Is Southwest, NM a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Southwest has remained a Seller's Market.
Key Takeaway
Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southwest, NM
How much do homes in Southwest, NM cost?
Median Sold Price
$465,000
$310/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Southwest has remained the same since last year.
Summary: The median home sold price in Southwest was $465,000 in May 2024, up 0.4% from last year, and the median price per square foot was $310.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $205K | $205K | 0.0% |
| 2 Bedrooms | $345K | $390K | +13.0% |
| 3 Bedrooms | $496K | $486.5K | -1.9% |
| 4 Bedrooms | $616.2K | $530K | -14.0% |
| 5+ Bedrooms | $705K | $700K | -0.7% |
Summary: Southwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 14%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in Southwest, NM
How many homes are available in Southwest, NM?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 101 | 116 | +14.9% |
Summary: The Southwest real estate market had 116 homes for sale in May 2024, a 14.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 23 | 29 | +26.1% |
| 3 Bedrooms | 57 | 63 | +10.5% |
| 4 Bedrooms | 13 | 16 | +23.1% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Southwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 26.1%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 38 | +26.7% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest, you may be able to get a good deal. 60.5% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in Southwest in May 2024, up by 26.7% month-over-month. Of the 38 sold homes, 61% were sold under asking, 24% were sold at asking, and 16% were sold over asking.
Days on Market for Southwest, NM
How long does it take to sell a home in Southwest, NM?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 23 Days | -40.1% |
Summary: Homes in Southwest had an average of 23 days on market in May 2024, down by 40.1% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Southwest are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 38 homes were sold in Southwest; 71% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
The data relating to real estate for sale in this web site comes in part from the Internet Data exchange (“IDX”) program of Santa Fe Association of REALTORS® MLS, Inc. Real estate listings held by brokers other than this broker are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Southwest Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed.