Las Cruces, NM—88012
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 $290,000, with a year-over-year change of -0.8%. This indicates that home prices in Las Cruces, NM are flat. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $290,000 | -0.8% |
| Single Family | $290,000 | -1.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $227,000 | -1.3% |
3 Bed | $277,000 | -1.1% |
4 Bed | $335,000 | -1.2% |
| 5 Bed | $418,000 | -0.2% |
% of Housing Stock
Rental Trends — Las Cruces, NM
As of July '25, Rentcast reports the average rent in Las Cruces, NM is $1,880, with a year-over-year rent change of 3.3%. Per bedroom, the median rent as of July '25 in Las Cruces, NM is 1-bedrooms: $975, 2-bedrooms: $1,460, 3-bedrooms: $1,740, 4-bedrooms: $2,230. The most common rental property sizes in Las Cruces, NM are 3-bedroom and 2-bedroom, accounting for 65.9% and 17.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,820 | $1,880 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $975 | $975 |
| 2 Bed Rent | $1,500 | $1,460 |
| 3 Bed Rent | $1,740 | $1,740 |
| 4 Bed Rent | $2,020 | $2,230 |
% 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 69. This is a decrease of -12.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $340,000 | -2.0% |
Listing Count | 304 | 16.0% |
| Listings as % of Homes | 0.8% | 16.0% |
Days on Market | 69 | -12.0% |
Demographics — Las Cruces, NM
As of the latest ACS Survey released in 2023, Las Cruces, NM has a population of 32,900, which has increased by 13.2% over the past 5 years. Las Cruces, NM is a popular place for families, as children make up 27.6% of the population. The area has a moderately educated workforce, with 34.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,900 | 13.2% |
% Under 18 | 27.6% | -4.8% |
% Seniors | 12.6% | 11.5% |
% WFH | 10.1% | 225.8% |
% w/ College Degree | 34.7% | 25.3% |
As of the latest ACS Survey released in 2023, Las Cruces, NM is a predominantly hispanic area, with 62.8% of the population identifying as hispanic. The hispanic population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Las Cruces, NM is white, making up 32.2% of the population. Foreign-born residents account for 10.0% of the population in Las Cruces, NM, and this percentage has decreased by 10.7% 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 | 32.2% | -1.5% |
% Black | 1.3% | 44.4% |
% Hispanic | 62.8% | -1.3% |
% Asian | 1.3% | 62.5% |
% Foreign Born | 10.0% | -10.7% |
Mortgage and Risk — Las Cruces, NM
According to HUD data as of 2023, there were 881 mortgage originations in Las Cruces, NM, of which 55.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 43.0% above 90% LTV (very high). This implies large mortgage risk in Las Cruces, NM. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 881 |
% Conventional Loans | 55.0% |
% Government Loans | 45.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
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 4.1%. 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 and 3-bedroom and 4-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 units do not.
Section 8 Market Size
Total Units under HUD | 111 |
Total Units Section 8 | 111 |
% Rentals under Section 8 | 4.1% |
% Occupied Section 8 | 70.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $285 | $975 | $1,260 |
| 2 Bedroom | -$110 | $1,500 | $1,390 |
| 3 Bedroom | $190 | $1,740 | $1,930 |
| 4 Bedroom | $120 | $2,020 | $2,140 |
Affordability — Las Cruces, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $290,000 |
| Median Household Income | $67,000 |