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.

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.

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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."