Metro area index
Home appreciation in the Las Cruces, NM metro area
FHFA HPI® data shows the Las Cruces, NM metro area's all-transactions index changed -0.4% over the year to Q2 2026, versus +2.1% for New Mexico and +3.0% for the U.S. That ranks 374th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- -0.4%
- 5-year change
- +41.8%
- Since Q1 1995
- +195%
- Metro rank (1 year)
- 374th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Las Cruces, NM vs New Mexico and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Las Cruces, NM: 294.8
- New Mexico: 318.0
- United States: 391.6
Appreciation by time window
| Window | Metro | NM | U.S. | Gap vs NM | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | -0.4% | +2.1% | +3.0% | −2.5 pts | −3.4 pts |
| 3 years | +9.2% | +13.5% | +12.9% | −4.3 pts | −3.6 pts |
| 5 years | +41.8% | +42.6% | +41.3% | −0.8 pts | +0.5 pts |
| 10 years | +80.0% | +87.6% | +93.3% | −7.6 pts | −13.3 pts |
| Since Q1 1995 | +195% | +218% | +292% | −23.2 pts | −96.8 pts |
3-digit ZIP regions in the Las Cruces, NM area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 880 · Las Cruces, NM area | NM | -0.5% | +41.4% | +195% | 75% |
| 879 · Truth or Consequences, NM area | NM | +1.3% | +36.8% | +236% | 32% |
Boom, bust, and recovery in Las Cruces, NM area
Las Cruces, NM area's index peaked in Q4 2007, fell 20.1% to its low in Q2 2014, and regained its peak in Q1 2021, about 13.2 years after the top. Today it sits +52.1% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q4 2007 | Q2 2014 | -20.1% | Q1 2021 (13.2 yrs) | +52.1% |
| NM | Q1 2008 | Q2 2012 | -15.7% | Q2 2019 (11.2 yrs) | +69.4% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Las Cruces, NM area's index has changed +33.1% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | NM after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -4.1% | -1.7% | -0.8% |
| 3 years | +9.8% | -0.5% | +3.4% | +2.8% |
| 5 years | +24.0% | +14.3% | +15.0% | +13.9% |
| 10 years | +39.1% | +29.4% | +34.9% | +39.0% |
| Since Q1 1995 | +121% | +33.1% | +43.6% | +76.8% |
If you bought in the Las Cruces, NM area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +183% | $848,887 |
| Q2 2000 | +158% | $774,269 |
| Q2 2005 | +84.6% | $553,735 |
| Q2 2010 | +68.2% | $504,489 |
| Q2 2015 | +88.4% | $565,273 |
| Q2 2020 | +58.0% | $474,117 |
| Q2 2021 | +41.8% | $425,485 |
| Q2 2023 | +9.2% | $327,666 |
| Q2 2025 | -0.4% | $298,875 |
Frequently asked questions
- How much have home prices risen in the Las Cruces, NM area?
- FHFA HPI® data for the Las Cruces, NM metro area shows changes of -0.4% over one year, +41.8% over five years, and +80.0% over ten years to Q2 2026, and +195% since Q1 1995.
- Is the Las Cruces, NM area beating the national average?
- Over the past year the metro's index moved −3.4 pts versus the U.S.; over five years the gap is +0.5 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.