New Mexico Association of REALTORS
In February 2024, there was an 14.63% increase in home sales in New Mexico compared to the previous month. Up 2.16% from February 2023 sales, these figures indicate a 8.58% increase in the median sold price on a year-over-year basis. Compared to January 2024, the February median sold price in New Mexico remained steady, experiencing a slight increase of 1.23%. Active listings have decreased 0.23% compared to this time last year.
According to National Association of REALTORS® Deputy Chief Economist and Vice President of Research, Jessica Lautz, “It is important to note that this is a unique housing market, where 32% are not financing their home purchase and can make an all-cash purchase—likely partly because of strong gains in housing equity. For first Time buyers who are the most price-sensitive, the rise in mortgage rates poses a cause for concern as they may be priced out of the market.” Coleen Dearing, President of the New Mexico Association of REALTORS®, shared, “Despite the challenges posed by the current housing market, NM REALTORS® are well-positioned to educate f irst-time buyers about down payment assistance programs, advocate on behalf of buyers during negotiations with sellers and lenders, and offer valuable insights and analysis of local market dynamics. NM REALTORS® can serve as trusted advisors and empower clients to overcome obstacles and make confident decisions throughout the homebuying process.”
During February 2024, NMAR received reports of 1,371 sales, accompanied by a median sales price of $329,000. The counties of Los Alamos, Santa Fe, and Taos experienced the highest median sold prices last month. Los Alamos recorded a median sold price of $625,000, Santa Fe reached $585,000, and Taos reported $462,000. Bernalillo County’s median sold price was $325,000. The average days-on-market for February 2024 was 58, up six days from January 2024.
February 2024 Sales: 1,371 Median: $329,000
December 2023 Sales: 1,454 Median: $326,950
January 2024 Sales: 1,196 Median: $325,000
February 2023 Sales: 1,342 Median: $305,000
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to the NATIONAL ASSOCIATION OF REALTORS®. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLS, New Mexico MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 03/15/2024. Visit www.nmrealtor.com (housing trends) for county statistics.
The New Mexico Association of REALTORS® is one of the state’s largest trade associations, representing over 7,500 members involved in all aspects of the residential and commercial real estate market.