NEW MEXICO (KRQE) – Although home prices have been on the rise, amounts among states, cities, neighborhoods, and even each home can vary significantly. A study from GoBankingRates provides some options for each state as to where buyers may be able to find cheaper homes.
GoBankingRates conducted its study based on the lowest average home value in each city from January 2022 to January 2023 using Zillow’s home value index. Below are the study’s findings for New Mexico.
New Mexico cities with the cheapest home prices
- Population: 38,505
- Average home value: $137,620
- Population: 48,347
- Average home value: $156,112
- Population: 39,476
- Average home value: $160,890
- Population: 31,201
- Average home value: $180,881
- Population: 31,525
- Average home value: $193,130
According to realtor.com, the median listing home price in Albuquerque, New Mexico, is $335,000 with a median price per square foot of $192. Santa Fe housing prices are much higher, even compared to Albuquerque, with a median listing price of $599,000 and a median price per square foot of $335.
As for rising prices in the New Mexico market, Redfin shows that Santa Fe, Los Lunas, Rio Rancho, and Albuquerque have the fastest-growing sales prices; the prices have risen 5.2% in Albuquerque up to 9.6% in Santa Fe. Redfin has the median sales price for New Mexico homes at $349,30 – a 10.1% increase year-over-year.
As of February 2023, according to Redfin, only 2,974 homes were for sale in New Mexico, which is down 24% from February 2022. This home supply shortage definitely plays a role in the rising prices that can be seen throughout the state.