Aug 2026
$305K
+1.5% year-over-year
How it’s calculated
Rolling 3-month median sale price vs. same 3 months one year prior.
Las Cruces, NM housing market
Las Cruces, NM median sale price $305K in Aug 2026, up 1.5% year over year. Also days on market, price cuts, affordability and ZIP-code figures.
The median sale price in Las Cruces, NM is $305K as of Aug 2026, up 1.5% from a year earlier. That change sits near the middle of the 195 U.S. metros Pecan Street ranks on this measure. FHFA's repeat-sales index for the metro points the other way: down 0.4% through Q2 2026.
Las Cruces has the lowest median sale price of the three New Mexico metros Pecan Street tracks ($305K); Albuquerque ($360K) is next. Las Cruces has the most median days on market of the three New Mexico metros (93 days), ahead of Santa Fe (81 days). On share of listings with a price cut, Las Cruces (44%) ranks 2nd of the three New Mexico metros, between Albuquerque (47%) and Santa Fe (33%).
Listings spent a median 93 days on market in Sep 2026, the 3rd-most of the 195 metros. 44% of active listings carry a price cut, 3.0 points more than a year earlier. That share is higher than in most of the 195 metros. Building permits authorized 54 new housing units in Aug 2026.
At the 7.45% 30-year fixed rate with 20% down, principal and interest on a median-priced home come to $1,699 a month; at 28% of gross income, that takes about $73K a year. The median sale price equals about 17 years of HUD Fair Market Rent, a ratio up 0.7% from a year earlier. That ratio is higher than in most of the 195 metros. Active listings ask a median $186 per square foot, down 0.4% from a year earlier.
In four of the seven ZIP codes in the table below, median list prices are lower than a year earlier; two are higher; one is unchanged.
Headline
Oct 6, 2026
7.45%
30-year fixed
Where it comes from
National benchmark: Optimal Blue OBMMI 30-year conforming, via FRED. An average of rates borrowers have actually locked, updated daily.
The same rate appears on every market page.
Principal & interest
$1,699/mo
$73K/yr income needed
How it’s calculated
Payment — this market’s median sale price with 20% down, on a 30-year fixed loan at the rate shown. Principal and interest only — no property tax, insurance, PMI or HOA.
Income needed — that payment at 28% of gross income. A rule of thumb, not a lending decision.
How Las Cruces compares to other U.S. metros
| Days on market | ↑3rd of 195 (top 2%) |
|---|---|
| Price cuts | ↑41st of 195 (top 22%) |
| Price-to-rent | ↑53rd of 195 (top 28%) |
| Home-price growth | 104th of 195 |
Rank across the U.S. metros Pecan Street tracks, on market data alone — a higher rank means more of that measure (more price cuts, faster price growth, a wider asking-vs-sale gap, a higher price-to-rent ratio, or more days on market). The bar shows where this metro sits within that metric’s own cohort (left is more, right is less); ↑ and ↓ mark the positions furthest from the middle, and rows are ordered the same way. Metrics without data for this metro are omitted.
Affordability
| Price-to-rent ratio | ≈ 17 +0.7% YoY ↑53rd of 195 (top 28%) |
|---|---|
| Asking price / sq ft | $186 -0.4% YoY |
Price-to-rent divides the median sale price by the annual HUD Fair Market Rent (a 3-bedroom, 40th-percentile benchmark), so it is a directional rent-vs-buy read, not a cap rate; its year-over-year change is directional in the same way. Asking price per square foot is the median across active for-sale listings (Realtor.com), as of Sep 2026. The bar under a figure places this metro among the U.S. metros we track on that measure, highest first.
Market pressure
| Listings with a price cut | ≈ 44% +3.0 pts YoY ↑41st of 195 (top 22%) |
|---|---|
| New housing units permitted | 54 |
Price-cut share is the portion of active for-sale listings that have taken a price reduction (Realtor.com), as of Sep 2026. New housing units authorized by residential building permits in the metro that month — new supply in the pipeline, which counts of existing listings don't capture (US Census Bureau, Building Permits Survey), as of Aug 2026. The bar under a figure places this metro among the U.S. metros we track on that measure, highest first.
Market facts
| ZIPs with listing data | 7 shown of 20 |
|---|---|
| MLS board of record | Las Cruces Association of REALTORS |
| Price methodology | Redfin vs FHFA HPI |
| Data as of | Aug 2026 |
Recent signals
No signals flagged for this market right now.
Recent notable readings
- 264 new listings in September 2026: the most for any September in Realtor.com's Las Cruces data since 2016. It is one of six of the 195 U.S. metros Pecan Street tracks to set that record.
- A median 93 days on market in September 2026: the most for any September in Realtor.com's Las Cruces data since 2016. It is one of 16 of the 195 U.S. metros Pecan Street tracks to set that record.
- The FHFA house price index for the metro has risen 90% since Q2 2014: the 18th-smallest rebound of the 194 metros whose prices fell.
Readings from the latest data that sit at one end of the U.S. metros Pecan Street tracks, from the nightly cross-metro comparison. They are not signal alerts.
Price reconciliation
normal · 1.9ppRedfin (city) +1.5% | FHFA HPI · Q2 2026 -0.4% |
Year-over-year home-price change from two independent methods — Redfin (monthly sold price) and FHFA (quarterly repeat-sales index). When they diverge, the market is mid-shift; cite the figure with that in mind.
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Start free trialZIP-level data
| ZIP | Median list price | Active listings | New listings | Price reductions | Days on market | Home value |
|---|---|---|---|---|---|---|
| 88001 | $228K↓ | 65↓ | 24↑ | 16↑ | 74↑ | $205K↓ |
| 88005 | $357K↑ | 90↑ | 18↓ | 20↑ | 56↑ | $276K↓ |
| 88007 | $464K↓ | 109↑ | 26 | 44↑ | 87↑ | $325K↓ |
| 88008 | $365K↑ | 256↑ | 34↑ | 218↑ | 159↑ | $313K↓ |
| 88011 | $436K↓ | 187↑ | 44↓ | 42↓ | 89↑ | $356K↓ |
| 88012 | $335K | 219↑ | 70↓ | 30↓ | 56↑ | $293K↓ |
| 88063 | $365K↓ | 45↓ | 4 | 52↑ | 188↑ | $250K↑ |
ZIP figures from Realtor.com listing data; home value from Zillow ZHVI. ZIP codes shown have the most complete listing-data history and active for-sale inventory in this metro; the latest available month is shown per ZIP. Arrows show the direction of each figure against the same three months a year earlier; no arrow means the change rounds to zero or the comparison isn't available.