Gallup, NM—87301
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gallup, NM
As of Oct '25, the median home price in Gallup, NM is $219,000, with a year-over-year change of 4.0%. This indicates that home prices in Gallup, NM are increasing. According to Zillow, the 1-year price projection is -2.0%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $219,000 | 4.0% |
| Single Family | $219,000 | 4.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $234,000 | 3.5% |
4 Bed | $311,000 | 4.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Gallup, NM
As of Oct '25, Realtor.com reports that the median days on market for a home in Gallup, NM is 80. This is a decrease of -10.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 4.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $245,000 | -12.0% |
Listing Count | 50 | 35.0% |
| Listings as % of Homes | 0.1% | 35.0% |
Days on Market | 80 | -10.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Gallup, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $219,000 |
| Median Household Income | $58,300 |