Gallup, NM 87301 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Gallup, NM—87301

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$224,000

1.2% YoY Growth

Household Income

$58,300

36.1% YoY Growth

Days on Market

113

68.0% Longer YoY

Home Price Forecast

-1.7%

Median Rent

$1,500

4.4% YoY Growth

1-Bed Rent

$831

32.5% YoY Growth

2-Bed Rent

$1,500

N/A

3-Bed Rent

$1,500

81.8% YoY Growth

Home Price Trends — Gallup, NM

As of May '26, the median home price in Gallup, NM is $224,000, with a year-over-year change of 1.2%. This indicates that home prices in Gallup, NM are increasing. According to Zillow, the 1-year price projection is -1.7%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$224,000	1.2%
Single Family	$224,000	0.4%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Gallup, NM

As of July '25, Rentcast reports the average rent in Gallup, NM is $1,300, with a year-over-year rent change of -4.4%. Per bedroom, the median rent as of July '25 in Gallup, NM is 1-bedrooms: $990, 2-bedrooms: $1,500, 3-bedrooms: $1,500. The most common rental property sizes in Gallup, NM are 2-bedroom and 3-bedroom, accounting for 42.7% and 28.9% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,500	$1,300
Studio Rent	N/A	N/A
1 Bed Rent	$831	$990
2 Bed Rent	$1,500	$1,500
3 Bed Rent	$1,500	$1,500
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

6.1%

1 Bedroom

13.5%

2 Bedrooms

42.7%

3 Bedrooms

28.9%

4 Bedrooms

8.6%

Property Listings — Gallup, NM

As of May '26, Realtor.com reports that the median days on market for a home in Gallup, NM is 113. This is a increase of 68.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 8.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$262,000	-6.0%
Listing Count	51	12.0%
Listings as % of Homes	0.1%	12.0%
Days on Market	113	68.0%

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Demographics — Gallup, NM

As of the latest ACS Survey released in 2023, Gallup, NM has a population of 22,000, which has decreased by -8.9% over the past 5 years. Gallup, NM is a popular place for families, as children make up 30.8% of the population. The area has a poorly educated workforce, with 22.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.6% reporting working from home.

Metric	Latest Census	YoY % Change
Population	22,000	-8.9%
% Under 18	30.8%	-6.1%
% Seniors	13.4%	7.2%
% WFH	6.6%	40.4%
% w/ College Degree	22.6%	5.1%

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As of the latest ACS Survey released in 2023, Gallup, NM is a predominantly hispanic area, with 24.3% of the population identifying as hispanic. The hispanic population has shrunk by 25.7% in the last 5 years. The second most common race or ethnicity in Gallup, NM is white, making up 17.4% of the population. Foreign-born residents account for 5.6% of the population in Gallup, NM, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	17.4%	-13.0%
% Black	1.3%	-7.1%
% Hispanic	24.3%	-25.7%
% Asian	3.7%	48.0%
% Foreign Born	5.6%	0.0%

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Mortgage and Risk — Gallup, NM

According to HUD data as of 2023, there were 158 mortgage originations in Gallup, NM, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 46.0% above 90% LTV (very high). This implies large mortgage risk in Gallup, NM. Investor activity is low, as 3.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	158
% Conventional Loans	63.0%
% Government Loans	37.0%
% Investor Loans	3.0%
% Second Loans	2.0%
% Cash Out Refinance	15.0%

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Rentals and Section 8 — Gallup, NM

Gallup, NM lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	482
Total Units Section 8	219
% Rentals under Section 8	N/A
% Occupied Section 8	96.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$21	$831	$810
2 Bedroom	-$530	$1,500	$970
3 Bedroom	-$310	$1,500	$1,190
4 Bedroom	N/A	N/A	$1,290

Gallup, NM—87301

Key Metrics at a Glance

Home Price Trends — Gallup, NM

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Gallup, NM

% of Rental Stock

Property Listings — Gallup, NM

Demographics — Gallup, NM

Race and Ethnicity

Mortgage and Risk — Gallup, NM

Mortgages

Rentals and Section 8 — Gallup, NM

Section 8 Market Size

Section 8 Opportunity

Affordability — Gallup, NM

Home Price to Income Ratio

Gallup, NM — ZIP Code Boundary Map

Nearby ZIP Codes

Gamerco, NM

Sundance

Bread Springs

Yah-ta-hey

Defiance

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.6
Median Home Price	$224,000
Median Household Income	$58,300

Gallup, NM—87301

Key Metrics at a Glance

Home Price Trends — Gallup, NM

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Gallup, NM

% of Rental Stock

Property Listings — Gallup, NM

Demographics — Gallup, NM

Race and Ethnicity

Mortgage and Risk — Gallup, NM

Mortgages

Rentals and Section 8 — Gallup, NM

Section 8 Market Size

Section 8 Opportunity

Affordability — Gallup, NM

Home Price to Income Ratio

Gallup, NM — ZIP Code Boundary Map

Nearby ZIP Codes

Gamerco, NM

Sundance

Bread Springs

Yah-ta-hey

Defiance

Frequently Asked Questions

What is the average home price in Gallup, NM 87301?

How have home prices in Gallup, NM 87301 changed over the past year?

What is the home price projection for Gallup, NM 87301?

What are the demographics of Gallup, NM 87301?

How long does it take homes to sell in Gallup, NM 87301?

What is the average rent price in Gallup, NM 87301?