Las Cruces, NM—88005
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Las Cruces, NM
As of Oct '25, the median home price in Las Cruces, NM is $276,000, with a year-over-year change of 0.6%. This indicates that home prices in Las Cruces, NM are flat. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $276,000 | 0.6% |
| Single Family | $278,000 | 0.4% |
| Condos | $190,000 | 2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $168,000 | -1.8% |
2 Bed | $193,000 | -1.0% |
3 Bed | $275,000 | 0.4% |
4 Bed | $340,000 | 1.2% |
| 5 Bed | $422,000 | 2.7% |
% of Housing Stock
Rental Trends — Las Cruces, NM
As of July '25, Rentcast reports the average rent in Las Cruces, NM is $1,260, with a year-over-year rent change of -0.8%. Per bedroom, the median rent as of July '25 in Las Cruces, NM is 1-bedrooms: $811, 2-bedrooms: $1,160, 3-bedrooms: $1,520, 4-bedrooms: $2,200. The most common rental property sizes in Las Cruces, NM are 1-bedroom and 2-bedroom, accounting for 34.6% and 29.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,040 | $1,260 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $750 | $811 |
| 2 Bed Rent | $1,040 | $1,160 |
| 3 Bed Rent | $1,700 | $1,520 |
| 4 Bed Rent | $2,300 | $2,200 |
% of Rental Stock
Property Listings — Las Cruces, NM
As of Oct '25, Realtor.com reports that the median days on market for a home in Las Cruces, NM is 65. 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $376,000 | -8.0% |
Listing Count | 107 | 25.0% |
| Listings as % of Homes | 0.6% | 25.0% |
Days on Market | 65 | -10.0% |
Demographics — Las Cruces, NM
As of the latest ACS Survey released in 2023, Las Cruces, NM has a population of 27,000, which has remained stable by -1.0% over the past 5 years. Las Cruces, NM is a moderately popular place for families, as children make up 18.4% of the population. The area has a moderately educated workforce, with 31.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,000 | -1.0% |
% Under 18 | 18.4% | -9.8% |
% Seniors | 21.3% | 17.0% |
% WFH | 7.4% | 94.7% |
% w/ College Degree | 31.0% | 1.0% |
As of the latest ACS Survey released in 2023, Las Cruces, NM is a predominantly hispanic area, with 57.5% of the population identifying as hispanic. The hispanic population has shrunk by 8.9% in the last 5 years. The second most common race or ethnicity in Las Cruces, NM is white, making up 35.0% of the population. Foreign-born residents account for 8.6% of the population in Las Cruces, NM, and this percentage has decreased by 28.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 35.0% | 9.7% |
% Black | 2.2% | 15.8% |
% Hispanic | 57.5% | -8.9% |
% Asian | 0.3% | -57.1% |
% Foreign Born | 8.6% | -28.3% |
Mortgage and Risk — Las Cruces, NM
According to HUD data as of 2023, there were 317 mortgage originations in Las Cruces, NM, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Las Cruces, NM. Investor activity is low, as 4.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 317 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 4.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Las Cruces, NM
As of 2024, the percent of homes in Las Cruces, NM under the Section 8 program is 11.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Las Cruces, NM, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 524 |
Total Units Section 8 | 475 |
% Rentals under Section 8 | 11.2% |
% Occupied Section 8 | 76.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $750 | $940 |
| 2 Bedroom | $0 | $1,040 | $1,040 |
| 3 Bedroom | -$250 | $1,700 | $1,450 |
| 4 Bedroom | -$700 | $2,300 | $1,600 |
Affordability — Las Cruces, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $276,000 |
| Median Household Income | $51,800 |