New Mexico housing market: home prices by city and forecast
For New Mexico home prices, the typical home was worth $315,812 in September 2026, according to the Zillow Home Value Index. The yearly change was +1.7%.
- What a typical home is worth
- $315,812September 2026, Zillow ZHVI
- Change over 12 months
- +1.7%US +1.2%
- Change over 10 years
- +79.9%US +77.4%
- Home price compared with income
- 4.7. The median income is $67,816.
Ranking the 50 states and DC from highest to lowest, typical home value is 32nd, 12-month change is 30th, and price to income is 21st.
New Mexico home prices since 2000
A typical home in New Mexico increased from $133,957 during April 2002 to $315,812. Its peak occurred during August 2026, when the value reached $315,867.
| Decade | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2000s | $138,679 | $146,176 | $156,871 | $177,921 | $192,276 | $191,124 | $181,545 | |||
| 2010s | $175,747 | $165,925 | $163,292 | $165,075 | $167,364 | $170,466 | $174,718 | $179,398 | $186,295 | $196,349 |
| 2020s | $211,830 | $244,672 | $279,575 | $291,945 | $304,669 | $311,236 |
New Mexico home prices since 1975: the FHFA index
FHFA's repeat-sales index placed New Mexico at 942 for 2025, using a 1975 = 100 base. During Q2 2026, it gained +2.1% from one year earlier.
According to the Census of Housing, owners reported New Mexico values of $656 in 1940 and $108,100 in 2000.
| Census year | New Mexico median value | US median value |
|---|---|---|
| 1940 | $656 | $2,938 |
| 1950 | $5,697 | $7,354 |
| 1960 | $10,700 | $11,900 |
| 1970 | $13,000 | $17,000 |
| 1980 | $45,300 | $47,200 |
| 1990 | $70,100 | $79,100 |
| 2000 | $108,100 | $119,600 |
Census of Housing tables. The figures are not adjusted for inflation.
Home prices in New Mexico by city
Pages are available for 3 cities, listed from largest to smallest:
| City | What a typical home is worth | Change over 12 months | Multiple since 2000 |
|---|---|---|---|
| Albuquerque | $344,199 | +1.7% | |
| Las Cruces | $287,447 | −0.9% | |
| Santa Fe | $576,890 | +0.6% | |
| Rio Rancho | $360,463 | +0.7% | |
| Farmington | $282,854 | +6.7% | |
| Roswell | $175,148 | +0.8% | |
| Hobbs | $211,306 | +3.6% | |
| Los Lunas | $330,835 | +2.7% | |
| Clovis | $162,649 | +2.3% | |
| Carlsbad | $252,936 | +2.8% | |
| Alamogordo | $220,091 | −2.2% | |
| Gallup | $216,668 | −2.1% | |
| Deming | $166,222 | +4.3% | |
| Los Alamos | $579,259 | −0.7% | |
| Las Vegas | $228,892 | +8.9% |
The source is Zillow Home Value Index, September 2026 data.
Where New Mexico prices are heading: forecasts for the metros
Zillow forecasts changes of +1.1% to +2.4% over 12 months, based on September 2026 for 3 New Mexico metros.
| Metro | Next 3 months | Next 12 months |
|---|---|---|
| Albuquerque, NM | +0.8% | +2.4% |
| Las Cruces, NM | +0.2% | +1.1% |
| Santa Fe, NM | +0.2% | +1.5% |
The estimate comes from Zillow; it is not investment advice.
New Mexico's cost of living
New Mexico has a price level of 92.2 (US 100). Housing stands at 73.6, goods at 96.1, utilities at 77.9, and other services at 98.5 (BEA). According to Census ACS 2024, median household income is $67,816 and median gross rent is $1,117 a month. Also, 71% of homes are owner-occupied, and the median year built is 1985.
City pages are available for Albuquerque and Santa Fe, while state cost of living covers all states.
How to read this chart
The first chart peaks at $315,867 in August 2026, measured in dollars. The second one is an index, and New Mexico's line ends at 942, which means prices there run 9.4 times their 1975 level. No inflation adjustment is used for either one.