Markets › New Mexico
New Mexico housing market
In the Land of Enchantment, part of the Census Bureau's Mountain division, Pecan Street tracks four markets. Median sale prices run from $322K in Farmington to $686K in Santa Fe over Jul–Sep 2026. Three of four are higher than a year earlier and one is lower; Santa Fe leads at +8.4% and Las Cruces trails at -0.2%.
Homes sit longest in Las Cruces (89 median days on market) and sell fastest in Farmington (62 days). The share of active listings with a price cut runs from 20% in Las Cruces to 42% in Albuquerque. Price-to-rent ratios run from about 16 in Albuquerque to 27 in Santa Fe, measured as years of HUD Fair Market Rent per median sale price. Among the 385 U.S. metros Pecan Street tracks, the Las Cruces metro has the 10th-lowest share of listings with a price cut and the Santa Fe metro the 18th-most median days on market. New Mexico's unemployment rate was 4.7% in Sep 2026 (BLS via FRED), above the national rate of 4.2%.
Markets at a glance
| Market | Median sale price | YoY | Days on market | Price-cut share | Price-to-rent |
|---|---|---|---|---|---|
| Albuquerque | $373K | +1.6% | 70 | 42% | ≈ 16 |
| Farmington | $322K | +2.3% | 62 | 25% | ≈ 17 |
| Las Cruces | $325K | -0.2% | 89 | 20% | ≈ 19 |
| Santa Fe | $686K | +8.4% | 86 | 29% | ≈ 27 |
Median sale price and year-over-year change from Redfin (rolling three months); median days on market and the share of active listings with a price cut from Realtor.com; price-to-rent is each market page's figure (its median sale price over a year of HUD Fair Market Rent). Figures are per metro market, not statewide.
Recent signals
No market signals flagged across this state right now.