deal.

A group of hot air balloons rise above the red sandstone of Red Rocks State Park near Gallup, New Mexico, and circle around the Church Rock formation Tim Pleasant / Shutterstock

Thanks to ultra-low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in New Mexico?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in New Mexico is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in New Mexico

Home values have been rising throughout New Mexico and are up 4.13% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $196,800 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for New Mexico at $196,800 , a representative monthly mortgage payment would be $904.72.

How the New Mexico housing market stacks up

Views of Santa Fe, New Mexico, USA.
Jimack / Shutterstock
Views of Santa Fe, New Mexico, USA.

Property values in New Mexico are high by historical standards and are lower than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in New Mexico, they're expected to rise 4.37%.

Homes are going on the market in New Mexico at a median price of $133 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

New Mexico home prices over the last 10 years

Year Avg. Price
2019* $196,375
2018 $187,408
2017 $175,108
2016 $167,517
2015 $161,492
2014 $156,750
2013 $154,550
2012 $155,158
2011 $161,492
2010 $172,658
2009 $177,333

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in New Mexico is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $332,500
2018 $317,500
2017 $300,000
2016 $287,500
2015 $280,000
2014 $270,000
2013 $267,500
2012 $267,500
2011 $277,500
2010 $295,000
2009 $300,000

*2019 price average through August 2019.