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Hobbs, NM—88240

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$189,000
1.7% YoY Growth
Household Income
$65,400
11.7% YoY Growth
Days on Market
57
6.0% Shorter YoY
Home Price Forecast
-5.5%
Median Rent
$1,400
4.1% YoY Growth
1-Bed Rent
$1,120
45.1% YoY Growth
2-Bed Rent
$1,040
0.8% YoY Growth
3-Bed Rent
$1,760
16.6% YoY Growth

Other Zip Codes in Hobbs, NM

88242
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Hobbs, NM

As of Dec '25, the median home price in Hobbs, NM is $189,000, with a year-over-year change of 1.7%. This indicates that home prices in Hobbs, NM are increasing. According to Zillow, the 1-year price projection is -5.5%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$189,0001.7%
Single Family $189,0001.6%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$153,0007.0%
    3 Bed
    		$231,0006.0%
    4 Bed
    		$327,0006.2%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    1.7%
    1 Bedroom
    6.8%
    2 Bedrooms
    24.6%
    3 Bedrooms
    49.2%
    4 Bedrooms
    16.5%
    5+ Bedrooms
    1.2%

    Rental Trends — Hobbs, NM

    As of July '25, Rentcast reports the average rent in Hobbs, NM is $1,540, with a year-over-year rent change of 4.1%. Per bedroom, the median rent as of July '25 in Hobbs, NM is 1-bedrooms: $1,090, 2-bedrooms: $1,210, 3-bedrooms: $1,970, 4-bedrooms: $2,130. The most common rental property sizes in Hobbs, NM are 2-bedroom and 3-bedroom, accounting for 42.1% and 38.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,400$1,540
    Studio Rent N/AN/A
    1 Bed Rent $1,120$1,090
    2 Bed Rent $1,040$1,210
    3 Bed Rent $1,760$1,970
    4 Bed Rent $1,800$2,130
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    % of Rental Stock

    Studio
    3.5%
    1 Bedroom
    11.9%
    2 Bedrooms
    42.1%
    3 Bedrooms
    38.7%
    4 Bedrooms
    3.8%

    Property Listings — Hobbs, NM

    As of Dec '25, Realtor.com reports that the median days on market for a home in Hobbs, NM is 59. This is a increase of 8.0% 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 13.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$328,00013.0%
    Listing Count
    		81-38.0%
    Listings as % of Homes0.5%-38.0%
    Days on Market
    		57-6.0%
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    Demographics — Hobbs, NM

    As of the latest ACS Survey released in 2023, Hobbs, NM has a population of 41,600, which has increased by 1.8% over the past 5 years. Hobbs, NM is a popular place for families, as children make up 30.7% of the population. The area has a poorly educated workforce, with 16.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.7% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		41,6001.8%
    % Under 18
    		30.7%-1.0%
    % Seniors
    		11.6%12.6%
    % WFH
    		2.7%80.0%
    % w/ College Degree
    		16.6%25.8%
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    As of the latest ACS Survey released in 2023, Hobbs, NM is a predominantly hispanic area, with 62.7% of the population identifying as hispanic. The hispanic population has grown by 7.9% in the last 5 years. The second most common race or ethnicity in Hobbs, NM is white, making up 29.1% of the population. Foreign-born residents account for 18.1% of the population in Hobbs, NM, and this percentage has increased by 9.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		29.1%-12.1%
    % Black
    		5.7%-3.4%
    % Hispanic
    		62.7%7.9%
    % Asian
    		0.9%200.0%
    % Foreign Born
    		18.1%9.7%
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    Mortgage and Risk — Hobbs, NM

    According to HUD data as of 2023, there were 433 mortgage originations in Hobbs, NM, of which 41.0% of loans were conventional mortgages. The average loan-to-value was 82.0%, with 63.0% above 90% LTV (very high). This implies large mortgage risk in Hobbs, NM. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		433
    % Conventional Loans
    		41.0%
    % Government Loans
    		59.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		8.0%
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    Rentals and Section 8 — Hobbs, NM

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

    Section 8 Market Size

    Total Units under HUD
    		601
    Total Units Section 8
    		600
    % Rentals under Section 8
    		N/A
    % Occupied Section 8
    		78.1%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$250$1,120$870
    2 Bedroom$100$1,040$1,140
    3 Bedroom-$350$1,760$1,410
    4 Bedroom-$190$1,800$1,610

    Affordability — Hobbs, NM

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.1
    Median Home Price$189,000
    Median Household Income$65,400

    Hobbs, NM — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions