Current home values in New Mexico

Home values have been rising throughout New Mexico and are up 6.4% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $385,479, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in New Mexico: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $385,479 home at 3.33% would give a typical New Mexico homebuyer a monthly payment of $1,356, assuming a 20% down payment.

The right homeowners insurance policy protects you, your loved ones and your home.

Find the coverage you need at the most competitive rate in your area. Compare quotes from over 200 insurance companies with SmartFinancial.

Compare Now

How the New Mexico housing market stacks up

Family hiking in desert
margaret.wiktor/ Shutterstock
Hiking in the desert can be a family pasttime in New Mexico

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in New Mexico, they're predicted to rise 4.8%.

Homes right now are going on the market in New Mexico at a median price of $131 per square foot, versus $134 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
2020* $208,907
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

*2020 price average through March 31, 2020.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

Compare Rates

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
2020* $328,164
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

*2020 price average through March 31, 2020.

Get peace-of-mind on your home insurance

Homeowners insurance buys you peace of mind. But are you sure you’re not paying too much for home insurance?

SmartFinancial compares quotes from over 200 insurance companies to check for discounts and help you find lower rates in your area.

Use SmartFinancial right now and stop overpaying for home insurance.

What to Read Next


The content provided on MoneyWise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.