New Mexico Real Estate Market Trends & Analysis
The New Mexico real estate market represents the aftermath of an economy that has struggled to get back on its feet. If for nothing else, real estate in New Mexico hasn’t been able to realize its full potential since the latest recovery initiated. While things are certainly better off than they were just a few short years ago, there’s plenty of room for improvement.
That said, the resulting market conditions lean heavily in favor of everyone participating in the market: buyers, sellers and investors. Sellers are benefiting from a unique combination of demand and available inventory and buyers have seen median home values remain relatively affordable in the face of appreciation. Investors, on the other hand, have been able to capitalize on New Mexico’s incredibly high foreclosure rate.
That said, the resulting market conditions lean heavily in favor of everyone participating in the market: buyers, sellers and investors. Sellers are benefiting from a unique combination of demand and available inventory and buyers have seen median home values remain relatively affordable in the face of appreciation. Investors, on the other hand, have been able to capitalize on New Mexico’s incredibly high foreclosure rate.
New Mexico Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Escrow |
| Conveyance: | Warranty or Quitclaim Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial |
| Process Period: | 4 - 6 months |
| Notice of Sale: | Court |
| Redemption Period: | 9 Months |
Taxes
| Income Tax: | 1.7% - 4.90% |
| Corporate Tax: | 4.8 - 7.60% |
| Sales Tax: | 5.13% |
| Estate Tax: | No |
| Inheritance Tax: | No |
| Median Property Tax: | 0.55% |
| Property Taxes by County: | http://www.tax-rates.org/new_mexico/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,516.00 |
| Transfer Fee: | no fees |
| Origination Fee: | $1,761.00 |
Overview
- Median Home Value: $196,800
- 1-Year Appreciation Rate: +4.1%
- Median Home Value (1-Year Forecast): +1.9%
- Median Rent Price: $1,250
- Price-To-Rent Ratio: 13.12
- Average Days On Market: 65
- Unemployment Rate: 4.9% (latest estimate by the Bureau Of Labor Statistics)
- Population: 2,095,428 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $46,718 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 14.84%
- Foreclosure Rate: 1 in every 2,397
New Mexico Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed state (with challenge possibility)
- Redemption Period: Sale can be challenged for up to 2 years after sale