What You Need to Know About the New Mexico Real Estate Market

The purpose of this site is to highlight the incredible experience of living in New Mexico. Though this often includes certain cultural touchstones and visiting information, we are, first and foremost, a group of realtors, investors, and homeowners. If you’re thinking about having a relationship with New Mexico in any long-term or permanent capacity, you’ll eventually need to understand our state’s real estate market. We can help you out.

In the past few years, New Mexico home values have increased dramatically—8.6% from 2017 to 2018. Though the state’s home value growth often sits just below the national average, the Realtors Association of New Mexico is confident in the market’s health; a press release from April, 2018 reported 40% more sales in the April of 2018 and in April of 2017. The median home value sits at around $187,300, the median price of homes currently listed is $220,000, and the median rent price is $1,200.

This unprecedented growth comes in the wake of a mass exodus by New Mexico residents. Between 2010 and 2016, more than 53,000 people moved out of New Mexico than moved in. Of those who moved into the state, most were between the ages of 25 and 29 or 60 and older—likely Millennials looking for inexpensive housing and Baby Boomers retiring to the beautiful countryside. Susana Martinez, the Governor of New Mexico, cited a stagnant economy and lack of job opportunities as potential reasons for the migration.

However, prior to this six-year period, New Mexico was the nation’s fastest-growing state by population, increasing its population by 13% between 2000 and 2010. As a result, tracking New Mexico real estate trends can be difficult; periods of extreme demand and extreme rarity make the state—its popular suburbs, in particular—difficult to predict. We can say now, however, that New Mexico currently has a buyer’s market. There are more residents selling than those buying, and you’re likely to get a better deal on a home.

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