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.

New Mexico is also home to a significant amount of public land. In fact, over 48% of New Mexico is owned by the federal government. This means that there is a large supply of land that is available for purchase at relatively low prices. The abundance of public land in New Mexico is another reason why land is so cheap.

$306,813. The average New Mexico home value is $306,813, up 4.1% over the past year and goes to pending in around 13 days.

In New Mexico, taxes on real estate are entirely used to support local governments and services. Nearly half of property tax revenue goes to county and city governments and about 30% goes to schools. Other recipients are hospitals and community colleges.

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).

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.

What credit score is needed to buy a house in New Mexico? ›

The required credit scores for mortgages in New Mexico differ based on the type of loan. Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.

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.

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.

Lower Taxes

New Mexico has lower property taxes compared to most other states, so owning land here means reduced carrying costs. Property taxes vary across counties but may be as low as 0.35% of assessed home value. There is also a cap on how much your assessed property value can increase each year.

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.

Across New Mexico, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI). Many of these households are severely cost burdened, spending more than half of their income on housing.

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.