Zillow New Mexico Homes For Sale (2024)

FAQs

Are home prices dropping in New Mexico? ›

How much do homes in New Mexico cost? The median home price in New Mexico was $350,300 in June 2024, down 1.1% from last year.

March to June are the best months to buy a house in New Mexico. During these months, low competition and competitive prices can get you a good deal on your future home.

Land is cheaper here for several reasons like large amounts of open land, low demand in some regions, and land not being limited by geographical barriers like oceans. For example, an acre of land may go for $500-$2,000 in rural New Mexico while costing many times more in states like California or Colorado.

There are currently 7,949 homes for sale in New Mexico. The median list price in New Mexico is $399,000 and the average price per square foot is $217.

Despite this, our IM cost of living index shows that the cost of living in New Mexico is 99.2% of the national average, making it a moderately tax-friendly and affordable retirement destination.

$29,100 is the 25th percentile. Salaries below this are outliers. $39,700 is the 75th percentile.

Mortgage Interest Rate: As of now, the 30-year fixed-rate mortgage in New Mexico is currently at 6.02%, whereas a 15-year FRM stands at 5.59 %. Credit Score Requirement: To secure better interest rates, aim for a credit score of 670 or higher. The average credit score required in New Mexico is 695.

New Mexico does not have a sales tax. It has a gross receipts tax instead. This tax is imposed on persons engaged in business in New Mexico. In almost every case, the person engaged in business passes the tax to the consumer either separately stated or as part of the selling price.

The average price per acre of land across New Mexico is approximately $1,420. However, prices vary greatly by county and local market factors. In rural areas, prices range from $500 - $3,000 per acre typically. Near major cities, prices can reach over $100,000 per acre.

Why would somebody want to live in New Mexico? ›

Want to live and work in a place with a rich history, where the cost of living and home prices are low, the culture is unique, and the landscape is extremely scenic? If you have answered YES to these questions, then you can consider moving to New Mexico. This is a beautiful and laid-back state.

Based on average construction costs in New Mexico, building a 2,000 square foot home can range from $400,000 to $800,000, depending on the factors mentioned earlier. However, it's important to note that these figures are just estimates and can vary depending on several factors.

You would need around 6,598.5$ in Orlando, FL to maintain the same standard of life that you can have with 5,700.0$ in Albuquerque, NM (assuming you rent in both cities). This calculation uses our Cost of Living Plus Rent Index to compare the cost of living and assume net earnings (after income tax).

Cost of Living

New Mexico and Texas are both affordable places to live compared to the national average. However, cost of living is 5% higher in Texas, where larger cities and more expensive houses contribute to higher prices in almost every category.

Want to live and work in a place with a rich history, where the cost of living and home prices are low, the culture is unique, and the landscape is extremely scenic? If you have answered YES to these questions, then you can consider moving to New Mexico.

Some forecasts predict that over the next 5 years that Mexico will have an inflation rate of 16.7%. This figure translates to an average yearly increase of 3.3%. This data indicates that Mexico is expected to experience inflation, meaning that now is likely to be a good time to consider buying property.

Affordable Pricing on Raw Land

Compared to many other states, New Mexico has exceptionally affordable vacant land pricing. In fact, land values here are around 30-50% cheaper on average than neighboring states. This allows buyers to scoop up 5-10 acre parcels for well under $50,000 in many rural counties.