Realtor Says New Mexico Housing Market Remains Steady

Ruben Gabaldon, a realtor with Coldwell Banker, said that the New Mexico real estate market is stable. He said he has heard from many worried clients in recent weeks, but he believes current fears are overblown. "We’re doing good in the market. I don’t think that we’re frozen or stumbling at all," Gabaldon said.

Data from Redfin shows that the median sale price in New Mexico dropped by 0.15% between September 2025 and September 2026. This slight decrease has made sellers worry about their investments and buyers question whether to enter the market. As of Thursday, a typical 30-year fixed-rate mortgage hovered around 7.18%, according to Freddie Mac. Some local markets, however, remain strong. Santa Fe saw a 6.9% increase in median sale prices year-over-year.

Gabaldon noted that pandemic-era conditions may have skewed buyers' expectations. He recalled a scenario where one seller’s success led neighbors to raise their asking prices unnecessarily. "One person goes and sells a house for $50,000 higher, goes and starts telling people. Then the neighbor wants to list their house at $50,000 higher. That’s not the truth of the way it works," he explained.

Redfin’s September data indicates that 11.8% of homes in New Mexico are still selling above list price. That figure is down from a recent high of 33.1% seen in March 2022. The stock market also faced trouble on Thursday, with the Dow Jones Industrial Average losing more than 1,800 points, a drop of 3.34%. The Nasdaq Composite fell 5.52% in the same session. Gabaldon said such drops should not dissuade long-term real estate investors and that comparisons to the 2008-2009 financial crisis are exaggerated.

"I don’t think that we’re gonna go back to a market like that," Gabaldon said. "Like I said, we can’t predict what’s gonna happen in the future, but I just don’t see that happening."

The time homes spend on the market is another concern for some clients. Redfin data shows the average Albuquerque home stays listed for 38 days before it goes pending. Other cities in New Mexico have seen shorter timelines. In Farmington, a typical house is listed for just 17 days before an offer is accepted.