New Mexico started 2024 with a total of 3,291 single-family homes on the market, with a median home price of $389,000 and an average price per square foot of $225.31. By the end of the year, inventory had increased to 4,594 homes on the market (+40%), with a median home price of $398,757.5 (+3%), and an average price per square foot of $240 (+7%).
At the start of 2024, the median days on market (DOM) was 77 days – by the end of the year, median DOM had increased to 84 days.
New Mexico started the year with 30.57% of homes taking a price cut. (For reference, 35% is the national average for price reductions in a "normal" year.) By the end of the year, about 33.33% of homes for sale had taken a price cut.
