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Home appreciation in New Mexico
New Mexico's FHFA HPI® all-transactions index changed +2.1% over the year to Q2 2026, versus +3.0% nationally, ranking 42nd of 51 states and D.C. Below, compare its 13 3-digit ZIP regions and 4 metro areas.
- 1-year change
- +2.1%
- 5-year change
- +42.6%
- Since Q1 1995
- +218%
- State rank (1 year)
- 42nd
U.S. +3.0%
27th of 51
U.S. +292%
of 51 states and D.C.
New Mexico vs the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- New Mexico: 318.0
- United States: 391.6
New Mexico appreciation by time window
| Window | NM | U.S. | Gap vs U.S. |
|---|---|---|---|
| 1 year | +2.1% | +3.0% | −0.9 pts |
| 3 years | +13.5% | +12.9% | +0.6 pts |
| 5 years | +42.6% | +41.3% | +1.4 pts |
| 10 years | +87.6% | +93.3% | −5.7 pts |
| Since Q1 1995 | +218% | +292% | −73.6 pts |
3-digit ZIP regions in New Mexico
Fastest-appreciating ZIP codes in New Mexico →Sorted by one-year change. 2 of 13 regions beat the national one-year change of +3.0%. Place labels name the largest community in each region.
| # | 3-digit ZIP region | 1 year | 5 years | 10 years | Since Q1 1995 |
|---|---|---|---|---|---|
| 1 | 874 · Farmington, NM area | +7.8% | +52.0% | +65.8% | +241% |
| 2 | 875 · Santa Fe, NM area | +3.4% | +43.3% | +106% | +252% |
| 3 | 870 · Los Lunas, NM area | +3.0% | +46.5% | +94.8% | +215% |
| 4 | 882 · Roswell, NM area | +3.0% | +28.5% | +64.0% | +265% |
| 5 | 871 · Albuquerque, NM area | +1.8% | +44.2% | +92.8% | +211% |
| 6 | 873 · Gallup, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 7 | 877 · Las Vegas, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 8 | 878 · Socorro, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 9 | 879 · Truth or Consequences, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 10 | 881 · Clovis, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 11 | 883 · Alamogordo, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 12 | 884 · Tucumcari, NM area | +1.3% | +36.8% | +75.6% | +236% |
| 13 | 880 · Las Cruces, NM area | -0.5% | +41.4% | +76.7% | +195% |
Metro areas in New Mexico
| Metro area | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|
| Farmington, NM | +7.8% | +52.0% | +241% |
| Santa Fe, NM | +4.0% | +42.0% | +251% |
| Albuquerque, NM | +2.2% | +44.6% | +213% |
| Las Cruces, NM | -0.4% | +41.8% | +195% |
Boom, bust, and recovery in New Mexico
New Mexico's index peaked in Q1 2008, fell 15.7% to its low in Q2 2012, and regained its peak in Q2 2019, about 11.2 years after the top. Today it sits +69.4% 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 |
|---|---|---|---|---|---|
| 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, New Mexico's index has changed +43.6% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | NM after inflation | U.S. after inflation |
|---|---|---|---|
| 1 year | +3.9% | -1.7% | -0.8% |
| 3 years | +9.8% | +3.4% | +2.8% |
| 5 years | +24.0% | +15.0% | +13.9% |
| 10 years | +39.1% | +34.9% | +39.0% |
| Since Q1 1995 | +121% | +43.6% | +76.8% |
If you bought in New Mexico in…
An example $300,000 purchase grown at the statewide index rate to Q2 2026. Local markets within the state vary widely.
| Bought in | Index change | $300,000 then, at the state rate |
|---|---|---|
| Q2 1995 | +210% | $930,147 |
| Q2 2000 | +182% | $845,339 |
| Q2 2005 | +109% | $627,574 |
| Q2 2010 | +88.2% | $564,510 |
| Q2 2015 | +93.3% | $579,837 |
| Q2 2020 | +59.2% | $477,578 |
| Q2 2021 | +42.6% | $427,948 |
| Q2 2023 | +13.5% | $340,490 |
| Q2 2025 | +2.1% | $306,249 |
Frequently asked questions
- How much have home prices gone up in New Mexico?
- FHFA HPI® data for New Mexico shows the all-transactions index changed +2.1% over the year to Q2 2026, +42.6% over five years, +87.6% over ten years, and +218% since Q1 1995.
- Is New Mexico appreciating faster than the national average?
- Over the past year New Mexico's index moved −0.9 pts versus the U.S. (+3.0%), ranking 42nd of 51 states and D.C. Over five years the gap is +1.4 pts.
- Which ZIP codes in New Mexico are appreciating fastest?
- Over the past year the strongest of 13 3-digit ZIP regions in New Mexico was ZIP3 874 (Farmington, NM area) at +7.8%, and the weakest was ZIP3 880 (Las Cruces, NM area) at -0.5%. 2 of 13 beat the national one-year change.