New Mexico Median Home Prices Continue to Rise

Category: Non-Local News Releases Non-Local News Releases
Published: 19 August 2019 19 August 2019

Median home prices in New Mexico continued their upward climb in July according to reports to the New Mexico Association of REALTORS (NMAR).

“The New Mexico median price in July was $224,900, up slightly from June’s record $224,588,” reports Paul Wilson, 2019 NMAR President. Median price means half the properties sold for more; half for less. “The July median brings the year-to-date (January through July 2019) median to $214,000.”

New Mexico is following national trends as the National Association of REALTORS reports that 91% of markets nationwide showed increases in home prices during the second quarter of 2019.

“2,413 sales were reported in July of this year – an increase of 120 plus sales over June,” according to Steven Anaya, NMAR CEO. “Since 2016, July sales numbers have been less than June numbers. 2019’s increase reflects a robust summer market.”

2019 year-to-date sales numbers remain behind last year’s record setting pace, however, the 14,401 total sales reported for 2019 is ahead of 2008-2017 numbers and keeps New Mexico on pace for the second best (since NMAR started keeping statistics) year ever. 

Inventory is still low in many areas, helping keep the sales pace going. The average days on market for a property in July 2019 was 57 days. Los Alamos County continues to be a fast sales market with a 9 days average days on market for properties in July. 

The trends and numbers reported are only a snapshot of market activity. If you are interested in buying or selling, consult a REALTOR familiar with your market area; he/she can provide information on specific trends in your neighborhood.

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